JCU Logo

JOHN CABOT UNIVERSITY

COURSE CODE: "EC 350"
COURSE NAME: "History of Economic Thought"
SEMESTER & YEAR: Spring 2020
SYLLABUS

INSTRUCTOR: Niccolò Serri
EMAIL: [email protected]
HOURS: TTH 8:30 AM 9:45 AM
TOTAL NO. OF CONTACT HOURS: 45
CREDITS:
PREREQUISITES: Prerequisites: EC 201, EC 202, EN 110 with a grade of C or above
OFFICE HOURS:

COURSE DESCRIPTION:
This course will explore the history and development of economic theories, focusing on the analytical aspects of different theoretical systems. The ideas of famous economists on production, consumption, and distribution of wealth will be examined, as well as their predictions on the future of the capitalist system, its strengths and weaknesses, with the aim of acquiring an enhanced overview of present economic problems. Considerable attention will also be paid to biographical and institutional elements as the necessary background for a full understanding of the different authors’ views.
SUMMARY OF COURSE CONTENT:
The course will explore the history of economic thinking starting from classical antiquity and the Middle Ages, tracing the progressive evolution of economics and political economy as a distinct discipline of scientific inquiry, up until the formalist revolution of the second Post-war period and the introduction of mathematical modeling. The course will shed light on various economic theories, but will also attempt to understand the influence that political and social history had in shaping the development of ideas on economics, 

The authors and schools of thought that will be covered include, among others, Plato and Aristotle, Thomas Aquinas and Ibn Khaldun, the Mercantilists, William Petty and Bernard de Mandeville, the French Physiocrats, John Locke and David Hume, Adam Smith, Thomas Malthus and David Ricardo, Karl Marx and the Marxist school of political economy, Marginalism, John Maynard Keynes, Joseph Alois Schumpter, John Von Neumann and John Hicks, Milton Friedman, Karl Polanyi, Albert O. Hirschamnn. 
LEARNING OUTCOMES:

By the end fo the course, strudents will be able to:

  1. Comprehend differences and similitarities between various authors and schools of economics.
  2. Recognize that the theoretical basis of modern economics still represents a contested terrain for debate.
  3. Understand the driving forces behind the development of economics in history, placing different theories within their political and social milieu.
  4. Read scholarly work on the history of economic thought and develop critical thinking while evaluating economic ideas and models.
TEXTBOOK:
NONE
REQUIRED RESERVED READING:
Book TitleAuthorPublisherISBN numberLibrary Call NumberComments
A History of Economic Thought: the LSE lecturesLionel RobbinsPrinceton University Press0-691-01244-X   
A Concise History of Economic Thought: From Mercantilism to MonetarismGianni Vaggi and Peter GroenewegenPalgrave Macmillan13: 978–1–4039–0333–99936–3 hardback Excerpts available on Moodle/MyJCU
The History of Economic Thought: A ReaderSteven G. Medema and Warren J. SamuelsRoutledge 0-203-38029-0  excerpts available on Moodle/MyJCU
An outline of the History of Economic ThoughtErnesto Screpanti and Stefano Zamagni Oxford University Press0199279144 Excerpts availbel on Moodle/MyJCU
A Companion to the History of Economic ThoughtWARREN J. SAMUELS, JEFF E. BIDDLE, JOHN B. DAVISBlackwell Publishing 0-631-22573-0  Excerpts available on Moodle/MyJCU

RECOMMENDED RESERVED READING:
NONE
GRADING POLICY
-ASSESSMENT METHODS:
AssignmentGuidelinesWeight
Class participation Students are expected to attend every class and prepare the assigned readings beforehand, so as to participate in class discussion.10
Midterm exam Students will answer two essay questions, out of a total of six proposed25
Individual paper Submission of a twelve-page paper on a topic to be discussed with the instructor, based on supplementary readings30
Final exam The final exam will cover both the first and second part of the course. Students will answer three questions, out of a total of nine. 35

