ECON 2151 Ghei Nita Fall 2021-- syllabus PDF

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syllabus for development economics class with professor Ghei...

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THE GEORGE WASHINGTON UNIVERSITY Department of Economics

MW: 12:45 pm – 2:00 pm Office Hours: By appointment

ECONOMIC DEVELOPMENT Fall 2021 ECON 2151 Section 12 Nita Ghei `Office: Monroe 308 Email: [email protected] Phone: (703) 408-8796

1. PREREQUISITES As noted in the University Bulletin, prerequisites for this course are ECON 1011 and ECON 1012. 2. COURSE DESCRIPTION AND OBJECTIVES Why do some countries grow, while others remain mired in poverty? A rich endowment of natural resources is neither a necessary nor sufficient condition for economic prosperity. Institutions matter, probably far more than economists thought they did. Principles classes take institutions, wellfunctioning markets, and governments as given. What happens when markets are thin, property rights are poorly defined, governments are unresponsive to the needs of citizens, and institutions work to preserve the advantages of the elite? These are some of the questions that motivate the study of economic development. Economic principles may continue to hold in such an environment, but initial conditions and incentives diverge so widely from the assumptions of economic models in Principles courses, that those models might offer little guidance. This course examines the challenges faced by developing economies and regions as they struggle to achieve prosperity, with varying degrees of success. Lack of education, health care, financial services, insecure property rights, resource endowments, and poorly thought-out policy choices all play into a country’s growth path. The course is an introduction to the way economists view development, its microeconomic and macroeconomic dimensions, and some of the policies that have been implemented in an effort to foster development and growth, including aid, inward looking industrialization, and export led growth. The main goal of this class is to provide students with economic concepts and tools necessary to analyze the development outcomes of different countries or regions, evaluate the policies which associated with these outcomes, and consider how to improve development outcomes. Students will need to apply the economic tools learned in the two prerequisite principles courses in the context of developing economies and contrast them with more advanced economies. This will require empirical knowledge about a range of developing areas and their people. Students will need to master an array of economic development models that attempt to capture key elements of the development process in an analytical fashion. Since one of the key differences is legal and other institutions, we will spend some time discussing the link between economics and institutions. Students must be able to analyze and evaluate specific development programs and policies from an economic perspective, both the empirical evidence as well as theoretical underpinnings. In development, probably more than any other field, good intentions cannot substitute for good economics. Finally, students should be able to propose improvements to existing policies or propose new approaches to specific problems of economic development. Students will need to achieve each of these learning objectives in order to succeed in the class. Quizzes, examinations and time in class are designed to evaluate whether these objectives have been met.

3. EXPECTATIONS How much can you expect to learn in this course? That will depend on your preparation level, the time you spend studying, your productivity (or learning per unit of time), your interest in the subject matter, your level of distraction, and a host of other unobservable factors. If you are asking yourself: “How much time should I devote to the class in order to be successful in achieving these learning goals?” This will also depend on all the factors described above. Most students should plan on attending class regularly and then devoting about twice that time to studying outside of class, including reading the text, participating in the Blackboard discussions, writing and reviewing class notes, preparing for quizzes and exams, among other activities. Since class meets for a total of 2.5 hours a week, a good rule of thumb is to expect to spend around 5 hours a week outside of the classroom studying for this class. This is just an average: some students can do very well with less time while others might struggle even though they are spending much more. Please email me as soon as possible if you are having trouble keeping up, so I can help you find strategies to help you succeed. 4. BLACKBOARD Blackboard will be also used to post announcements, syllabus updates, lectures, review questions, and grades. I post my lecture notes and all supplemental readings on Blackboard. Students will find it helpful to look over the day’s reading assignment ahead of time and download the day’s presentation to have it in class. The presentation notes are merely outlines: much of the interesting and helpful information will be conveyed in class. All tests will be on Blackboard. Class participation credit discussion will also be posted on Blackboard. Get in the habit of checking Blackboard regularly. To access Blackboard, go to the GW Home page http://www.gwu.edu and at the very top right of the page, click on Blackboard. Login to Blackboard using your NetID (GW email address username) and password. Click on the class name to get you to the course page. To access course information, click on the links on the navigation bar to the left.

5. TEXTBOOK AND READINGS The main text is Michael Todaro and Stephen Smith, Economic Development, Pearson, 12th Ed., available online at the bookstore and other sites, and on reserve at the library. Additional readings will be posted on Blackboard as needed. 6.

COURSE GUIDE

This course guide should be treated as tentative and will change depending on the how the class evolves; its purpose is to provide an overview of the likely progression of the course. Details will be confirmed in class. In the rough schedule below, the Chapters are from the Todaro and Smith textbook. Please be sure to cover the case studies at the end of each chapter. There will be supplemental readings assigned for some weeks. Class 1 W 9/1 Ch 1: Introduction. Supplemental reading

Class 2 Class 3 Class 4 Class 5

F 9/3 W 9/8 F 9/10 W 9/15

Class 6 Class 7

F 9/17 W 9/22

Class 8

F 9/24

Class 9

W 9/29

Class 10 Class 11

F 10/1 W 10/6

Class 12 Class 13 Class 14

F 10/8 W 10/13 F 10/15

Class 15 Class 16 Class 17

W 10/20 W 10/27 F 10/29

Ch 2: Comparative. Ch 2: Continued. Ch 3: Classical theories. Ch 3: Continued. Quiz 1: Covers Lectures 2, 3, and 4. Ch 4: Contemporary models. Ch 4: Continued. Supplemental reading Ch 5: Poverty and inequality Quiz 2: Covers Lectures 6, and 7. Ch 5: Continued. Supplemental reading Ch 6: Population. Ch 6: Continued. Quiz 3: Covers Lectures 8 and 9 Ch 7: Urban migration. In class review for Midterm. Midterm

