1.3 Growth and development notes

1. 1.3.1Growth and development: concepts, Kuznets curve and development theories (Rostow, Lewis, Nurkse, Hirschman)

   Growth is a rise in output; development is wider, covering living standards, health, education and equity, and economists have offered different theories of how poor countries can move from one to the other.

   Advanced · 6 min · Full course
2. 1.3.2Saving, investment and capital formation: GCF, GFCF and ICOR

   Capital formation is the addition to the stock of machines, buildings and inventories, financed by saving, and the ICOR tells how much capital a unit of extra output needs.

   Advanced · 6 min · Full course
3. 1.3.3Colonial economy: drain of wealth, deindustrialisation and India on the eve of independence

   British rule drained India's surplus to Britain, destroyed its handicrafts, kept agriculture stagnant and left the economy poor, agrarian and unevenly developed in 1947.

   Advanced · 6 min · Full course
4. 1.3.4India's growth since 1950: phases, structural change and the latest estimates

   India's growth rose from about 3.5% a year before 1980 to around 6 to 8% after the 1980s and 1991 reforms, with a shift from agriculture to services but a slower shift in jobs.

   Advanced · 6 min · Full course

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