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Instructors: Prof. Dr. Jarko Fidrmuc; Prof. Dr. Mihai Mutascu
Event type:
Seminar / exercise
Org-unit: Corporate Management & Economics
Displayed in timetable as:
Adv. Macroeconomics
Hours per week:
3
Credits:
6,0
Location:
Campus der Zeppelin Universität
Language of instruction:
Englisch
Min. | Max. participants:
5 | 30
Priority scheme: Standard-Priorisierung
Course content:
A fundamental question in macroeconomic theory and policy is which factors determine the growth and welfare. The traditional economic growth theory shows the role of standard factors of production: While growth cannot be sustained only by capital accumulation, the technological progress is required to sustain growth.
However, capital accumulation and technological progress cannot explain why some countries failed to achieve growth in the past. The new political economy approach, by contrast, stresses the role of the institutions. Some countries are democracies with inclusive institution, while inappropriate institutions represent an overwhelming barrier to growth and prosperity in many developing countries. Different groups have opposing interests and these may translate into different structure of political institutions determining the economic outcome. The lecture will also discuss the importance of inequality, culture, religion and geography on the economic development.
Educational objective:
The students should improve and deepen their knowledge and analytical capabilities in the areas of macroeconomics and political economy and empirical economics.
Mandatory literature:
Acemoglu, D., Robinson, J.: Economic Origins of Dictatorship and Democracy, New York: Crown Publisher, 2012, chapters 1-6 and 9-11.
Acemoglu, D.: Introduction to Modern Economic Growth, Princeton University Press, 2009, chapters 1-4.Blanchard, O., Johnson, D.R: Macroeconomics, Global 6th Edition, Pearson, 2013, chapters 10-13.
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