HISTORY OF ECONOMIC THOUGHT
- Course
- ECON208 - HISTORY OF ECONOMIC THOUGHT
- Department
- Economics - English - Undergraduate
- Course Type
- Course
- Status
- Required
- Language
- English
- Credit
- 3
- ECTS
- 6
- T+P+L
- 3 + 0 + 0
- Course Coordinator(s)
- -
- Prerequisite
- -
- Keywords
Course Description
This course surveys the main schools in the history of the development of economic thought, beginning with the Classical school and the works of Smith, Ricardo, J.S. Mill, Thornton, Say. It then reviews challenges to the classical school by Marx, Marginalists, and subsequent figures like Marshall, Walras and Neoclassicalists. Economic thought associated with the early 20th century transitionalists are briefly addressed, including economists Wicksell, Schumpeter, Fisher. Selective chapters and passages of Keynes General Theory are read, focusing in particular on Keynes in areas of investment, interest rate theory and money demand. Post-1945 revisions of Keynes and Neoclassical economics in the form of early and late IS/LM analysis are reviewed, and its main challenges by Friedman (Monetarism),Lucas (Rational Expectations), Real Business Cycle theorists, and Post-Keynesian thought.
HISTORY OF ECONOMIC THOUGHT
Evaluation Tools (Active Term)
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Course outcomes
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Course Syllabus
| Week | Topic |
|---|---|
| Week 1 | Why study the history of economic thought. References to the history of political thought. |
| Week 2 | Saint Thomas Aquinas: the foundations of social and economic order. Faith and Reason. Theory of the "just price" and the "just wage". |
| Week 3 | Mercantilism in theory and practice. Jean-Baptiste Colbert. Thomas Munn. theory of the state and economic power. Trade as a means of economic development and economic superiority. Western European colonialism. |
| Week 4 | Say's Law of markets |
| Week 5 | Adam Smith. "An Inquiry into the Causes of the wealth of nations". laissez-faire economics. the role of self interest in the construction of the economic and social order. The market mechanism and competition. Foreign trade. The role of the government. monopoly and its control. |
| Week 6 | David Ricardo and classical economics. Economics as a science. The notion of political economy. "Principles of Political Economy and Taxation". The Iron Law of Wages. The Theory of Comparative Advantage.y. |
| Week 7 | Thomas Malthus and the theory on population. "Essay on the Principle of Population" |
| Week 8 | James Mill. "The Analysis of the Phenomenon of the human Mind". "Elements of Political Economy" |
| Week 9 | John Stuart mill. "The Foundation of Practical Reason and Legislation" "On Liberty." "Principles of Political Economy" Classical economics. |
| Week 10 | Jeremy Bentham and utilitarianism. "Introduction to the principles of Morals and Legislation" Utilitarianism. |
| Week 11 | Karl Marx and Friedrich Engels. Dialectica dn dialectic materialism. Class struggle as the motive force of history. The labour theory of value and exploitation. The role of the working class. Excerpts from "Das Kapital". Excerpts from Grundrisse. |
| Week 12 | Joseph Schumpeter and the idea of creative destruction. Innovation and business cycles. |
| Week 13 | John Maynard Keynes: "The General Theory of Employment, Interest and Money". Aggregate demand and the role of the government. |
| Week 14 | John Maynard Keynes continued. Bretton Woods and the international economic order. "The Bancor" War reparations and the international economic order. |
| Week 15 | - |
Reference Books & Course Materials
- 01 "A Short History of Economic Thought" Bo Sandelin, Routledge, ISBN NO: 9781138780200
Learning Outcomes
No learning outcomes have been defined.
Program Outcomes
- P01 PO1: Engaged in insightful thinking leading to self-learning and lifelong learning.
- P02 PO2: Established a general knowledge of economics sufficient to work independently through specific learned techniques generated via individual efforts and study.
- P03 PO3: Reached the required knowledge and skills to understand social, economic and legal issues both within national, international and global contexts and apply theoretical knowledge of economics to practice.
- P04 PO4: Adopted the ability to critically evaluate, analyze and interpret information gathered through the use of related statistical software programs to suggest creative solutions for economic problems and make relevant economic decisions.
- P05 PO5: Been aware of gathering and analyzing data through the application of appropriate technological tools in an ethical and safe manner in order to generate economic decisions and policy suggestions.
- P06 PO6: Been equipped with conceptual and analytical skills essential for team-working and collaborations for economic decision making for a variety of economic concepts in national and global environment.
- P07 PO7: Endowed with both oral and written communication skills within the economic field to effectively study and work in an international environment
- P08 PO8: Been able to transfer theoretical knowledge to real life economic environment: to generate policies for microeconomic and macroeconomic problems faced by individuals, firms and governments at national, international and global context.
- P09 PO9: Developed an ability to apply economic analysis to everyday problems in real world through the development of ethical perspectives and social responsibilities at work and in personal life.
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