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42210 International Trade and Economic Development im Sommersemester 2017 |
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Das Semester dieser Veranstaltung ist beendet. |
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grundlegende Überarbeitung: Sommersemester 2017 |
Umfang: 6.0 SWS |
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Übungsumfang: 0.0 SWS |
nächster geplanter Einsatz: -keine Angaben vorhanden- |
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KursbeschreibungA natural starting point for the analysis of economic development is a discussion on economic growth. Hence, Chapter 2 provides a rigorous theoretical treatment of the Solow model and an illustration of the related empirical growth studies. First, we tackle the question, "Why do countries grow?" Capital formation is one potential source of economic growth, but such a growth potential is limited without technological change. Despite being quite intuitive and straightforward, this concept is treated in-depth, following the illustration on the advanced textbook on economic growth by Acemoglu. Equipped with the insights derived from the model, we analyze the question "Why have some nations failed to grow?" Indeed, while some countries have demonstrated a sustained economic growth through technological change, some others have remained stuck at low levels of per-capita GDP and have not exhibited any growth. We dedicate one section of the chapter to this puzzle, presenting the discussion as summarized in Acemoglu. The prominent answer given in the literature relies on the existence of institutions. Indeed, the country institutional setting provides a safe environment for entrepreneurs to invest. The absence of such an environment may render capital formation inefficient, thus resulting in low rates of economic growth.
Another pillar of economic development is trade in goods and factor inputs. The canonical trade mod-els studied in Chapter 3 are able to rationalize international linkages between developed and developing countries based on technology or endowment differences. Countries specialize in particular industries where they produce with lower opportunity costs. The idea of a comparative cost advantage, which determines international trade patterns, depends on country-specific differences in observable characteristics such as technology (Ricardo) or factor endowments (Heckscher Ohlin). More recent models focus on intra-industry trade. This implies that countries tend to export goods produced in sectors where they have a relative cost advantage compared to the rest of the world, while they tend to import goods that can be purchased cheaper on the world market rather than domestically. The idea that comparative advantage matters appears to be plausible in the context of developing economies. Indeed, when looking at trade between developing and developed countries, specialization in particular industries is evident in the data. However, a drawback of these classical trade theories is that they are not able to explain why similar countries import and export goods produced in the same industry.
Besides growth and trade, the other face of globalization is international migration, which constitutes the subject of Chapter 4. Indeed, migration movements represent a recurrent pattern from devel-oping to developed countries. Moreover, the ?loss? of individuals due to migration away from developing countries has been a crucial topic both for the academic and policy debates. Hence, the aim of this chapter is to provide an overview of the international migration movements and the interrelated Brain Drain phenomenon. Specifically, we answer the following question: ?Why do people migrate?" In doing so, we review the theoretical frameworks that provide explanations behind the individual migration decision (that is, at the micro-level). We then proceed by answering the same question from the aggregate perspective, analyzing the determinants of the migration patterns at the macro-level and presenting the associated empirical evidence. Not all individuals from a given population have the same propensity to migrate. Thus, we inquire about who chooses to migrate, stressing the importance of the issue of the immigrants? ?selectivity? for the study of migration. Finally, we offer a brief overview of the economic effects of immigration on the host country.
The final Chapter 5 discusses models that nest both trade and capital formation. These extensions of the Solow growth model include versions with migration, foreign direct investment or trade in goods. The canonical trade models are blended with the workhorse model in the growth literature in order to understand their interactions. Under autarky, the only way to build up a substantial capital stock is through investment. Households face a trade-off between consumption and savings that can be used for capital formation. Moreover, due to diminishing returns to capital and labor, factor income de-pends solely upon factors' marginal productivity. Once we open those economic growth models to international trade in goods and factors, i.e. migration and foreign direct investments, the pattern of economic growth is substantially different. We have to take the evolution of world prices into consideration, which produces outcomes that are not as straightforward as is the case in more 'basic' frameworks. For example, taking into account the effects of trade on economic growth in developing economies has important repercussions on some of the most important objectives of government?s policy. The last part of the chapter is dedicated to the Brain Drain, where we will show the most recent theoretical framework on the effects of the Brain Drain for the growth of the developing country.
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Veranstaltungsbeginn: 03.04.2017 |
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Diese Lehrveranstaltung beinhaltet zugriffsgeschütztes Material, das nur nach dem Einloggen und bei vorhandener Belegung der Lehrveranstaltung eingesehen werden kann. Studierende der FernUniversität sollten sich einloggen. |
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Einheiten |
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FernUniversität in Hagen, 58084 Hagen, Telefon: +49 2331 987-01, E-Mail: fernuni@fernuni-hagen.de