-ASSESSMENT CRITERIA:
AWork of this quality directly addresses the question or problem raised and provides a coherent argument displaying an extensive knowledge of relevant information or content. This type of work demonstrates the ability to critically evaluate concepts and theory and has an element of novelty and originality. There is clear evidence of a significant amount of reading beyond that required for the course.
BThis is highly competent level of performance and directly addresses the question or problem raised.There is a demonstration of some ability to critically evaluatetheory and concepts and relate them to practice. Discussions reflect the student’s own arguments and are not simply a repetition of standard lecture andreference material. The work does not suffer from any major errors or omissions and provides evidence of reading beyond the required assignments.
CThis is an acceptable level of performance and provides answers that are clear but limited, reflecting the information offered in the lectures and reference readings.
DThis level of performances demonstrates that the student lacks a coherent grasp of the material.Important information is omitted and irrelevant points included.In effect, the student has barely done enough to persuade the instructor that s/he should not fail.
FThis work fails to show any knowledge or understanding of the issues raised in the question. Most of the material in the answer is irrelevant.

-ATTENDANCE REQUIREMENTS:
This course will explore the history and development of economic theories, focusing on the analytical aspects of different theoretical systems. The ideas of famous economists on production, consumption, and distribution of wealth will be examined, as well as their predictions on the future of the capitalist system, its strengths and weaknesses, with the aim of acquiring an enhanced overview of present economic problems. Considerable attention will also be paid to biographical and institutional elements as the necessary background for a full understanding of the different authors’ views.
ACADEMIC HONESTY
As stated in the university catalog, any student who commits an act of academic dishonesty will receive a failing grade on the work in which the dishonesty occurred. In addition, acts of academic dishonesty, irrespective of the weight of the assignment, may result in the student receiving a failing grade in the course. Instances of academic dishonesty will be reported to the Dean of Academic Affairs. A student who is reported twice for academic dishonesty is subject to summary dismissal from the University. In such a case, the Academic Council will then make a recommendation to the President, who will make the final decision.
STUDENTS WITH LEARNING OR OTHER DISABILITIES
John Cabot University does not discriminate on the basis of disability or handicap. Students with approved accommodations must inform their professors at the beginning of the term. Please see the website for the complete policy.

SCHEDULE

 

Week 1

 The History of Ideas and Economic Thought

 Screpanti and Zamagni pp. 1-14


The Dawn of Economics: Plato and Aristotle

Robbins, pp. 5-26

AND Medema and Samuels pp. 3-15


Week 2


Medieval Economics and the Scholastic School

Screpanti and Zamagni pp. 19-22

AND Lowry pp. 115-135

AND Medema and Samuels pp. 16-29



Medieval Economics: Muslim Scholars

Samuel, Biddle and Davis pp. 28-45


Week 3



The Mercantilist Debate: Malynes, Misselden and Mun

Screpanti and Zamagni pp., 27-42

OR Samuel, Biddle and Davis pp. 46-61

AND Medema and Samuels pp. 32 - 44


Forerunners: John Locke, William Petty and Bernard de Mandeville

Samuel, Biddle and Davis pp. pp. 78-88

AND Screpanti and Zamagni pp. 43-49

AND Medema and Samuels pp. 59-62, 120-130


Week 4



Physiocracy and French Pre-Classical Political Economy

Samuel, Biddle and Davis pp. 61-75

OR Screpanti and Zamagni pp. 49-58

AND Medema and Samuels pp. 104-114


Pre-classical economics in Britain: David Hume and the Scottish enlightenment 

Samuel, Biddle and Davis pp. 88-92

AND Screpanti and Zamagni, pp. 63-65

AND Medema and Samuels pp. 135-140, 145-152


Week 5


Adam Smith’s Political Economy (I)

Vaggi and Groenwegen pp. 107-115

OR Screpanti and Zamagni pp. 65-77

AND Medema and Samuels pp. 156-161 (division of labor), 161-165 (theory of price)


