WIn11Eco360CourseOutline[1] - 1University of Toronto...

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1 University of Toronto Department of Economics Eco 360Y Economic Growth and Technological Change OUTLINE for Fall/Winter 2010/2011 [Modified, September, 2010] M. J. Hare [Larkin Building, Trinity College, Room 336] A. Course Description This is a course in applied economic theory related to the economic growth of industrial nations with particular emphasis on the United States, Japan and Canada. Eco 360Y is not an economic history course. The pre-requisites are Eco 200Y, Eco 202Y and Eco 220Y [or their equivalents]. The pre-requisites are enforced. In the first term, the course emphasizes the conditions for efficient resource allocation in a market economy, together with the serious challenge of Schumpeter. In addition, the course analyzes the evolution of the capitalist system under the theories of Marx and Schumpeter: both of whom argued that capitalism would fail – although through very different means. Finally, the Long Wave Kondratieff theory of the business cycle is evaluated according to the theories of Van Duijn and Mensch. The second term has three components. Initially, the path-breaking analysis of Solow [1956] is examined. This analysis presented a shock to the economic world, which is still being addressed, fifty years later. The center of attention here is on the importance of improved productivity growth. In this first part, the importance of technological change [innovation] is principally addressed, primarily since 1950 for the United States, Japan and Canada. It is shown that the role of innovation, in the long run, is the dominant source of higher rates of labour productivity and associated higher per capita standards of
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This note was uploaded on 10/25/2010 for the course ECON 360 taught by Professor Hare during the Spring '10 term at University of Toronto- Toronto.

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WIn11Eco360CourseOutline[1] - 1University of Toronto...

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