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Course Syllabus

Bachelor 2023/2024

History of Economic Thought

Type: Elective course (International Programme in Economics and Finance)
Area of studies: Economics
Delivered by: International College of Economics and Finance
Where: International College of Economics and Finance
When: 3 year, 1, 2 module
Mode of studies: offline
Open to: students of one campus
Instructors: Denis V. Melnik
Language: English
ECTS credits: 4
Contact hours: 64

Course Syllabus

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Abstract

The purpose of the course is to give students an overview of the process of development of economic thought from the Antiquity till the second half of the 20th century. Special attention shall be paid to the nature of the practical problems the economists of all times faced and tried to solve. Understanding of continuity and changes in the problem-solving activity of economists may contribute to a better grasp of the logic of the evolution of economics as a discipline. Upon successful completion of the course students should be able to distinguish between the main schools and trends in the history of economic thought and to understand the analytical foundations of the approaches in the economics of the 19th and 20th centuries and be able to understand the relations between economic theory, policy proposals and policy implementation.
Learning Objectives

Learning Objectives

  • Upon successful completion of the course students should be able to distinguish between the main schools and trends in the history of economic thought and to understand the analytical foundations of the approaches in the economics of the 19th and 20th centuries.
Expected Learning Outcomes

Expected Learning Outcomes

  • - describe and explain J.B. Clark’s ideas and the theory of marginal productivity - understand the main methodological principles of the Austrian school of marginalism, the concept of economic goods, exchange and price - explain the notion of capital and interest rate in the Böhm-Bawerk’s theoretical system
  • - describe and explain the context and the results of the precursors of marginalism - be able to explain methodological changes, a subjective theory of value, the concept of equilibrium, rational choice - understand and use mathematical methods in economics - describe and explain Jevons’s theory, namely theoretical model of exchange, utility and price.
  • - describe German tradition of Staatswissenschaft, romanticism and conservatism -understand and explain List’s life and ideas - explain how the old historical school constituted as a reaction to the classical school - explain the concept of “National economy” and problems of economic policy - describe the evolution of the historical school
  • - describe Keynes’ life, writings and his intellectual background - explain and use Keynes’ monetary theory, the General Theory - understand the notions of liquidity preference, multiplier - explain the relation between savings and investment - describe Keynes’ recommendations for economic policy, reasons for rejection of Say’s law and of laissez-faire doctrine.
  • - describe Marshall’s theoretical synthesis, methodological ideas and use of mathematics - understand and explain partial equilibrium method, concept of elasticity and representative firm - explain the difference between the long-run and short-run analysis, consumer and producer surplus - describe Marshall’s take on theory of welfare and taxes
  • - describe Plato’s social and political theory - understand Aristotle’s realistic approach and main principles of analysis - critically analyze the notions of Money, exchange and wealth in Aristotle’s works including of justice and ‘just price’
  • - explain the foundations of the new synthesis, the American Keynesians - explain the main principles of the Post-Keynesian school and theories of economic growth - understand the main principles of economics of the welfare state - be able to describe the reasons of the rise of monetarism
  • - explain Veblen’s critique of neoclassical theory, analysis of institutions and the impact of the institutions on behaviour of economic agents - describe relationship between industry and commerce
  • - understand and evaluate the role of international markets in the development of ET and policy of nation-states - describe and analyze National Schools of Mercantilism in their theory and practice
  • - understand Schmoller’s theory and Methodenstreit - describe the historical school in Russia - understand the theories of Sombart and Weber as a part of “New” historical school
  • - understand Smith’s moral philosophy, describe ‘The Smith’s problem’ - describe The Wealth of Nations and its significance for economics as a discipline - use the notions of value, distribution, factors of the economic development, the division of labour and capital thought the prism of Smith’s ET
  • - understand the development of ET in the context of reforms and revolution - describe Malthus’ theory and his interpretation of economics as ‘a dismal science’ - explain the difference between the problem ‘Say’s law’ and the under-consumption theories (Malthus, Sismondi) - understand and describe Bentham’s theory of utilitarianism
  • - understand the intellectual context of Phisiocratic thought - describe the theories of Boisguilebert and Cantillon and evaluate them as predecessors of Quesnay - understand and analyze Quesnay’s Tableau Economique as a model of the circular flow and its place in future development of ET - describe the principles of economic policy including Laissez-faire doctrine - describe and evaluate the contribution of Turgot
  • - understand the interrelations between political economy and philosophy - understand the principles of Marxian methodology - describe the relations between Marx’s theory and the classical school - explain the theory of commodity fetishism, theory of value and the concept of exploitation and theory of reproduction - analyze Marx’s view on economic dynamics - be able to critically analyze results of revolutionary experiments in the context of theory and practice of Marxism
  • - understand the main ideas of the Lausanne school of marginalism, including Walras and Pareto - understand the general equilibrium model and its significance, explain the existence, uniqueness and stability of equilibrium and its relation to optimum - describe the social implications of the general equilibrium theory
  • - understand the principles of new method of inquiry - understand Petty’s concept of wealth - understand the role of commodity and market in Petty’s theory, understand the process of distribution and price-formation
  • - understand the principles of Ricardian methodology - describe Ricardo’s theory of value and distribution, his views on Money and taxation, International trade theory and the Corn Laws - understand the role of technological change and employment in Ricardian theory
  • - understand the process of development ant the results in the theory of cycles - understand M.I. Tugan-Baranovsky’s ideas and his theory of crises. - describe N.D. Kondratiev’s theory and his contribution to the theory of economic dynamics - be able to describe Soviet debates on industrialisation - explain Schumpeter’s theory of economic development - describe ideas of R. Prebisch and Latin American structuralism
  • - understand the relationship between economics and ideology - describe the rise of the socialist ideas - evaluate ideas of Bastia as a defender of economic liberalism - explain debates on money and credit in the English literature - understand the theory of J.S. Mill and the significance of the first synthesis in economics
  • - understand the significance of the notion of value and its interrelations with concepts of price and money - describe and evaluate the development of the value theory in the given period - describe and evaluate the development of the monetary theory in the given period
  • - understand the social conditions that lead to the formation of ET of Middles Ages - understand and critically analyze the ideas of St. Thomas Aquinas including the concepts of money, value, usury, and just price - understand the influence of the scholastic thought on the subsequent development in economic theory
  • ● Work with information: find, evaluate and use information from various sources, necessary to solve scientific and professional problems (including those on the basis of a systematic approach) ● Formulate and structure the arguments supporting one’s thesis in the discussion.
  • ● Critically evaluate and rethink the accumulated experience (own and others'), to reflect on professional and social activities; ● Critically evaluate the main trends of modern economics, competently lead a discussion about the arguments in favor of each of them; ● Build theoretical models, analyze and meaningfully interpret the results obtained, based on the description of economic processes and phenomena.
Course Contents

