Economic Development (9544.1)

This unit introduces major theories of economic development and to place them in a historical context. Theories of economic development attempt to explain the process that less developed countries (LDCs) go through to become developed countries (DCs). Further, because economic development is more than economic growth and involves changes in all aspects of society, both social and political, the discipline tends to be interdisciplinary, drawing from other social sciences such as sociology and geography.

Learning outcomes

On successful completion of this unit, students will be able to:
1. Define economic development and its components;

2. Describe major theories of economic development;
3. Explain and apply some basic economic models related to economic development and economic growth, including the Solow Growth model and its extensions;
4. Identify and discuss economic development theories in the social and political context in which they were created; and
5. Critically examine economic development theories in light of a history of poor performance in development programs.

Graduate attributes

1. UC graduates are professional - communicate effectively
1. UC graduates are professional - employ up-to-date and relevant knowledge and skills
1. UC graduates are professional - use creativity, critical thinking, analysis and research skills to solve theoretical and real-world problems
1. UC graduates are professional - work collaboratively as part of a team, negotiate, and resolve conflict
2. UC graduates are global citizens - adopt an informed and balanced approach across professional and international boundaries
2. UC graduates are global citizens - communicate effectively in diverse cultural and social settings
2. UC graduates are global citizens - think globally about issues in their profession
2. UC graduates are global citizens - understand issues in their profession from the perspective of other cultures
3. UC graduates are lifelong learners - adapt to complexity, ambiguity and change by being flexible and keen to engage with new ideas
3. UC graduates are lifelong learners - be self-aware
3. UC graduates are lifelong learners - reflect on their own practice, updating and adapting their knowledge and skills for continual professional and academic development

Prerequisites

9518 Foundations of Microeconomics OR 6355 Introduction to Economics

Corequisites

None.

Incompatible units

NONE.

Equivalent units

NO.

Assumed knowledge

None.