Adam Smith’s Political Economy (II) and Smithian Orthodoxy

Vaggi and Groenwegen, pp. 104-106, 118 - 122

OR Screpanti and Zamagni pp. 77-87

AND Medema and Samuels, pp. 183-186 (Bentham), 349-253 (Say’s Law)


Week 6


Classical Economics: Malthus and Ricardo to Mill (I)

Vaggi and Groenwegen, pp. 129-135 (Malthus), 136-145 (Ricardo)

OR Screpanti and Zamagni pp. 90-100

Medema and Samuels, pp. 196-199 (Malthus), 272-282 (Ricardo on rent and distribution)


Classical Economics: Malthus and Ricardo to Mill (II)

Vaggi and Groenwegen, pp. 145-147 (Ricardo on Foreign Trade), 191-202 (Mill)

OR  Screpanti and Zamagni pp. 111-121

AND Medema and Samuels, pp. 282-290 (Ricardo on Foreign Trade), 335-337, 350-352 (Mill)


Week 7



Karl Marx and Utopian Socialism

Screpanti and Zamagni, pp. 133-146

AND Vaggi and Groenwegen, pp. 159-163

AND Medema and Samuels, pp. 404-407



Midterm exam

 

Week 8



Karl Marx’s Capital

Vaggi and Groenwegen, pp. 163-172

AND Screpanti and Zamagni, pp. 146-163

OR Samuel, Biddle and Davis, pp. 148-167

AND Medema and Samuels, pp. 378-396


The Historical School of Economics: List and Von Thunen

 Screpanti and Zamagni, pp. 146-163

 OR Samuel, Biddle and Davis, pp. 215-231



Week 9



The Marginalist Revolution: Jevons, Menger, Marshall (I)

Screpanti and Zamagni, pp. 163-179, 189-192

OR Vaggi and Groenwegen, pp. 203-216


The Marginalist Revolution: Jevons, Menger, Marshall (II)

Screpanti and Zamagni, pp. 196-208

OR Vaggi and Groenwegen, pp. 227-238

AND Medema and Samuels, pp. 504-515


Week 10



Early equilibrium theory: Wilfredo Pareto and Leon Walras

Samuel, Biddle and Davis, pp. 278-294

Screpanti and Zamagni, pp. 180-188, 223-228

Medema and Samuels, pp. 464-476


Technology and development in Joseph Alois Schumpter (paper outline due)

Screpanti and Zamagni, pp. 262-265

Roncaglia, pp. 416-431


Week 11



John Maynard Keynes and the years of High Theory

Screpanti and Zamagni, pp. 232-251

OR Roncaglia, pp. 384-397

Medema and Samuels, pp. 592-596


Keynes and the General Theory

Screpanti and Zamagni, pp. 251-257

OR Roncaglia, pp. 398-415

Medema and Samuels, pp. 596-608

 

Week 12


Post-war General Equilibrium Theory

Samuels Biddle and Davis, pp. 377-394

Screpanti and Zamagni, pp. 280-391, 323-335



The Formalist approach of the 1950s

Samuels, Biddle and Davis, pp. 395-410

AND Roncaglia, pp. 491-500


Week 13


The Monetarist Counter-Revolution

Screpanti and Zamagni, pp. 251-257

Vaggi and Groenwegen, pp. 319-320


The New Welfare Economics and the Economic Theory of Justice

 Screpanti and Zamagni, pp. 396-411


 

Week 14


The Post-Smithian era: Institutional Economics

Screpanti and Zamagni, pp. 466-490

Samuels, Biddle and Davis, pp. 462-471


Beyond Homo Economicus? MMT and Radical Political Economy (Final paper due)

Screpanti and Zamagni, pp. 500-515


SessionSession FocusReading AssignmentOther AssignmentMeeting Place/Exam Dates
 THE HISTORY OF IDEAS AND ECONOMIC THOUGHT