ME2708 Economic Growth: Technology, Investments and Society

Completed and documented upper secondary education including documented proficiency in English B or equivalent (TOEFL, IELTS  e g) and at least 30 higher education credits in mathematics/economics.

The aim of the course is to give students both broad and deep knowledge of the facts and the theories of economic growth. A special emphasis is placed on the relationship between technological development and economic growth.

The course starts with presenting facts about economic growth and then the four main growth paradigms are introduced: the neoclassical model, the Romer product variety model, the Schumpeterian model and the AK model.

The study of economic growth requires highly theoretical models in order to understand how different factors affect the development of the economy and a large part of the course is devoted to develop students' ability to use mathematics in solving these models. Group work and seminars are essential parts of the course, where students will develop good working skills in using relevant mathematical tools for analyzing economic growth and designing growth policies.

After completed course, the participants shall be able to:

• understand the relationship between technological development and economic growth
• use basic theoretical and mathematical tools to analyze long-term economic growth
• understand and reflect on the four main growth paradigms’ implications for economic policy
• use mathematical models to analyze the role of physical capital, human capital, R&D, institutions, entrepreneurship and innovation for economic growth
• analyze the role of natural resources in sustainable economic growth
• read, interpret and assess both basic and highly technical theoretical and empirical research on economic growth