π 2024 Sem 5 | Lecture 1 | Economic Growth & Business Cycles | Facts of Economic Growth #baeconomics
Poonam Kumariγ»2 minutes read
The course "Economic Growth and Business Cycle" explores different models in development economics and aims to understand why countries have varying growth rates using stylized facts and reference books. Various economic growth models by renowned economists like Solow, Romer, and Barro are studied to explain disparities, with a focus on understanding the relationship between GDP per capita, worker per GDP, and labor force participation for insights into economic dynamics and productivity levels.
Insights
- The course "Economic Growth and Business Cycle" delves into various economic growth models by renowned economists like Solow, Romer, and Barro, emphasizing the importance of technological progress, physical and human capital, and investment in explaining economic disparities between countries.
- Analyzing statistics like GDP per capita, worker per GDP, and labor force participation rates can provide valuable insights into a country's economic productivity, growth potential, and disparities, showcasing the significance of understanding these metrics for assessing economic dynamics and performance.
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Recent questions
What is the focus of the course "Economic Growth and Business Cycle"?
Models in development economics.
What are the recommended reference books for the course?
"Introduction to Economic Growth" by Charles Jones and "Macroeconomics: Institutions, Instability, and Financial Systems" (2015 edition).
Who developed the Solow model?
Robert Solow.
What does GDP per capita indicate?
The amount each person would have if GDP was equally distributed.
How does labor force participation impact GDP per capita?
Higher participation leads to increased GDP per capita and worker productivity.
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