Please note! Course description is confirmed for two academic years, which means that in general, e.g. Learning outcomes, assessment methods and key content stays unchanged. However, via course syllabus, it is possible to specify or change the course execution in each realization of the course, such as how the contact sessions are organized, assessment methods weighted or materials used.


At the end of the course, students will be familiar with (a) the basic facts about long-term economic growth, (b) the main theories for why some places grew rich while others did not, and (c) examples of empirical work attempting to test these theories. In addition, the course will provide historical perspective for understanding the causes and consequences of financial crises.

Credits: 6

Schedule: 27.10.2020 - 08.12.2020

Teacher in charge (valid 01.08.2020-31.07.2022): Matti Sarvimäki

Teacher in charge (applies in this implementation): Matti Sarvimäki

Contact information for the course (applies in this implementation):

CEFR level (applies in this implementation):

Language of instruction and studies (valid 01.08.2020-31.07.2022):

Teaching language: English

Languages of study attainment: English


  • Valid 01.08.2020-31.07.2022:

    This course documents and explains the history of economic growth. Topics discussed include technological and financial innovation, political and economic institutions, industrialization, international trade, social mobility and inequality. We discuss how cross-country differences in economic development have been explained by differences in geography, culture, institutions and luck, and review work assessing the empirical relevance of these explanations. We also cover research on financial crises and the industrial revolution.

Assessment Methods and Criteria
  • Valid 01.08.2020-31.07.2022:

    1. Lectures
    2. Assignments (50% of the final marking)
    3. Final exam (50% of the final marking)

  • Valid 01.08.2020-31.07.2022:

    1. Lectures: 26 h
    2. Independent study: 130 h
    3. Exam: 4 h


Study Material
  • Valid 01.08.2020-31.07.2022:

    Materials covered in the lectures and readings assigned in the course

  • Valid 01.08.2020-31.07.2022:

    Students greatly benefit from taking Applied Microeconometrics I (31E00910) before attending the course. Minimum requirement is basic understanding of statistical methods at the level of Principles of Empirical Analysis (ECON-A3000), Econometrics (ECON-C4100) or equivalent.

SDG: Sustainable Development Goals

    8 Decent Work and Economic Growth