Economic development refers to the qualitative and quantitative changes in the economy of a country or a region that lead to a higher standard of living. It is not limited to economic growth, which mainly refers to rise of real GDP due to factors, such as productivity, efficiency, and aggregate supply & demand conditions in the economy. Few regions of the world achieved high standard of living; other regions of the world are either developing or remaining as less developed. This course asks why there are these differences and how can developing and less developed countries also increase their standard of livings. Multiple factors - from geography to political stability, from concerted actions of economic policy makers to social and political institutions, from economic system to policies of international organizations, such as the International Monetary Fund, the World Bank, and the UN - affect a country’s economic development. This course introduces students to theories of economic development and surveys a wide range of economic development issues.
- Teacher: Fahrettin Sumer