FACULTY OF BUSINESS

Department of Economics

ECON 405 | Course Introduction and Application Information

Course Name
Economic Growth
Code
Semester
Theory
(hour/week)
Application/Lab
(hour/week)
Local Credits
ECTS
ECON 405
Fall/Spring
3
0
3
6

Prerequisites
  ECON 101 To succeed (To get a grade of at least DD)
and ECON 102 To succeed (To get a grade of at least DD)
Course Language
English
Course Type
Elective
Course Level
First Cycle
Mode of Delivery -
Teaching Methods and Techniques of the Course -
Course Coordinator
Course Lecturer(s)
Assistant(s)
Course Objectives This course introduces basic models of economic growth theory. Throughout the course, students are also equipped with economic theory, differential equations, and optimal control theory. The course also teaches how to make (theoretical) research and scientific publication.
Learning Outcomes The students who succeeded in this course;
  • explain the theories and concepts of the Solovian economic growth framework.
  • explain the theories and concepts of the Ramsey economic growth framework.
  • interpret the relationships between macroeconomic variables in the context of economic growth
  • learn and use economic theory
  • analyze various policy implications of economic growth theory
  • read articles on economic growth
Course Description The course begins with the Solow model. The characterizing assumption of the framework is exogenous consumption-saving tradeoff. The framework develops several concepts such as transitional dynamics, steady state, golden rule, neoclassical assumptions, and so on. Next, the Ramsey model is discussed, which lifts the exogenous consumption-saving tradeoff. The approach introduces some other important concepts of dynamic macroeconomics such as the subjective rate of discount, intertemporal elasticity of substitution, saddle path stability, transitional dynamics, steady state, etc. The course also discusses how to read articles on economic growth and construct theoretical models.

 



Course Category

Core Courses
Major Area Courses
X
Supportive Courses
Media and Management Skills Courses
Transferable Skill Courses

 

WEEKLY SUBJECTS AND RELATED PREPARATION STUDIES

Week Subjects Related Preparation
1 Warming up: An Introduction to Neoclassical Economics Chapter 1 in BSM and Chapter 1 in HY
2 Warming up: An Introduction to Neoclassical Economics Chapter 1 in BSM and Chapter 1 in HY
3 Warming up: An Introduction to Neoclassical Economics Chapter 1 in BSM and Chapter 1 in HY
4 The Solow-Swan Model Chapter 1 in BSM and Chapter 1 in HY
5 The Solow-Swan Model Chapter 1 in BSM and Chapter 1 in HY
6 The Solow-Swan Model Chapter 1 in BSM and Chapter 1 in HY
7 Midterm exam -
8 The Solow-Swan Model Chapter 1 in BSM and Chapter 1 in HY
9 The Solow-Swan Model Chapter 1 in BSM and Chapter 1 in HY
10 The Solow-Swan Model Chapter 1 in BSM and Chapter 1 in HY
11 The Solow-Swan Model Chapter 1 in BSM and Chapter 1 in HY
12 The Solow-Swan Model Chapter 1 in BSM and Chapter 1 in HY
13 The Solow-Swan Model Chapter 1 in BSM and Chapter 1 in HY
14 The Solow-Swan Model Chapter 1 in BSM and Chapter 1 in HY
15 Semester Review
16 Final Exam

 

Course Notes/Textbooks

Barro, R.J., and X. Sala-I-Martin (BSM), Economic Growth, The MIT Press; 2nd edition (October 1, 2003), ISBN: 9780262024594

Suggested Readings/Materials

Hakan Yetkiner (HY), Economic Growth Theory, Unpublished manuscript

 

EVALUATION SYSTEM

Semester Activities Number Weigthing
Participation
15
10
Laboratory / Application
Field Work
Quizzes / Studio Critiques
Portfolio
Homework / Assignments
Presentation / Jury
Project
Seminar / Workshop
Oral Exams
Midterm
1
40
Final Exam
1
50
Total

Weighting of Semester Activities on the Final Grade
16
50
Weighting of End-of-Semester Activities on the Final Grade
1
50
Total

ECTS / WORKLOAD TABLE

Semester Activities Number Duration (Hours) Workload
Theoretical Course Hours
(Including exam week: 16 x total hours)
16
3
48
Laboratory / Application Hours
(Including exam week: '.16.' x total hours)
16
0
Study Hours Out of Class
16
3
48
Field Work
0
Quizzes / Studio Critiques
0
Portfolio
0
Homework / Assignments
0
Presentation / Jury
0
Project
0
Seminar / Workshop
0
Oral Exam
0
Midterms
1
20
20
Final Exam
1
20
20
    Total
136

 

COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP

#
Program Competencies/Outcomes
* Contribution Level
1
2
3
4
5
1

To be able to acquire a sound knowledge of fundamental concepts, theories, principles and methods of investigation specific to the economic field.

X
2

To be able to apply adequate mathematical, econometric, statistical and data analysis models to process economic data and to implement scientific research for development of economic policies.

3

To be able to participate in academic, professional, regional, and global networks and to utilize these networks efficiently.

4

To be able to have adequate social responsibility with regards to the needs of the society and to organize the activities to influence social dynamics in line with social goals.

5

To be able to integrate the knowledge and training acquired during the university education with personal education and produce a synthesis of knowledge one requires.

6

To be able to evaluate his/her advance level educational needs and do necessary planning to fulfill those needs through the acquired capability to think analytically and critically.

X
7

To be able to acquire necessary skills to integrate social dynamics into economic process both as an input and an output.

X
8

To be able to link accumulated knowledge acquired during the university education with historical and cultural qualities of the society and be able to convey it to different strata of society.

X
9

To be able to take the responsibility as an individual and as a team member.

10

To be able to attain social, scientific and ethical values at the data collection, interpretation and dissemination stages of economic analysis.

X
11

To be able to collect data in economics and communicate with colleagues in a foreign language ("European Language Portfolio Global Scale", Level B1)

12

To be able to speak a second foreign at a medium level of fluency efficiently.

13

To be able to relate the knowledge accumulated throughout human history to their field of economics.

*1 Lowest, 2 Low, 3 Average, 4 High, 5 Highest

 


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