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JOHN CABOT UNIVERSITY

COURSE CODE: "EC 350"
COURSE NAME: "History of Economic Thought"
SEMESTER & YEAR: Fall 2015
SYLLABUS

INSTRUCTOR: Giovanni Farese
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: By appointment

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 evolution of economic theory from the Enlightenment and the Classics (1770-1870) to the marginalist revolution and the birth of Institutionalism (1870-1930), from Keynes and the Keynesian Consensus (1930-1970) to the monetarist "counter-revolution" (1970-2010), up to the crisis, the Austerity Debate, and the return of Keynes.
LEARNING OUTCOMES:
1. The ability to look at economic reality within broader historical and theoretical schemes.

2. The ability to face current and future challenges "enlightened" by the past, where useful.

3. The ability to imagine new theories by reforming or rejecting existing streams of thought.
TEXTBOOK:
Book TitleAuthorPublisherISBN numberLibrary Call NumberCommentsFormatLocal BookstoreOnline Purchase
Fifty Major Economists (Third Edition)Steven PressmanRoutledge ISBN-13: 978-0415645096 ISBN-10: 0415645093     
REQUIRED RESERVED READING:
NONE

RECOMMENDED RESERVED READING:
NONE
GRADING POLICY
-ASSESSMENT METHODS:
AssignmentGuidelinesWeight
Exam 1, Exam 2, Paper over competing theories, Class participationExam 1 and Exam 2 will be devoted, respectively, to the first (Classes 1-12) and the second part (Classes 13-28) of the Course. They will be a mix of multiple choices and short answers. The paper over competing theories must be finished by the end of the Classes. It will be a paper of around 2-3 pages on different theories expressed by two or more economists over the same issue. Class participation involves attention and interventions during classes. Unjustified abscence will negatively affect the final grade. 40%, 40%, 10%, 10%

-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
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:
Attendance is highly encouraged.
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

1 - Presentation of the Course
2 - "Economists clash on shifting sands" and Robert Skidelsky
3 - The Political Economy of Neapolitan Enlightenment
4 - The Political Economy of French Enlightenment

5 - Adam Smith
6 - Adam Smith
7 - David Ricardo
8 - Thomas Robert Malthus

9 - Karl Marx
10 - Karl Marx
11 - John Stuart Mill
12 - Mid-Term exam

13 - The Marginalist Revolution
14 - William Stanley Jevons
15 - Thorstein Veblen and Institutionalism
16 - Business cycles' economists

17 - Joseph Alois Schumpeter
18 - John Maynard Keynes
19 - John Maynard Keynes
20 - John Maynard Keynes

21 - Keynesianism and Welfare
22 - Development Economics
23 - James Buchanan
24 - Friedrich von Hayek

25 - Milton Friedman and Monetarism
26 - Charles Kindleberger and the crisis
27 - The Austerity Debate
28 - Review of the Course