Ch 8: Human capital. Ch 8: Continued. Ch 9: Agriculture. Supplemental reading Class 18 W 11/3 Ch 9: Continued. Class 19 F 11/5 Ch 10: Environment. Quiz 4: Covers Lectures 17 and 18 Class 20 W 11/10 Ch 11: Policy Class 21 F 11/12 Ch 11: Continued. Supplemental reading Class 22 W 11/16 Ch 12: International Trade. Class 23 F 11/18 Ch 12: Continued Supplemental reading on Trade and Growth Quiz 5: Lectures 20 and 21. Class 24 W 12/1 Ch 13: Balance of Payments. Class 25 F 12/3 Ch 14: Finance and Conflict [Sections 14.1, 14.2, 14.4 only]. Class 26 T 12/7 Ch 14: Continued. (Designated Friday) Class 27 W 12/8 Ch 15: Finance for Development [Sections 15.1, 15.2, 15.3 only]. Class 28 F 12/10 In class review for Final Final. TBA exam week December 14 -May 22. Comprehensive, with emphasis on second half of class.* 7. ASSESSMENT SCHEDULING OF FINAL EXAMINATIONS: Final examinations are to be administered only during the regularly scheduled examination period. In order to provide students maximum opportunity to study and review material covered during the semester, and to ensure 15 weeks of instruction, final examinations may not be administered during regularly scheduled class sessions, on class make-up days, or during the reading period. The final exam date will be announced early in the semester by the registrar. Do not make travel plans before

ascertaining this date. I am unable to give a makeup exam for students who fix their travel plans in conflict with the exam. Final grades will depend on a weighted average of your performance as follows Class participation Quizzes Written Analysis Midterm Final exam

5% 15% 10% 30% 40%

A. CLASS PARTICIPATION I will open discussions on Blackboard for this course. To get full credit for class participation you must a) At least once start the discussion by either summarizing or highlighting something that interested you in the lecture or sparked a thought on the topic. b) Respond at least twice to discussions started by others in the course. c) Alternatively, you can participate in class discussions to get credit. B. QUIZZES There will be a total of five (5) 15 minute, closed book quizzes during the course of the semester. The lowest two scores will be dropped at the end of the semester. There will be no make-up quizzes. That is why two quizzes are dropped. C. WRITTEN ANALYSIS You are expected to write a short piece (700-750 words) summarizing and analyzing a development economics related research paper, policy event, or news story. This could be from a seminar you attended at the World Bank or similar organization, or a post at blog you follow (such as the Peterson Institute, or the Center for Global Development) or a new piece of research (either academic, or policy, such as from the Fraser Institute, or NBER). It could also be based on a Twitter exchange between development economists, such as William Easterly and Jeffery Sachs. You will be judged on the clarity of your writing, the coherency of your argument, and the use of the economic models we are studying. Do not forget citations! Due 12/10/21 midnight eastern time. D. MIDTERM There will be one (1) midterm exam during the semester, which will be closed book. There will be no makeup exam. If you have an excused absence granted before the midterm exam, the midterm’s weight in grade determination will be added to the final exam. If you do not have an excused absence, you will receive a zero on the midterm. Please check now for conflicts. E. FINAL There will be a closed book, in-class, comprehensive final exam held during finals week as per University policy. The time and date for the final this term will be announced by GW early in the semester. Please make all travel plans after the date of your final. Finals must be taken on the day and time specified by the University. This date is not chosen by me and make-ups will not be offered for individual students to accommodate travel plans.

8. UNIVERSITY POLICIES AND RESOURCES FOR STUDENTS University policy on observance of religious holidays In accordance with University policy, students should notify faculty during the first week of the semester of their intention to be absent from class on their day(s) of religious observance. For details and policy, see: provost.gwu.edu/policies-procedures-and-guidelines Academic integrity code Academic Integrity is an integral part of the educational process, and GW takes these matters very seriously. Violations of academic integrity occur when students fail to cite research sources properly, engage in unauthorized collaboration, falsify data, and in other ways outlined in the Code of Academic Integrity. Students accused of academic integrity violations should contact the Office of Academic Integrity to learn more about their rights and options in the process. Outcomes can range from failure of assignment to expulsion from the University, including a transcript notation. The Office of Academic Integrity maintains a permanent record of the violation. For more information, please refer to the Office of Academic Integrity website (studentconduct.gwu.edu/academicintegrity), email ([email protected]), or call (202-994-6757). Support for students outside the classroom Disability Support Services (DSS) 202-994-8250 Any student who may need an accommodation based on the potential impact of a disability should contact Disability Support Services in Rome Hall, 801 22nd Street, NW, Suite 102, to establish eligibility and to coordinate reasonable accommodations. For additional information see: disabilitysupport.gwu.edu Counseling and Psychological Services 202-994-5300 GW’s Colonial Health Center offers counseling and psychological services, supporting mental health and personal development by collaborating directly with students to overcome challenges and difficulties that may interfere with academic, emotional, and personal success. For additional information see healthcenter.gwu.edu/counseling-and-psychological-services. Safety and security • In an emergency: call GWPD 202-994-6111 or 911 • For situation-specific actions: review the Emergency Response Handbook: safety.gwu.edu/emergency-response-handbook • In an active violence situation: Get Out, Hide Out or Take Out: go.gwu.edu/shooterprep • Stay informed: safety.gwu.edu/stay-informed...