Course Overview

The course is about the history, philosophy and evolution of economic ideas and thoughts. We review critically the different schools of economic thoughts from the classical to the modern schools to provide students with a comprehensive understanding of the origin, evoultion, arguments, and philosophy of economics and the economists behind such powerful ideas.

Learning Achievement

Critical review of the history of economic ideas from the classical to the modern schools of economic thought provides students knowledge about economic ideas from historical perspectives. Cultivating the skills necessary to understand economic arguments and theories in contemporary world from the perspective of history of the ideas under consideration is gained by fully participating in this course.

Competence

The main objective of the course is to provide students with a critical perspective of the essence and evolution of economic ideas. Participation of students in reviewing and reflecting on major economic ideas and contextualizing to the situation of modern economic environment is important in developing critical thinking and analysis skills. Critical reading and analysis of the study materials provided for the course is necessary to develop a comprehensive understanding of the evolution of economic ideas.

Course prerequisites

The course does not require prior study of economics but taking courses in introductory courses helps effective understanding. Openness to new and unconventional ideas is important for students to gain the most from this course.

Grading Philosophy

The course requires extensive reading and participation in class. Report writing, critical review of articles, and assignments are components of the course. Class participation (20%), Term papers and Assignments (30%), and Final Examination (50%).

Course schedule

Introduction and Overview
Pre-Classical Schools:
2.1. Mercantilism
2.2. Physiocracy
The Classical School I
3.1. Adam Smith
3.2. Thomas Malthus and David Ricardo
3.3. John Stuart Mill
The Classical School II
4.1. On Economic Growth and Income Distribution
4.2. On Money Theory
4.3. Classical Public Finance
4.4. Say’s Law and Business Cycles
4.5. Classical Economic Policy
Marxist Economic Ideas
5.1. On Capitalism and Social Stages of Development
5.2. Marx and the Labor Theory of Value
5.3. Theory of Capital Accumulation and Crises of Capitalism
Marginalist Revolution and Neoclassical Economics
6.1. Marginalists and Walrasian General Equilibrium Analyses
6.2. Alfred Marshall and Partial Equilibrium Theory
6.3. Neoclassical Economics: Fisher
6.4. Entrepreneurship: Creative Destruction of Schum
Keynes: Theory of Money, Investment, Employment and Business Cycles
7.1. Keynes vs. the General Theory
7.2. Keynes and the Classics on Labor and Wages
7.3. Keynes on Aggregate Demand and Employment
7.4. On Business Cycles and Public Policy
Neo-Classical Synthesis and Critique of Keynesian Economics and Policy
8.1. Critique of Keynesian Economics and Policy
8.2. Friedman’s Fundamental Monetarist Propositions
8.3. Critiques of Monetarism
Contemporary Economic Thought
9.1. Rational Expectations Ideas
9.2. Public Choice School and Policy Choice
Concluding Review and Remarks

Course type

Lectures

Online Course Requirement

Instructor

Moges Abu Girma

Other information

Self motivation to read and critically assess the different theories and ideas in the history of economic thought is expected from students.

Site for Inquiry

Link to the syllabus provided by the university