The main objective of Modern Growth Theories is to help students to understand the core economic growth concepts and theories and gain them knowledge about the main determinants of economic growth.
1. An introduction to modern economic growth. The pattern of economic growth worldwide. The world income distribution. Convergence across economies.
2. Causes of economic growth and growth strategies.
3. Keynesian approach to economic growth. Harrod-Domar growth model. The neoclassical growth theory and the Solow growth model. Augmentations of the Solow model.
4. Analytical foundation of growth theory. Elements of dynamic programming and optimal control. Growth model with endogenous savings. Endogenous growth models. One sector model – AK model.
5. Two sector models – capital human growth models. R&D models of economic growth. Scale and non-scale R&D-based models. Convergence in the endogenous growth models.
6. Trade and growth theory. Finance and growth theory.
7. Foreign aid and economic growth.