ECO3016F - History of Economic Thought

Course Information

Introduction

Welcome to the History of Economic Thought! It should prove to be a stimulating learning experience, somewhat different from most other economics courses and providing a refreshing perspective on the subject. Instruction will be interactive and will utilise innovative learning modalities including computer and web technology.

Overview

This course provides an overview of the historical development of economic thought and thereby places the theory learned in core economics courses within a broader perspective. It consists of a sampling of the theories of prominent individual economic thinkers as well as schools of economic thought. Topics include the following: a brief review of pre-modern economic thought; Mercantilism; Physiocracy; the classical political economy of Smith, Malthus and Ricardo; socialist economic thought and Marx; utilitarianism and the marginalist revolution; historical economics and the Methodenstreit; the Keynesian revolution; monetary economics and the Chicago school; and an introduction to heterodox schools of thought, including institutional, evolutionary, post-modern and ecological approaches.

Objectives

This course is intended to:

• provide students with an overview of the historical development of economic thought;
• situate the development of economic ideas within their broader historical context to show how these ideas relate to specific socio-economic conditions;
• place the theory learned in mainstream economics courses in comparative perspective, both over time and within a pluralistic framework;
• assist the development of various academic skills, including critical and analytical thinking, writing and verbal communication skills, and the use of web-based computing tools.

Outcomes

By the end of the course, students should be able to:

• appreciate the major perspectives and influences of the main schools of economic thought, including pre-classical, classical, Marxist, neo-classical, Keynesian, monetarist, and various heterodox schools;
• trace the long term evolution of thought on particular economic issues like price and value theory, distribution, money and inflation, international trade, etc.;
• relate the historical schools of thought to current economic theory and issues;
• understand how different economic policies are derived from contending ideological positions.

Who might enjoy and benefit from this course?

• Economics majors and programme specialists, especially prospective Economics Honours students;
• PPE students;
• Economic History majors, or History majors with a special interest in economics;
• Students who have good reading and writing skills, and who are willing to prepare in advance and participate actively in classes and workshops.

Pre-requisites

• ECO1010F/S/H and ECO1011F/S
• ECO2003F and ECO2004S or two second year courses in Politics, Philosophy or History (Note: ECO2003F and ECO2004S are highly recommended but not essential).