UNIVERSITY OF NATIONAL AND WORLD ECONOMY

COURSE TITLE: History of Economic Theories

SEMESTER: (WINTER OR SUMMER)

TEACHER’S NAME: Pencho D. Penchev

OFFICE: 4058
E-MAIL: e_history@mail.bg

1. ANNOTATION
This course examines the history of economic ideas. It is not a history of what actually happened in
the past but rather a history of theories about how the economy works. The course begins with the
study of ancient and medieval economic thought, and then traces its transformation through the
periods of commercial capitalism and industrial capitalism into the classical school of political
economy. Karl Marx’s analysis of capitalism is then considered. The emergence of the marginalist
economics is the next subject, followed by the German Historical School, the Neoclassical School, the
Keynesian School, and the Austrian School of economic thought. Throughout the course the theories
are examined in light of the interrelationships between theory, policies and conditions.

2. LANGUAGE OF TEACHING
ENGLISH

3. COURSE CONTENT (TOPICS)

1. Introduction
2. Ancient and Medieval Economic Thought
3. The Mercantilist School
4. The Physiocratic School
5. The Classical School - Adam Smith
6. The Classical School - Thomas Malthus
7. The Classical School - David Ricardo
8. The Classical School – Say, Bastiat and John Steward Mill
9. The Rise of Socialist Thought and Marxian Socialism
10. The Marginalists
11. The German Historical School
12. The Neoclassical School - Marshall
13. The Keynesian School - Keynes
14. The Austrian School – Menger, Mises, Hayek
More Recent Developments

4. METHODS OF TEACHING
Lectures and seminars; Seminars – the discussion part of the course. A successful seminar is one in
which the professor never lectures. The seminar format puts a burden to students to come to each
 UNIVERSITY OF NATIONAL AND WORLD ECONOMY
class well prepared, to listen to each other, and to speak concisely.

5. LEARNING OUTCOMES
Describe the skills and knowledge that students will acquire.

6. ASSESTMENT METHODS
The final grade will be based on:
 Term paper and presentation – 25%
 Attendance and participation in discussions (only for seminars) – 25%
 Final test (25 questions – multiple choice and fill the gap; 50%)

 Session exam – only in case that your grade from Term paper (presentation) and Final test is
bellow 5 or 6

7. REFERENCES (MANDATORY AND RECOMMENDED)

Alessandro Roncaglia - The Wealth of Ideas: A History of Economic Thought, Cambridge University
Press
http://homepage.newschool.edu/~het/
htpp://www.econlib.org/library/classics