This course is an introduction to the study of Latin America’s economy. The main purpose of this class is to advance the understanding of the economic development of the region since colonial times, as well as of the challenges that will shape its economic landscape during the upcoming years. To this end, we study past policies and familiarize ourselves with many economic concepts that are needed to understand the socioeconomic complexity of the region and the countries that compose it. Economic topics we will touch upon include: economic growth, import substitution, trade policy, primary commodities markets, stabilization programs, current account deficits, the debt crises, the Lost Decade, and structural reforms aimed at fostering the human and economic development of the region.
Historically, almost all people have lived in poverty, in the countryside, with short lifespans, limited education, and large families. However, during the last 200 years, the world has been changing rapidly. Material well-being has increased, life spans have lengthened, populations have urbanized, widespread illiteracy has given way to almost universal education, and women have much fewer children. These trends have transformed the lives of billions of people, but they have also been uneven across different places, leading to the highly unequal world we see today.
This course is about these large development trends. We will discuss how they have happened across different places, why they have happened, and why they have not happened everywhere. The first half of the course documents the processes of economic growth, health improvements, urbanization, mass education, and the demographic transition. The second half of the course discusses what we know about the causes of economic and social development, and what type of policies are most likely to help or hurt development.
This course introduces students to the study of modern dynamic macroeconomics. The specific objectives are to teach standard tools (such as basic intertemporal optimization) to apply them to key issues in economic growth. Such issues include (i) causes of sustained growth in per capita income in each country; (ii) determinants of differences in per capita income between countries; (iii) effects of government policies in these contexts.
Labor economics is essential for understanding the allocation of labor resources and their influence on the well-being of individuals and society. Labor economics provides the theoretical and empirical tools needed to analyze how wages, employment, and working conditions are determined, as well as the effects of public policies and institutions on labor market outcomes and well-being. This course aims to provide students with a theoretical and empirical understanding of how the labor market functions, addressing both classic supply and demand models and more recent developments related to human capital, discrimination, unemployment, and labor institutions.