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ECONOMICS Paper 12: Economics of Growth and Development - I

Module 1: Economic Growth and Economic Development
 Weblinks
 http://www.ugb.ro/etc/etc2012no1/09fa.pdf
 http://www.newagepublishers.com/samplechapter/000186.pdf
 http://www.gmu.edu/depts/rae/archives/VOL19_4_2006/2-Colombatto.pdf
 http://www.zen40585.zen.co.uk/Economic%20Growth%20and%20Economic%20Developme
nt.pdf
 http://www.danielsolis.webs.com/Classic.pdf

Suggested Readings
 Economic Development, 12th Edition by Michael P Todaro

 Development Economics by Debraj Ray

 Introduction to Economic Growth (English) 2nd Edition by Charles I. Jones

ECONOMICS Paper 12: Economics of Growth and Development - I

Module 1: Economic Growth and Economic Development
  Anand, Sudhir and Amartya Sen (1993), ‘Human Development Index: Methodology and
Measurement’, UNDP Occasional Papers No. 8.

 Cobb, Clifford, Ted Halstead and Jonathan Rowe (1995): The Genuine Progress Indicator, San
Francisco, CA: Redefining progress.

 Dreze, Jean and Amartya Sen (2012), An Uncertain Glory; India and its Contradictions, New
Delhi:Penguin Books.

 Jones, I. Charles (2006), Introduction to Economic Growth, New Delhi: Viva Books Private
Limited.

 Kindleberger, C.P. (1965), Economic development, McGraw-Hill.

 Ray, Debraj (1998), Development Economics, New Delhi: Oxford University Press.

 Streeten, Paul (2008), The International Handbook on Development Economics, edited by

Amitava Krishna Dutt and Jaime Ros, U K:Edward Elgar.

 Stewart, Francis and Paul Streeten (1976), New Startegies for Development: Poverty and
Income Distribution and Growth, Oxford Economic Papers, No.3, Nov., pp. 381-405.

 Thirlwal, A.P. (1972), Growth and Development, Macmillan

 Ghatak, S. (1978), Development Economics, Longman

 Meier, Gerald M. (1964), Leading Issues in Economic Development, Oxford University Press.

 Sen, A. (1983), Development: Which Way Now? Economic Journal, Vol. 93 Issue 372. pp.
745–762

 Stewart, Francis and Paul Streeten (1976), New Startegies for Development: Poverty and
Income Distribution and Growth, Oxford Economic Papers, No.3, Nov., pp. 381-405.

 Thirlwal, A.P. (1972), Growth and Development, Macmillan

 Ghatak, S. (1978), Development Economics, Longman

 Meier, Gerald M. (1964), Leading Issues in Economic Development, Oxford University Press.

 Sen, A. (1983), Development: Which Way Now? Economic Journal, Vol. 93 Issue 372. pp.
745–762

ECONOMICS Paper 12: Economics of Growth and Development - I

Module 1: Economic Growth and Economic Development
 Important Terms
C

Capital Stock: The total amount of physical capital available in the economy.

Child Mortality Rate: The probability that a newborn baby will die before reaching age
five. Expressed as a number per 1,000 live births.

Demographic Transition: Changes in population growth rates over time due to changes in
birth and death rates.

Human Capital- The health, education, experience, training, skills and values of people.
Also known as human resources.

Regrettables: Output which might be necessary but does not add to (and might detract from)
the quality of life, e.g. expenditure on armaments and commuting.

Relative Poverty: The relative position of some economic unit (e.g. individual, household,
racial group) compared to another economic unit. A person can be relatively poor but not
absolutely poor – is really to do with distribution of income in a country.

Trickle Down: The process whereby the economic gains from economic growth pass down
throughout the entire society eventually giving rise to development.

ECONOMICS Paper 12: Economics of Growth and Development - I

Module 1: Economic Growth and Economic Development
 Biography

Arthur Lewis Image

Arthur Lewis was born in Castries, Saint Lucia, then still
part of the British Windward Islands federal colony, as
the fourth of five children of George and Ida Lewis. His
parents had migrated from Antigua shortly after the turn
of the century. George Lewis died when Arthur turned
seven, and Ida raised their five children alone. Arthur was
a gifted student and was promoted two classes ahead of
his age. After finishing school at the age of 15, Lewis
worked as a clerk, while waiting to take his university
entrance exam. During this time he became friends
with Eric Williams, the future first prime
minister of Trinidad and Tobago, and the two remained
lifelong friends.
After gaining his Bachelor of Science degree in 1937 and
a Ph.D. degree in 1940 at the London School of
Economics (LSE), Lewis worked as a member of the
staff at the LSE until 1948. In 1947, he married Gladys
Jacobs, and they had two daughters together.
That year he was selected as a lecturer at the University
of Manchester, and moved there with his family. He
taught at Manchester until 1957. During this period, he
developed some of his most important concepts about the
patterns of capital and wages in developing countries. He
particularly became known for his contributions to
development economics, of great interest as former
colonies began to gain independence from European
nations.
When Ghana gained independence in 1957, its
government appointed Lewis as their first economic
advisor. He helped draw up its first Five-Year
Development Plan (1959–63).
In 1959 Lewis returned to the Caribbean region when
appointed Vice Chancellor of the University of the West
Indies. In 1963 he was knighted for his contributions to
economics.
That year, he was also appointed a University
Professor at Princeton University and moved to the
United States. Lewis worked at Princeton for the next two
decades, teaching generations of students until his
retirement in 1983. In 1970 Lewis also was selected as
the first president of the Caribbean Development Bank.
Lewis received the Nobel prize in Economics in 1979,
sharing it with Theodore Schultz.
He died on 15 June 1991 in Bridgetown, Barbados. He
was buried in the grounds of the St Lucian community

ECONOMICS Paper 12: Economics of Growth and Development - I

Module 1: Economic Growth and Economic Development
 college named in his honour. He was survived by his
wife, Gladys Jacobs Lewis of Barbados and Princeton,
NJ; two daughters, Elizabeth Lewis of Cranbury, NJ, and
Barbara Virgil of Brooklyn; and four brothers, Stanley
Lewis of Ghana, Earl Lewis of Trinidad, Allen Lewis, a
former Governor General of St Lucia, and Victor Lewis
of St Lucia.

Source: https://en.wikipedia.org/wiki/W._Arthur_Lewis

ECONOMICS Paper 12: Economics of Growth and Development - I

Module 1: Economic Growth and Economic Development