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14.452: Introduction to Economic Growth
Daron Acemoglu
October 2009.
This half semester class will present an introduction to macroeconomic modeling, fo-
cusing on the theory of economic growth and some of its applications. It will introduce a
number of models of nonstochastic and stochastic macroeconomic equilibrium. It will use
these models to shed light both on the process of economic growth at the world level and
on sources of income and growth di§erences across countries.
The course has a number of objectives: the Örst is to familiarize you with a set of issues
and questions that are central to macroeconomics, and that are also (hopefully) exciting
and important; the second is to develop some of the most important tools of dynamic
economics useful in macroeconomics as well as in a number of other subdisciplines of eco-
nomics including general equilibrium theory, political economy, industrial organization and
contract theory; and Önal objective to provide you with a number of workhorse models
useful in multiple areas of macroeconomics.
The main textbook is Introduction to Modern Economic Growth, Princeton University
Press, 2009.
Course details:
My e-mail: daron@MIT.edu.
Lectures: TuTh 1-2:30, E51-151.
Recitation: F 1-2:30, E51-151.
Teaching Assistant: Alp Simsek, alpstein@MIT.edu.
Syllabus
Lecture 1 (Örst part): Stylized Facts of Economic Growth and
Development
This lecture will give a brief overview of the stylized facts of economic growth and show
the large disparities in income per capita across countries. It will also discuss brieáy how
the world distribution of income across countries has come to be so unequal.
1. Introduction to Modern Economic Growth, Chapter 1.
1
2. He
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