Theory of Economic Growth

3 hours; 3 creditsSteady state growth equilibria, comparative dynamics, and disequilibrium growth. Post-Keynesian, neoclassical, and neo-Ricardian models. Production functions and the capital valuation problem; the duality of the growth rate and the profit rate; two-sector and multisector models; the golden rule and problems of optimal growth. Critical analysis of growth models. Structural requirements and behavioral conditions for existence and stability of equilibrium.Fundamental question of why economies generate pressures for growth.Prerequisite: Economics 2200 [20.1] and 3410 [31.1], or the equivalent.

Fall, Spring

015443