Instructor: Giovanni Andrea Cornia
The purpose of the course is to unable the students to understand the complex functioning of the macroeconomy of developing countries so as to be able torespond to their real life macro problems. Part 1 offers an overview of standard models used in the advanced economies. Part 2 discusses the main structural and institutional differences between developed and developing countries that justify the construction of alternative models for the latter. Part 3 discusses long-term and short-term growth models reflecting the real-life conditions of poor countries. Such models show that the conclusions reached on their basis often differ from those arrived at on the basis of standard macroeconomics. Part 3 illustrates models of dependent economies, commodity exporters, ‘gaps models’, and others that are important in developing countries. Finally, Part 4 discusses macro topics, such as the inequality-growth-poverty nexus and macro policies to ensure stable growth and poverty reduction. The theoretical approach of the Teaching Notes is eclectic, though its overall slant is Keynesian-Structuralist.
Teaching Notes of 300 pages prepared by Professor Cornia