Long Run Development
Module Code: ECP77133
- ECTS Credit: 5
- Mandatory/Optional: Optional
- Module Coordinator: Professor Marvin Suesse
Aims of Module
Why are there vast differences in the standard of living between the regions of the world, and even between regions within a single country? And why do these differences seem to be so persistent over time? This course will trace differences in current living standards back to their historical roots and evaluate different theories attempting to solve the puzzle of comparative development. In doing so, students will be acquainted with the varied set of empirical techniques economists have used to approach these questions.
The module will be delivered through a combination of lectures (8 hours) and tutorials (3 hours).
On completion of the module, students will be able to:
- evaluate the main trends in comparative development over the past millennium;
- appraise the main explanations advanced to explain these trends;
- understand the main theoretical and empirical tools used in the analysis of persistent patterns of development.
- Fundamentals: Geography, demographics, culture
- The early modern divergence: Trade, institutions, colonialism
- Industry and the origins of modern economic growth
- Spread of industry, deindustrialisation, and specialisation
- Trends in the world economy 1000-2000 AD
- Measuring GDP and living standards
- Development theory in retrospect
Readings will be drawn from a selection of academic papers. Basic overviews of some of the historical material covered in the module are provided by:
Robert C. Allen (2011) Global Economic History: A Very Short Introduction. Oxford University Press
Ronald Findlay and Kevin H. O'Rourke (2009) Power and Plenty Trade, War, and the World Economy in the Second Millennium. Princeton University Press
Assessment for the module is based on a final exam accounting for 50% of the grade. In addition, students will hand in a 2,500 word essay making up the remaining 50%. The essay will answer an assigned question related to economic development from a historical perspective.