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The study of long-run economic change concerns itself with two questions: Why do certain economies persistently perform more successfully than others? and How is leadership in the world economy achieved and maintained? How, for example, did the United States attain its current place in the global economy, and will it be able to hold on to that position indefinitely? What are the futures of the Asian Tigers and Australia in the world economy? These and similar questions have attracted the attention of some of the world's leading economists. Recent research, for example, by the Nobel prize laureate Douglas North, has illustrated the importance of institutions to both economic growth and policy performance, especially over the longer term. The aim of this subject is to introduce you to this literature as well as to other fundamental issues of long-run economic change. You will carefully examine different approaches to long-run economic analysis and assess each in light of the available evidence. On successful completion of this subject you should be able to explain and describe the pattern of long-term economic growth, leadership and decline in the world economy since the industrial revolution; evaluate the role of culture, institutions and the environment in economic change; and apply the methods of historical economics to contemporary economic debates.
Intended learning outcomes
- Describe and critically evaluate empirical patterns associated with economic growth
- Explain some of the technique of dynamic economic analysis used by modern macroeconomic researchers to create knowledge
- Apply relevant macroeconomic theory to explain the potential determinants of economic growth
- Formulate simple theoretical models to understand the sources of differences in economic performance across nations.
High level of development: interpretation and analysis; critical thinking; synthesis of data and other information; evaluation of data and other information; accessing data and other information from a range of sources; receptiveness to alternative ideas.
Moderate level of development: oral communication; written communication; collaborative learning; application of theory to practice.
Some level of development: problem solving; statistical reasoning.
Last updated: 7 August 2020