ECON 6126 History of Economics Thoughts

 

Intoduction to Course:

This course aims at introducing students to the understanding of how economic thought has developed over time acknowledging that alternative frameworks offering different conceptualizations of the individual economy society relationship coexist as of today by ways of surveying the major controversies over the definition of the objectives, scopes and methodologies of the discipline.

Course pre requisites (if any):

No

Learning outcomes:

On the successful completion of the course students will be able to:

  • Understanding that scientific knowledge develops not smoothly, but by reversals and ruptures.
  • Coming to terms with the idea that the development of economic ideas is not a smooth evolution from the classical to the neoclassical analysis.
  • Understanding that the structure of the classical analysis is different from that of the neoclassical analysis.
  • Understanding that the structure of Keynesian analysis is different from that of the Neoclassical analysis, despite the various efforts to unify them in the forms of neoclassical synthesis and/or determining the microfoundations to Keynes' macroeconomic analysis. 
  • Understanding the connection between the social and political developments on the one hand and the development of economic theories on the other.

Contents

1. Introduction:

  1. Introduction: Importance of Economic History, Approaches to Study the Subject
  2. Overview of Ancient Greek, Roman and Medieval Economic Thought
  3. Overview of Ancient and medieval thoughts, Quensey’s influential ideas, Feudalism, Mercantilism, Nature’s Circular Flow, Process of modern theories and thoughts
  4. Overview of Islamic thoughts: Ibne-Khuldoon and thereafter

2. Mercantilists and the Physiocrates:

  1. The Contributions of Mercantilists and the Physiocrates
  2. A doctrine of economic process, transition to liberalization: Wage theory to natural price, the task of government, Overtime Changing Role of Government

3. Classical School:

  1. The Contributions of Classical School, Adam Smith; Malthus and Ricardo etc.,
  2. The Labor Theory of Value
  3. Bullin Debate. Ricardo’s Monetary Thought. Evolutionists, Ricardo and Reformers of 18th Century, The Theory of Rent
  4. Profit Concepts of Colonization

4. Socialism:

  1. Socialism before Marx. English Socialists. Anarchism. Karl Marx’s Contributions. The Class Struggle. Criticism on Marx Challenges to Capitalism
  2. German Historical School, Weber’s contributions
  3. The Marginalist School, Neo-Classical Economics. Jeons Inference
  4. The concept of Welfare State. Chamberlin and Robinson. Australian School of thought. Veber and Galberith’s Contribution.

5. Keynesian and Post Keynesian School:

  1. The Keynesian and Post Keynesian School, The Great Depression: Economic Policies and Capitalist Instability Between the World Wars. The 20th Century Paradigms. The Growth of International Economy. The Rise and fall of Post World War II. The American economic history and Lessons
  2. The Crisis of the 1970’s and International Responses. Failure of Trickle down effects. Rational Expectation Revolution. Basic Needs Approach and welfare. Emergence Famine and Poverty
  3. Modern Economic Thought. Comparison of Post Keynesian and Monetarist Thoughts. Supply side economics. Globalization, Liberalization and New Weave of Economic Growth and Welfare. New Growth Theory. Convergence and Divergence Debate. Future of Economics, Quality and International Trade and emergence of markets, New Regionalism, New directions of research. Environment and sustainable growth

Recommended Books

1. A History of Economic Ideas, (1959), Robert Lekachman, McGraw Hill Company.

2. Economic Theory in Retrospect, Blaug, (1978), Cambridge University Press.

3. Spechler, Martin C., (1990), Perspective in Economic Thought, McGraw Hills.

 

Suggested Books

1. Frank A. G., (1998), Global Economy in the Asian Age, Univ., of California Press.

2. Henery John D., The Future of Economics, (1992), Black Wall Publishers.

 

Description of system of Evaluation (Exam, assignments etc):
 

​Mid Term: 30 marks 

Sessional: 20 marks 

  • Project: 40%
  • Presentation: 30%
  • Participation: 30%

​Final Exam: 50 marks

KEY DATES

COMMENCEMENT OF CLASSES: 

MID TERM EXAMINATION: 

FINAL TERM EXAMINATION: .

DECLARATION OF RESULT: .

DATE AND TIME OF CLASSES

TIME TABLE

  • Wednesday (2:30PM TO 4:00PM) Self Support
  • Thursday (09:30 AM to 11:00 AM (Regular) 
  • Friday (09:30 AM to 11:00 AM (Regular) and  04:00 PM to 5:30 PM  (Self Support))

 

Course Material

Other Courses by Rao Hassan