Course Description
This course provides an introduction to the history of economic thought. The course will begin with a brief survey of pre-capitalist economic thought, then cover the evolution of economic thinking from the mid-18th century around the time that Adam Smith was writing and continue through to the present day.
Course Outcomes
By the end of the semester you should be able to:
- understand the main
ideas of the major schools of economic thought;
- recognize the
historical context behind different contributions to economic thought;
- develop an
appreciation for the evolution of capitalist institutions, economic thinking,
and the nature of economies;
- understand the
difference between “Political Economy” and “Economics” and “orthodox” and
“heterodox” economics;
- develop a broader set
of tools with which to think about and solve real world economic problems
Course Content
- Origins
of Modern Economic Thought Introduction:
- Classical
Political Economy
- The
Critique of Capitalism and Classical Political Economy
- The
Rise of Neo-Classical Economics
- The
Keynesian Intervention
- Dependency
Theory and Third World Reactions
- New
Classicals, Monetarists, and Supply-Siders
- Other Current Radical Approaches
Compulsory Reading Materials
- Teachings from the Worldly Philosophy (1997) Heilbroner,
Robert L. ISBN: 978-0393316070
- Landreth,
H. and Colander, D. (1994) History of Economic Thought, Third Edition, Boston:
Houghton-Mifflin.
- Ekelund
R.B. and Herbert, R.F. (1997) A History of Economic Theory and Method, New
York: McGraw Hill, Fourth Edition.
Optional Reading Materials
- Blaug,
M. (1986) Economic Theory in Retrospect, London: Cambridge University Press,
Fourth Edition.
- Niehans,
J. (1990) A History of Economic Theory: Classic Contributions, 1720-1980, Johns
Hopkins University Press.
- Understanding Capitalism: Critical Analysis from Karl Marx to
Amartya Sen (2002) Dowd, Douglas ISBN: 978-0745317823
- Facilitator: Sarah Anang