The Economics of Growth

Course Code:

ECON 322

Course Period:

Autumn

Course Type:

Core

P:

3

Application:

0

Credits:

3

ECTS:

5

Prerequisite Courses:

Macroeconomics

Course Language:

İngilizce

Course Coordinator:

Nuri Vedit İnal

Courses given by:

Nuri Vedit İnal

Course Objectives:

To understand the factors that determine the output, production capacity and consequently welfare growth of countries. The main approaches in the theory of growth are examined and compared with each other.

Course Content:

The course begins by discussing the growth experience of Turkey and the reasons why Turkey was not able to catch up with the developed countries are investigated. We turn to growth theory to see where the problem lies. Harrod’s knife edge theorem and Solow’s answer to Harrod are examined. After discussing the contributions of Mankiw, Romer and Weil to Solow's analysis, we then turn to endogenous theories emphasizing the roles of education and research and development. Having examined the most recent approach to growth, the institutionalist approach, we once again turn to Turkey and question how Turkey is doing with respect to saving and investment, education, R&D and institutions, the main factors contributing to high rates of growth and/or per capita incomes.

Course Methodology:

1: Lecture, 2: Question-Answer, 3: Discussion, 12: Case Study

Course Evaluation Methods:

A: Testing, B: Experiment, C: Homework, Q: Quiz

Vertical Tabs

Course Learning Outcomes

Learning Outcomes	Program Learning Outcomes	Teaching Methods	Assessment Methods
To come to terms with the vast per capita income and GDP growth rate differences between countries.	1, 2, 6, 7	1, 2, 3	A
To have a good understanding of the post-1960 Turkish growth experience and relate it to the experiences of other countries.	1, 2, 6, 7	1, 2, 3	A
To acquire a good understanding of the determinants of growth.	1, 2, 6, 7	1, 2, 3	A
To acquire a good understanding of the various approaches to the theory of growth.	1, 2, 6, 7	1, 2, 3	A
To be able to critically evaluate the approaches of various international agencies to underdevelopment and growth.	1, 2, 6, 7	1, 2, 3	A

Course Flow

Week	Topics	Study Materials
1	Introduction to the Course	Jones, Chs. 1, 10 and Appendix A; İnal (A), pp.1-9.
2	Turkish Growth Experience: The Republican Era (with an emphasis on the post-1960 period)	İnal (C), İnal (A), pp. 11-38.
3	Exogenous Growth Theories I: Harrod’s Analysis of Growth	İnal (A), pp. 39-46.
4	Exogenous Growth Theories II: Solow’s Response to Harrod	Jones, 2002, Ch. 2.1; İnal (A), pp. 46-62.
5	Exogenous Growth Theories II: Solow’s Response to Harrod	Jones, 2002, Ch. 2.2; İnal (A), pp. 62-72.
6	Exogenous Growth Theories III: Solow Model with Human Capital	Jones, Ch. 3; İnal (A), pp. 72-87.
7	MID-TERM EXAM
8	Introduction to Endogenous Growth: Importance of Ideas in Technological Development	Jones, Ch. 4; İnal (A), pp. 89-102.
9	Endogenous Growth I: The Romer Model	Jones, Ch.5; İnal (A), pp. 102-111.
10	Endogenous Growth II: The Jones Critique	Jones, Ch.5; İnal (A), pp. 112-127.
11	Endogenous Growth III: Alternative Approaches (Lucas and AK Models)	Jones, Ch.8; İnal (A), pp. 127-141.
12	The Institutionalist Approach to Growth	Jones, Ch.6, 7; İnal (A), pp. 143,167; Kuran.
13	18th and 19th Ottoman Attempts to Catch Up with Europe	İnal(B)
14	Prospects of Growth for Turkey	İnal(C); İnal(A), pp. 169-258; İnal and Akçabelen

Recommended Sources

Textbook		Charles Jones, Economic Growth, New York, W.W. Norton, 2002. Vedit İnal (A), Büyüme Teorileri ve Türkiye’nin Büyüme Sorunları, Ankara, Efil Yayınevi, 2013.
Additional Resources		Timur Kuran, ‘Why the Middle East Is Economically Underdeveloped: Historical Mechanisms of Institutional Stagnation’, Journal of Economic Perspectives, cilt 18, Yaz 2004. Vedit İnal (B), ‘The Eighteenth and Nineteenth Century Ottoman Attempts to Catch Up with Europe’ Middle Eastern Studies, cilt 47, No. 5, ss. 725-756, 2011. Vedit İnal (C), Türkiye'nin Büyüme Potansiyeli Yakın Doğu Üniversitesi, Sosyal Bilimler Dergisi, Volume XII, Number, October 2019. Vedit İnal and Ayşe Akçabelen, ‘Education, Technology and Economic Growth: The Turkish Growth Experience from 1960 to 2009’, İktisat İşletme ve Finans, cilt 28, sayı 322, Ocak 2013.

Material Sharing

Documents
Assignments
Exams		A mid-term and a final exam.

Assessment

IN-TERM STUDIES	Number	PERCENTAGE
Mid-terms	1	100
Quizzes (attendance, presentation, etc.)	0	0
Assignments	0	0
	Total	100
Contribution of Final Examination to Overall Grade		50
Contribution of In-Term Studies to Overall Grade		50
	Total	100

Course’s Contribution to Program

No	Program Learning Outcomes	Contribution
		1	2	3	4	5
1	Students can keep themselves informed and analyze the current economic development in Turkey and in the world from an international political economy perspective paying a particular attention to the interaction of the Turkish economy with the global economy.					X
2	Being aware of the development and accumulation of economic thought, students can master qualitative and quantitative knowledge and methods to test various economic theories that can be applied to the analysis of the current economic problems.				X
3	Students can use statistical and econometric analyses by learning how to use information technologies that have validity and widespread use in the field of economics.	X
4	By learning how to learn in the field of economics, students can research and work individually or as a team using the Turkish and English academic resources.		X
5	Being aware of the ethical values, students know the individual, social and ecological dimensions of the concept of social responsibility and can prove that they understand the active citizenship duty that falls upon them within this framework.			X
6	Students can clearly express, present and share their knowledge, the outcomes of their studies, their ideas and comments to people in their field or other disciplines/units using the necessary data, in national and international academic and professional environments, in Turkish or English.				X
7	Students can show that understanding the universality of social rights and the concepts of social justice, which form the basis of the modern societies, and the importance of scientific perspective, which is necessary to the social development and global competitiveness.				X

ECTS

Activities	Quantity	Duration (Hour)	Total Workload (Hour)
Course Duration (Including the Exam Week: 15 x total course hours)	15	3	45
Hours for off-the-classroom study (Pre-study, practice)	15	4	60
Mid-terms	1	12	12
Quizzes (attendance, presentation, etc.)	0	0	0
Assignments	0	0	0
Final Examination	1	16	16
Total Work Load			133
Total Work Load / 25 (s)			5,32
ECTS Credit of the Course			5

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