Course Contents

• Principles and concepts of development: Developing economy and its characteristics, Difference among economic growth, development and human development, Under development, Requisites of economic development, Obstacles to economic development in developing countries, Vicious circle of poverty, Millennium development goals. • Classical Theories of Economic Growth and Development: The neocolonial dependence model, The false paradigm model, The dualistic development thesis, • Development Policy making and role of Market, State and Civil society: Government failure and preference for markets, The market economy, Role of state in development, Development role of NGOs, Trends in Governance in reform • Agriculture transformation and rural development: Agriculture Policy, Agriculture price policy in Pakistan, Land reforms in Pakistan, Role of government in developing agriculture sector in Pakistan, Subsistence farming, Commercialized farming • Economic development through Planning: What is economic planning, Need and role of planning in developing economies like Pakistan, Market imperfections and failures of market mechanism, Various forms of economic planning, Objectives plan formulation and requisites of effective planning, Economic planning in Pakistan • Development through Budget: Role of fiscal policy in economic development in Pakistan, Federal and Provincial Budget of Pakistan, Zakat and usher as tools of social economic well-being • Role of Foreign assistance in Economic development: Domestic Debt, Foreign Debt burden and debt servicing in Pakistan, Foreign direct investment • Foreign Aid-The Development Assistance Debate: Why donors give aid, why recipient countries accept aid, Role of NGOs in aid. • International Trade theory and Development Strategy: Key issues of international trade, Critique of Free-Trade theory in context of developing country experience, Pakistan’s balance of trade and export performance, Globalization or Liberalization of international trade, GATT and WTO.

Course Synopsis

The objective of this course is to provide a comprehensive knowledge of development economics. To enable the students to understand the historic growth and contemporary development phenomenon. To equip the students with the theories that provide the path to progress.

Course Learning Outcomes

After the completion of the course: • Students will be able to understand the basics and diverse structure of development economics. • Students will be able to understand the socio-economic factors responsible for the underdevelopment of LDC’s • Students will be able to use the theories of development economics for research and economic development of their country.