Course Contents

  • Introduction into the course. Economic thought of Ancient Greece
  • Economic thought of the Middle Ages
  • Mercantilism
  • Theories of value and of money (16th – 18th centuries)
  • William Petty and the origins of Political Economy
  • The Physiocratic thought
  • Adam Smith’s economic theory
  • Economic science at the turbulent time
  • David Ricardo
  • Economic science of 1830s – 1860s
  • Economic and social theory of Karl Marx
  • The Historical School
  • The Marginalist revolution
  • General economic equilibrium
  • Partial equilibrium analysis: Alfred Marshall
  • American institutionalism
  • Studies in business cycles and economic development
  • John Maynard Keynes and the Keynesian revolution
  • Economic theory after Keynes
Assessment Elements

Assessment Elements

  • non-blocking Exam
  • non-blocking midterm
  • non-blocking class attendance
  • non-blocking seminar participation
Interim Assessment

Interim Assessment

  • 2023/2024 2nd module
    0.4 * Exam + 0.25 * class attendance + 0.1 * midterm + 0.25 * seminar participation
Bibliography

Bibliography

Recommended Core Bibliography

  • Roncaglia, A. (2005). The Wealth of Ideas : A History of Economic Thought. Cambridge, UK: Cambridge University Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=132292
  • The theory of the leisure class, Veblen, T., 2005
  • The wealth of ideas : a history of economic thought, Roncaglia, A., 2006

Recommended Additional Bibliography

  • An inquiry into the nature and causes of the wealth of nations, Smith, A., 2004
  • Economic theory in retrospect, Blaug, M., 2002
  • Economic theory in retrospect, Blaug, M., 2005
  • Elements of pure economics : or the theory of social wealth, Walras, L., 2010
  • Principles of economics, Marshall, A., 1997
  • Smith, A. (2013). Wealth of Nations. Hertfordshire [England]: Wordsworth Editions. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1023596
  • The general theory of employment, interest and money, Keynes, J. M., 2007
  • The principles of political economy and taxation, Ricardo, D., 2004

Authors

  • MELNIK DENIS VALEREVICH