Development Economics I
- Social Sciences
- 300 level
- 2 credit units
- 152 pages
- 16 units
This course introduces students to the core concepts and theories of development economics, focusing on the challenges faced by Less Developed Countries (LDCs). It explores the determinants of economic growth and development, including economic and non-economic factors. Students will analyze various growth models, obstacles to development, and strategies for achieving sustainable development. The course also examines the characteristics and diverse structures of LDCs, providing a comprehensive understanding of development economics.
About this course
- Difficulty
- Intermediate
- Study hours
- 208 hours
- Maths
- Intermediate
- Content
- Theoretical, case study, problem solving
- Practical work
- No
- Introductory Economics
- Macroeconomics
- Assignments
- Tutor marked assessments
- Final examination
What you'll read
The real module and unit structure of ECO347, taken from the course material NOUN publishes.
One paragraph, so you can see how it reads
ECO347 · UNIT 1: CONCEPT OF ECONOMIC GROWTH
This module introduces you to concepts and determinants of economic growth and development. The module consists of 4 units which include: concept of economic growth, determinants of growth, concept of economic development and sustainable development.
What you should be able to do
- Define and differentiate between economic growth and economic development.
- Identify the key characteristics and diverse structures of Less Developed Countries (LDCs).
- Explain various theories of economic development, including Adam Smith's theory, Rostow's stages of growth, and the Marxian theory.
- Analyze economic growth models such as the Harrod-Domar model and the Solow model.
- Understand the concept of sustainable development and its importance for LDCs.
- Identify and analyze the major obstacles to economic development in LDCs.
What it prepares you for
- Development Economist
- Policy Analyst
- Economic Planner
- International Development Consultant
- Researcher
- Government Agencies
- International Organizations
- Non-Governmental Organizations (NGOs)
- Research Institutions
- Consulting Firms
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module 3: A Survey of Some Selected Theories of Economic Development
Unit 3: The Marxian Theory
The Marxian Theory requires a deep understanding of historical context and philosophical underpinnings, making it challenging to grasp the core concepts and criticisms.
- Module 4: Some Economic Growth Models
Unit 2: The Solow Model
The Solow Model involves complex mathematical formulations and requires a solid understanding of neoclassical economics, making it difficult to grasp the underlying assumptions and implications.
A suggested way through it
13 weeks, about 26 hours in total. Yours will differ.
- Week 1Module 1: Concepts and Determinants of Economic Growth and Development
Unit 1: Concept of Economic Growth · 2 hours
Read Unit 1: Concept of Economic Growth. Define economic growth and its key characteristics. Discuss the importance of studying economic growth. Solve numerical problems related to GDP growth rate calculation.
- Week 2Module 1: Concepts and Determinants of Economic Growth and Development
Unit 2: Determinants of Growth · 2 hours
Read Unit 2: Determinants of Growth. Explain the economic factors that determine growth. Analyze the role of natural resources, capital formation, and technology. Discuss the non-economic factors such as political and social factors.
- Week 3Module 1: Concepts and Determinants of Economic Growth and Development
Unit 3: Concept of Economic Development · 1 hour
Read Unit 3: Concept of Economic Development. Define economic development and differentiate it from economic growth. Identify the objectives and criteria for development. Discuss the measures of economic development.
Unit 4: Sustainable Development · 1 hour
Read Unit 4: Sustainable Development. Explain the meaning and objectives of sustainable development. Analyze environmental problems in less developed countries. Discuss policies for sustainable development.
- Week 4Module 2: Common Characteristics and Divers Structures of the Less-Developed Countries
Unit 1: The Less-Developed Countries · 2 hours
Read Unit 1: The Less-Developed Countries. Explain the meaning of less-developed countries. List and discuss the indicators of underdevelopment. Identify countries that fit into the less-developed category.
- Week 5Module 2: Common Characteristics and Divers Structures of the Less-Developed Countries
Unit 2: Common Characteristics and Diverse Structures of the Less-Developed Countries · 2 hours
Read Unit 2: Common Characteristics and Diverse Structures of the Less-Developed Countries. List and explain the common characteristics of less-developed countries. Discuss the diverse structures of less-developed countries. Differentiate between economic and non-economic diversities.
