For links to important information, such as the course schedule, grading criteria, etc., please see the left-hand menu. There is also a page on SLUNIK. Messages will be sent via Canvas.
The course builds mainly on research published since 2010 in leading economics journals. However, this research builds on earlier research, which we also discuss. In class (videos and discussion meetings) we will cover this published material, while the draft book The economics of spaceship Earth (ESE for short) provides written material, including mathematical derivations, that backs up what we do in class. Both the draft book and the notes accompanying the videos provide many references to published papers and data sources. In the reading list I take you through some of the most important of these papers, and give advice on what to read.
Note that I refer to one published book, Aghion and Howitt, 'The economics of growth'. This book gives a useful introduction to growth theory, at the right level for the course, and I therefore recommend it. However, note that it is not essential reading for the course.
Lectures 2022
This year the course will be built around 6 sets of short, recorded videos. The 6 sets are as follows: the introduction, 4 core lectures, and conclusions. The videos must be studied carefully before the accompanying discussion meetings (one per set).
The videos -- and accompanying notes -- will appear here (under the relevant headings) during October.
Lecture notes; Study questions.
- What drives growth?.
- Neoclassical growth models.
- The Solow and Ramsey models: Solow with constant technology, 1; Solow with constant technology, 2; Solow with exogenous growth in productivity, 1.
- Mathematical appendix: Differentiation: the chain rule, and differentiating like an economist; balanced growth paths and differentiation w.r.t. time.
- The Solow and Ramsey models return: Solow with exogenous growth in productivity, 2; Ramsey; No capital.
- Endogenous growth.
Lecture notes; Study questions.
- Background.
- The original DHSS model: The papers and the model; the Hartwick rule, and relevance.
- Neoclassical growth and nonrenewable resource supply: three simple cases ... Land; Abundant resource, costly to extract; Limited resource, costless to extract (1); Limited resource, costless to extract (2); Historical data.
- Complex cases: limited resources, costly to extract ... Intuition; The full model; Empirics and lessons.
Lecture notes; Study questions.
- Revision and summary so far.
- Resource efficiency and DTC: The mechanisms revisited; Resource efficiency and DTC, the production function (1); Resource efficiency and DTC, the production function (2); An aggregate DTC model; The knowledge production function; Independent knowledge stocks.
- Alternative resource inputs and DTC:Building model + independent knowledge stocks; A simple alternative model.
- Summing up on DTC; Implications.
- Structural change, composition effects, and rebound: Background; the rebound effect; substitution effects; income effects; reality and social norms.
- Conclusions on resource scarcity and Solow's mechanisms.
See also...
The other examined elements in the course are the gobbets and the research paper.
Gobbets are very short essays written individually, used to train your analytical and scientific writing skills. You will write 2 gobbets, and review one gobbet. In the research paper -- written individually or in a pair -- you will take data (typically time-series) relevant to economic growth and sustainable development, and perform a very simple analysis in which you apply (and ideally adapt) theory that you have learnt during the course to help the reader understand what lies behind the trends seen in the data.
Some words on gobbets etc. (L3); More on gobbets.
Research paper info. An old recording, but still relevant.
Here are the two most recent course evaluations: 2021/22; 2020/21.
