FACULTY OF BUSINESS

Department of Economics

 

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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
Course Coordinator
Course Lecturer(s)
Assistant(s) -
Course Objectives The aim of this course is to introduce basic models of economic growth theory. This also requires sizeable information on economic theory, differential equations, and optimal control theory. Hence, the course also equips students with this information. Another aim of this course is to make an introduction for how to make theoretical research and scientific publication.
Learning Outcomes The students who succeeded in this course;
  • Will be able to explain the theories, concepts, and the role of Solovian economic growth framework.
  • Will be able to explain the theories, concepts, and the role of Ramsey economic growth framework.
  • Will be able to interpret the relationship between several macroeconomic variables in the context of economic growth.
  • Will be able to discuss theoretical issues in economic theory.
  • Will be able to analyze several policy implications of growth theory.
  • Will be able to write a scientific paper in economic growth theory.
Course Content The course begins by Solow approach. That approach assumes that the savingconsumption tradeoff is given to the modeleconomy. Under this assumption, the framework develops several concepts of dynamic modeling such as transitional dynamics, steady state, golden rule of saving, violations of neoclassical assumptions, and so on. Next, the consumptionsaving tradeoff is endogenized under the Ramsey framework. The course teaches some other concepts of dynamic macro economics such as subjective rate of discount, intertemporal elasticity of substitution, saddlepath stability, and so on. In summary, a short list of some concepts and topics covered is Neoclassical assumptions,Solow framework,Transitional dynamics,Steady statecases that violate neoclassical assumptions,Ramsey framework,Intertemporal substitution,savingconsumption tradeoff.

 



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 The SolowSwan Model Chapter 1 in BSM and Chapter 1 in HY
4 The SolowSwan Model Chapter 1 in BSM and Chapter 1 in HY
5 The SolowSwan Model Chapter 1 in BSM and Chapter 1 in HY
6 The SolowSwan Model Chapter 1 in BSM and Chapter 1 in HY
7 Midterm exam -
8 The Ramsey Model Chapter 2 in BSM and Chapter 2 in HY
9 The Ramsey Model Chapter 2 in BSM and Chapter 2 in HY
10 The Ramsey Model Chapter 2 in BSM and Chapter 2 in HY
11 The Ramsey Model Chapter 2 in BSM and Chapter 2 in HY
12 The Ramsey Model Chapter 2 in BSM and Chapter 2 in HY
13 Violations of Neoclassical assumptions and Numerical Methods Chapters 1 and 2 in HY
14 Violations of Neoclassical assumptions and Numerical Methods Chapters 1 and 2 in HY
15 Violations of Neoclassical assumptions and Numerical Methods Chapters 1 and 2 in HY
16 Review of the Semester  

 

Course Textbooks Barro, R.J., and X. SalaiMartin (BSM), Economic Growth, The MIT Press; 2nd edition (October 1, 2003). Economic Growth Theory, Unpublished manuscript
References

 

EVALUATION SYSTEM

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

Contribution of Semester Work to Final Grade
60
Contribution of Final Work to Final Grade
40
Total

ECTS / WORKLOAD TABLE

Activities Number Duration (Hours) Workload
Course Hours
Including exam week: 16 x total hours
16
3
48
Laboratory / Application Hours
Including exam week: 16 x total hours
16
Study Hours Out of Class
16
4
Field Work
Quizzes / Studio Critiques
Homework / Assignments
Presentation / Jury
Project
Seminar / Workshop
Midterms / Oral Exams
1
25
Final / Oral Exam
1
28
    Total
165

 

COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP

#
Program Qualifications / Outcomes
* Level of Contribution
1
2
3
4
5
1 To have a sound knowledge of the quantitative and qualitative methods that will help to examine the premises of different theories for an applied subject so that a contribution to solving current economic problems can be made. X
2 To have the experience of writing, using software, and doing presentations in the newspapers, magazines, meetings, panels, and in equivalent virtual platforms (internet), in order to share their accumulated knowledge and problem solving ability acquired during their education.
3 To be able to participate in academic, professional, regional, and global networks and to utilize these networks efficiently.
4 To have adequate social responsibility and awareness with regards to the needs of the society and to have sufficient experience and qualifications to organize and support the activities to influence the social dynamics in line with the social goals.
5 To be able to integrate the knowledge and training acquired during the university education with personal and work experience and produce a synthesis of knowledge she requires.
6 To have the ability to evaluate his/her advance (post graduate) level educational needs and do necessary planning to fulfill those needs through the acquired capability to think analytically and critically. X
7 To have sufficient practical and theoretical knowledge base in order to define the economic agents and their interaction both in the national and global level, to process economic data and to implement scientific research for development of economic policies. X
8 Keeping in mind that economics is a social science, to have the skills to integrate social dynamics into economic process both as an input and an output and to be open to theoretical innovations in this direction. X
9 To associate accumulated knowledge acquired during the university education with historical and cultural qualities of the society and to convey it to different groups.
10 To be able to follow knowledge and change in economics and communicate with colleagues in a foreign language. X
11 To possess social, scientific and ethical values at the data collection, interpretation and dissemination stages of economic analysis.
12 To have advanced level of speaking and writing skills of a second foreign language to support continuation of post graduate professional and individual development

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