Introduction. The world economy is gradually recovering from the financial and economic crisis that originated in the United States in 2007-2009. Despite the slow recovery of Europe and the U.S., world economic growth has continued at an accelerated pace since the mid-1990s. This is due to very rapid growth of Asian economies, especially China and India. China overtook the U.S. as the world’s largest economy in 2014, while India surpassed Japan in 2012, becoming the world’s third largest economy. The objective of Economics 1490 is to assess the prospects for sustainable growth of the world economy. Will slower growth of the U.S., Japan, and the leading economies of Europe lead to worldwide stagnation or will the accelerated growth of the world economy continue?

Reading List. The required readings for the course correspond to twenty-six lectures that cover the six topics we have summarized in this Course Description. The Reading List includes journal articles and book chapters by academic economists. We also include reports by international organizations like the IMF, the World Bank, the World Trade Organization, as well as government agencies such as the Congressional Budget Office, the Development Research Center of China, the European Commission, the Ministry of Finance of India, and the Cabinet Office of the Government of Japan. The required readings can be downloaded from the course website.

Writing Requirement. Short writing assignments (~ five pages) will be given at the end of each of the five main sections of the course. The writing assignments satisfy the Department of Economics writing requirement for economic concentrators. Students should prepare for these assignments by completing the required readings, participating in class discussions, and attending the review sessions held by Elaine Chung, the Teaching Fellow in Economics 1490. We will also organize students into study groups, each consisting of about five students. Based on past experience, we strongly urge students to attend a study group. You will meet some of the most interesting people in the world this way. The writing assignments will be posted on the course website after class on a Tuesday and will be due before class on the following Thursday. The answers will be submitted electronically and can be completed anywhere in the world. The writing assignments cannot be re-scheduled.

Office hours. The instructor’s regular office hours are 2:00-4:00 p.m. on Mondays at 122 Littauer. Office hours by Elaine Chung, Teaching Fellow in Economics 1490, will be posted on the course website.