Notes for DEV 9450: Economic Policy, Growth and Development
Course Overview and Rationale
DEV 9450, titled Economic Policy, Growth and Development, is offered by the Development Studies Department at the University of Zambia. The course addresses the critical role of economic policy in achieving sustainable growth within developing nations. While contemporary debates often fixate on structural adjustment programmes, this course adopts a historical and interdisciplinary approach to evaluate policy reforms. The primary aim is to investigate the rationale, implementation, and long-term consequences of these policies on the development trajectory of emerging economies.
Learning Objectives and Skills
Students are expected to master specific assessment techniques and methodologies to test the effects of economic policy on development variables. By the conclusion of the course, participants should be able to navigate both historical and contemporary debates regarding reform impacts. This involves demonstrating professional knowledge of the academic skills required to interpret internal and external economic equilibrium and the various social indicators of development.
Theoretical Frameworks and Economic Concepts
The curriculum covers foundational macro and microeconomic variables, including GNP and GNP per capita. It investigates established theories such as Classical Theory, Neo Classical Theory, and New Growth Theory. These frameworks are used to analyze the nature and magnitude of external disequilibria, specifically looking at unsustainable balance of payments, declining export earnings, and unsustainable debt-earnings ratios. Key fiscal variables like inflation, interest rates, and exchange rates are also prioritized as central components of the study.
Economic Policy Reform and Global Actors
Content explores the evolution of post-colonial economic policy and the specific influence of multilateral organizations, including the World Bank, the International Monetary Fund, and the World Trade Organisation. The course distinguishes between short-run and long-run reform objectives, as well as the specific conditions tied to policy-based lending. It further highlights lessons from emerging economies, particularly the BRICS nations, and reviews the specific macro-economic and sectoral management instruments used in the agricultural, industrial, and export sectors.
The Zambian Context and Social Impact
A significant portion of the course is dedicated to economic policy reforms in Zambia from the 1960s to the present. Lectures analyze the social impact of these reforms on vulnerable populations, including women, youth, and differently abled persons. Discussions focus on the emergence of vulnerable groups due to changes in health, education, and sanitation sectors. To address these impacts, the course evaluates cushioning mechanisms such as social safety nets, economic empowerment, community participation, and public-private partnerships.
Assessment and Academic Resources
Continuous assessment accounts for of the total grade, consisting of two essays worth each ( total) and one test worth . The final examination constitutes the remaining of the final grade. The course utilizes four contact hours per week, divided into three one-hour lectures and one tutorial. Required readings include foundational texts by Hunt, Please, and Williamson, supplemented by recommended works from Commander, Mosley, Young and Loxley, Nelson, and Onimode regarding structural adjustment and African debt.