- Week 6Module 2: Common Characteristics and Divers Structures of the Less-Developed Countries
Unit 3: Major Obstacles to Economic Development · 2 hours
Read Unit 3: Major Obstacles to Economic Development. Identify and explain the major obstacles to economic development. Discuss economic constraints such as vicious cycles of poverty. Analyze non-economic constraints such as socio-cultural factors.
- Week 7Module 2: Common Characteristics and Divers Structures of the Less-Developed Countries
Unit 4: Meaning and Characteristics of Modern Economic Growth · 2 hours
Read Unit 4: Meaning and Characteristics of Modern Economic Growth. Understand the meaning of modern economic growth. List and explain Kuznets' six characteristics of modern economic growth. Discuss the fundamental points in modern economic growth.
- Week 8Module 3: A Survey of Some Selected Theories of Economic Development
Unit 1: Adam Smith's Theory · 2 hours
Read Unit 1: Adam Smith's Theory. Explain Adam Smith's theory of economic development. State the growth agents and growth process of the theory. Discuss the weaknesses and relevance of the theory to LDCs.
- Week 9Module 3: A Survey of Some Selected Theories of Economic Development
Unit 2: W.W Rostow's Stages of Economic Growth · 2 hours
Read Unit 2: W.W Rostow's Stages of Economic Growth. Explain W.W Rostow's stages of economic growth model. State and explain the five stages of economic growth. Discuss the weaknesses of the theory.
- Week 10Module 3: A Survey of Some Selected Theories of Economic Development
Unit 3: The Marxian Theory · 2 hours
Read Unit 3: The Marxian Theory. Explain Karl Marx's theory of development. State the weaknesses of the theory. Discuss Karl Marx's contributions to developing countries.
- Week 11Module 3: A Survey of Some Selected Theories of Economic Development
Unit 4: Lewis's Theory of Unlimited Supplies of Labour · 2 hours
Read Unit 4: Lewis's Theory of Unlimited Supplies of Labour. Explain Lewis's theory of unlimited supplies of labour. State the assumptions of the theory. Critically appraise the theory.
- Week 12Module 3: A Survey of Some Selected Theories of Economic Development
Unit 5: Balanced and Unbalanced Growth Theories · 2 hours
Read Unit 5: Balanced and Unbalanced Growth Theories. Explain the balanced and unbalanced growth theories. State the criticisms of the theories. Identify the differences between the balanced and unbalanced theories.
- Week 13Module 4: Some Economic Growth Models
Unit 1: Harrod-Domar Growth Model · 2 hours
Read Unit 1: Harrod-Domar Growth Model. Discuss the Harrod-Domar growth models. State the basic assumptions underlying the models. Explain the mathematical representation of the models.
Preparing for the exam
- Create a detailed study schedule, allocating specific time slots for each unit and module.
- Focus on understanding the core concepts and theories, rather than memorizing facts.
- Practice solving numerical problems related to GDP growth rate calculation and economic growth models.
- Create concept maps linking different theories and models to understand their interrelationships.
- Review the objectives for each study unit to confirm that you have achieved them.
- Pay particular attention to your tutor's comments on assignments, both on the tutor-marked assignment form and also written on the assignment.
- Revise the entire course material using the time between finishing the last unit in the module and that of sitting for the final examination.
Questions students ask about this course
What is ECO347 about?
This course introduces students to the core concepts and theories of development economics, focusing on the challenges faced by Less Developed Countries (LDCs). It explores the determinants of economic growth and development, including economic and non-economic factors. Students will analyze various growth models, obstacles to development, and strategies for achieving sustainable development. The course also examines the characteristics and diverse structures of LDCs, providing a comprehensive understanding of development economics.
How many units does ECO347 have?
ECO347, Development Economics I, has 16 units across 4 modules, over 152 pages of course material. You can read it one unit at a time.
How many credit units is ECO347?
ECO347 carries 2 credit units, at 300 level in Social Sciences.
Is ECO347 hard?
ECO347 is rated intermediate level, with intermediate mathematical content. It is mostly theoretical, case study and problem solving work.
How long does ECO347 take to study?
About 208 hours of study, spread across its 16 units.
How is ECO347 assessed?
ECO347 is assessed by assignments, tutor marked assessments and final examination.
What do I need before starting ECO347?
Introductory Economics Macroeconomics
What can I do with ECO347?
Development Economist, Policy Analyst, Economic Planner, International Development Consultant and Researcher.