History of Economic Thought University of Tsukuba
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.
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.
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.
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.
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%).
Introduction and OverviewPre-Classical Schools: 2.1. Mercantilism 2.2. PhysiocracyThe Classical School I 3.1. Adam Smith 3.2. Thomas Malthus and David Ricardo 3.3. John Stuart MillThe 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 PolicyMarxist 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 CapitalismMarginalist 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 SchumKeynes: 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 PolicyNeo-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 MonetarismContemporary Economic Thought 9.1. Rational Expectations Ideas 9.2. Public Choice School and Policy ChoiceConcluding Review and Remarks
Online Course Requirement
Moges Abu Girma
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