History of economic thought


1. Chapter 1. Introduction. The Central Focus of Modern Economic Thought. Our approach to the History of Economic Thought. The role of heterodox economists. The problem of Presenting Diversity. Methodological Issues. Benefits to be gained from the study of the history of economic thought.

2. Part one: preclassical economics. Chapter 2. Early preclassical economics. Early preclassical economic thought. Greek thought. Scholasticism.

3. Questions for Review and Discussion.

4. Chapter 3. Mercantilism. Influencial Precursors of Classical Thought: Mun, Petty, Mandeville, Cantillon, Hume.

5. Physiocracy: natural law, the interrelatedness of an economy. Physiocratic economic policy.

6. Questions for Review and Discussion.

7. Part two: Classical economic thought, and its critics. Chapter 4. Adam Smith. Smith's Analysis of Markets and Policy Conclusions. The Nature and Causes of the Wealth of Nations. International Trade.

8. Value theory. Distribution theory. Welfare and the General Level of Prices.

9. Questions for Review and Discussion.

10. Chapter 5. Ricardo and Malthus. David Ricardo, a theorist's theorist. The Malthusian population doctrine. Ricardo: Method, Policy, Scope. Ricardo's model. Ricardo's theory of land rent.

11. Ricardo's value theory. Ricardian distribution theory. Comparative advantage. Stability and Growth in a Capitalistic Economy. 12. Questions for Review and Discussion.

13. Chapter 7. Karl Marx. An overview of Marx. Marx's Economic Theories.

14. Marx's analysis of capitalism.

15. Questions for Review and Discussion.

16. Chapter 6. J.S. Mill and the Decline of Classical Economics. Post-Ricardian Developments. J.S. Mill: the background of his thought. Millian economics.

17. Part three. Neoclassical economic thought. Chapter 8. Historical Links. Jevons, Menger and Walras. A revolution in theory? Inadequacies of the classical theory of value.

18. Questions for Review and Discussion.

19. Chapter 8. What is utility? Comparison of Utility. Utility functions. Utility, Demand and exchange. The value of factors of production. Evaluation of Jevons and Menger. Classical versus the Emerging Neoclassical Theory of Value.

20. Chapter 11. Walras and the general equilibrium theory. Walras's General Equilibrium System. Vilfredo Pareto.

21. Questions for Review and Discussion.

22. Chapter 9. Marginal productivity theory (until p. 269).

23. Chapter 11. Vilfredo Pareto.

24. Questions for Review and Discussion.

25. Antonio de Viti de Marco. Documentary-movie

26. Questions for Review and Discussion.

27. Chapter 10. Alfred Marshall and Neoclassical Economics. Scope of economics. Marshall on method. Understanding the complex. The problem with time. The Marshallian cross. Marshall on Demand. Consumer's surplus. Taxes and welfare.

28. Marshall on Supply. Marshall on Distribution. Quasi-Rent. Stable and Unstable Equilibrium. Economic fluctuations, money and prices.

29. Questions for Review and Discussion.

30. Chapter 15. Keynesian Macroeconomics. The contextual Nature of the General Theory. The rise of the keynesian multiplier model: 1940-1960

31. Keynesian Policy. Keynes's Philosophical Approach to Policy.

32. Questions for Review and Discussion.


H. Landreth, D.C. Colander, History of Economic Thought, Houghton Mifflin Company, fourth edition.


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