Week Topic Textbook Workshop

01/09/2020 Introduction
A history of economic theory and
Economic Ideas
08/09/2020 method. R.B. Ekelund, R.F. Hebert. Presentations
Before A. Smith
Chapters 3-4
The Wealth of Ideas
15/09/2020 A. Smith A History of Economic Thought. Venn Diagram
Alessandro Roncaglia. Chapter 5.
Economic Thought The Wealth of Ideas
22/09/2020 at the time of the A History of Economic Thought. Presentations
French Revolution Alessandro Roncaglia. Chapter 6.
The Wealth of Ideas
29/09/2020 D. Ricardo A History of Economic Thought. Presentations
Alessandro Roncaglia. Chapter 7.
The “Recardians” The Wealth of Ideas
06/10/2020 and the Decline of A History of Economic Thought. Presentations
Recardianism Alessandro Roncaglia. Chapter 8.
The Wealth of Ideas
Presentations
13/10/2020 K. Marx A History of Economic Thought.
Cluster
Alessandro Roncaglia. Chapter 9.
The Wealth of Ideas
The marginalist
20/10/2020 A History of Economic Thought. Presentations
revolution
Alessandro Roncaglia. Chapter 10.
The Wealth of Ideas
27/10/2020 The Austrian school A History of Economic Thought. Presentations
Alessandro Roncaglia. Chapter 11.
The Neoclassic The Wealth of Ideas
10/11/2020 Theories of late 19th- A History of Economic Thought. Presentations
early 20th century Alessandro Roncaglia. Chapter 13.
The Neoclassic
The Wealth of Ideas
Theories of late
17/11/2020 A History of Economic Thought. Presentations
19th-early 20th
Alessandro Roncaglia. Chapter 13.
century
The Wealth of Ideas
24/11/2020 J.M.Keynes A History of Economic Thought. Debates
Alessandro Roncaglia. Chapter 14.
A history of economic theory and
Contemporary
01/12/2020 method. R.B. Ekelund, R.F. Hebert. Debates
macroeconomics
Chapters 19
A history of economic theory and
08/12/2020 Austrian Economics method. R.B. Ekelund, R.F. Hebert. Presentations
Chapters 20
A history of economic theory and
Contemporary
15/12/2020 method. R.B. Ekelund, R.F. Hebert. Presentations
microeconomics
Chapters 21
22/12/2020 Final

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 SYLLABUS
History of Economic Thought

Fall 2020 / Ala-Too International University

Instructor: Dr. Shamurzaeva A.S. Office:

Office Hrs: Thursday 14.00-16.00 Email: ailuna.shamurzaeva@iaau.edu.kg

Course Description:

This course surveys the main schools in the history of the development of economic thought,
beginning with the Classical school and the works of Smith, Ricardo, J.S. Mill, Say, and others. It
then reviews challenges to the classical school by Marx, Marginalists, and subsequent key figures
like Marshall, Walras and the Neoclassicalists.

Economic thought associated with the early 20th century transitionalists are briefly addressed,
including economists such as Wicksell, Schumpeter, Fisher, and others. Selective chapters and
passages of Keynes’s General Theory are read in depth, focusing in particular on Keynes in areas
of investment, interest rate theory and money demand.

Post-1945 revisions of Keynes and Neoclassical economics in the form of early and late IS/LM
analysis are reviewed, and its main challenges by Friedman (Monetarism), Lucas (Rational
Expectations), Real Business Cycle theorists, and Post-Keynesian thought (UK and US).
Throughout the course, economic theories will be examined in light of the interrelationships
between theory, policies and conditions.

Textbooks:

1. Ekelund Robert B., Hébert Robert F. A history of economic theory and method 4. ed.: New
York: McGraw-Hill, 1997 (Library)

2. Roncaglia A.The Wealth of Ideas. A History of Economic Thought. Cambridge University Press,
2006 (OCS)

Course Grade Determination

Final Course Grade will be determined as follows:

Weeks Assignments Points

Class participation 10
Readings 40
I. Midterm 1-8th week Colloquium 10
Presentation (extra points) 10
Midterm 40
Total
II. Final 9-16th week Class participation 10
Readings 30

2
 Thematic paper 30
Colloquium 10
Presentation (extra points) 10
Final 20

Total

THEMATIC PAPER

Every student has to write a thematic paper on the chosen topic. The main idea of this assignment
is to develop skills on preparing literature review necessary for any research (academic paper).
Every student should choose from the offered list the economic phenomena (problem) and track
how definitions, classification, discussions about causes and consequences, assumptions have
changed moving from ancient philosophers to modern scholars. Before submitting final paper you
have to prepare intermediate papers so as lecturer could monitor the whole process. Don’t hesitate
to ask about consultation on any questions.

