Economics | Undergrad Seminar in ECON: Poverty and Wealth
E390 | 12729 | Glomm

Modern economic growth has been spectacularly successful in raising
living standards.  The possibilities for persistent economic growth to
eliminate poverty have been pointed out in a data driven thought
experiment by Nobel Laureate Robert Lucas.  Using data on per capita
income growth, adjusted for inflation for South Korea and India in the
periods from 1960-1985 he concluded that a South Korean grandchild can
be 32! times as well off as his / her grandparent, while that ratio
was only 2 for an Indian grandchild / grandparent pair.

The course will study the causes and analytics of modern economic
growth.  It will present modern theories of economic growth.  The
course will focus on collection and interpretation of relevant data.
Students will be introduced to growth accounting techniques.  Much of
the discussions centered on sustainability require a deep
understanding of how physical capital is passed from one generation to
the next, how human capital (knowledge, skill) is acquired by future
generations, how technological progress in agriculture, manufacturing,
and services, especially health and bio sciences can shape the
well-being of future generations, and how living standards of future
generations are influenced by the rate at which nonrenewable resources
are consumed.  Of course there are intricate and delicate connections
between all these aspects.  The course will give an overview of how
these facets and their interconnections can influence the standard of
living of future generations.