Topic for thematic paper

1. Theory of value and price

2. Theory of capital

3. Theory of wage and unemployment

4. Theory of trade

5. Theory of growth and cycles

6. Theory of equilibrium

7. Theory of competition

8. Theory of institutions

9. Theory of population

10. Theory of economic policy (regulation)

11. Theory of taxes and taxation

12. Theory of money

13. Theory of firm (entrepreneurship)

14. Theory of economic welfare

Each thematic paper should cover three periods:

1. Ancient period to 1830

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 2. From 1840 to 1940

3. From 1940 up to date.

Every paper should meet general requirements (see p.5) and plagiarism threshold (60% of text
uniqueness).

Criteria for assessment

1. Analysis and Argumentation – 50 points

2. Structure and Writing – 30 points

3. Presentation and Referencing – 20 points

Thematic paper template

Thematic papers must have following structure:

1. Cover Page:

• name of university

• your name;

• course code;

• lecturer’s name;

• assignment name.

2. Contents

3. Introduction.

4. Main part. (3 paragraphs- 3 intermediate papers)

5. Conclusion

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 LESSONS’ PLANS

TOPIC 1. INTRODUCTION

Lecture. The history of economic thought and it’s role

TOPIC 2. ECONOMIC IDEAS BEFORE A. SMITH

Lecture. Mercantilism

Presentations for workshop:

 W. Petty, P. Boisguillebert

 R. Cantillon

 Physiocracy

Discussion

TOPIC 3. A.SMITH

Lecture: Adam Smith’s System.

Venn diagram. A. Smith and his predecessors.

Discussion

TOPIC 4. ECONOMIC THOUGHT AT THE TIME OF THE FRENCH REVOLUTION

Lecture:

 The perfectibility of human societies, between utopias and reforms

 Malthus and the population principle

 ‘Say’s law’

 Bentham’s utilitarism

Colloquium:

Poor economics: A Radical Rethinking of the Way to Fight Global Poverty. Abhijit Banerjee, Esther
Duflo.

Discussion

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TOPIC 5. D. RICARDO

Lecture: The Ricardian System

Presentations:

Ricardo’s Critic:

 T. Malthus

 N. Senior

Discussion

TOPIC 6. THE “RECARDIANS” AND THE DECLINE OF RECARDIANISM

 Lecture: J.S. Mill, J.R. McCulloh

Discussion:

TOPIC 7. K. MARX

Lecture: Marxian System

Cluster. Classical Economics

Colloquium.

Thomas Piketty. Capital in the 21st Century.

Discussion

TOPIC 8. THE MARGINALIST REVOLUTION

Lecture. The ‘marginalist revolution’: an overview. J.H.Von Thunen, H.H. Gossen

Presentations:

• W.S. Jevons

• P.H. Wicksteed

• F.Y. Edgeworth

Discussion

TOPIC 9. THE AUSTRIAN SCHOOL AND GENERAL ECONOMIC EQUILIBRIUM

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Lecture. C. Menger, M. Weber

Presentations:

 K.Wicksel

 F.Von Wieser

 L. Walras

 V. Pareto

TOPIC 10. THEORIES OF LATE 19TH-EARLY 20TH CENTURY: MARSHALLISM AND

INSTITUTIONALISM

Lecture. Alfred Marshall

Presentations:

 Marshallism in USA (John Bates Clark)

 Institutionalism (T. Veblen)

Discussion

TOPIC 11. THEORIES OF LATE 19TH-EARLY 20TH CENTURY: WELFARE ECONOMICS AND
IMPERFECT COMPETITION

Lecture. Welfare Economics

Presentations:

 J.Robinson

 E.H.Chamberlin

Colloquium.

Misbehaving: The Making of Behavioral Economics. Richard Thaler.

Discussion

TOPIC 12. J.M.KEYNES

Lecture: J.M.Keynes

Discussion

TOPIC 13. CONTEMPORARY MACROECONOMICS

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Lecture: Monetarism

Presentations:

Supply-side economics

Theory of rational expectations

Debates. Keynes vs. Monetarism

TOPIC 14. AUSTRIAN ECONOMICS

Lecture: L. von Mises, F.A. Hayek.

Presentations:

J. Schumpeter: Theory of competition

J. Schumpeter: Theory of development and growth

Discussion.

TOPIC 15. CONTEMPORARY MICROECONOMICS.

Lecture: Modern consumption theory

Presentations:

New theory of firm: R. Coase

Economics and information: G. Akerlof

Discussion.

Colloquium. The age of turbulence. Alan Greenspan

Requirements to presentations:

 Up to two students can prepare one presentation

 10-15 slides

 Questions after presentation (at least 5)