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History 3000/Econ 4900
Spring 2002
Allan MacNeill
HSPC 210
968-7489
fax: 968-7403
macneiam@webster.edu
www.webster.edu/~macneiam

History of Economic Thought

...[T]he ideas of economists and poltical philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men (sic), who believe themselves to be quite exempt from any intellectual influences, are usually the slave of some defunct economist.
John Maynard Keynes, The General Theory
 COURSE DESCRIPTION: This course provides a survey of the key ideas and concepts that make up what has been termed the history of economic thought, from the Old Testament to the present day. The course addresses the major themes that have engaged economists and other social theorists for centuries, including: the role of markets in society; the determination of economic value; the distribution of income; the causes of wealth and poverty; the nature and development of capitalism; the possibility of alternatives to capitalism; the meanings of justice, freedom and human welfare; and the role of government in influencing economic outcomes. By studying the most important debates in the history of economic thought, we will gain a more informed and critical understanding of the ideas that still impact on our lives and affect the responses to the burning issues of our times.

TEXTS

Robert Heilbroner, The Worldly Philosphers. 7th ed., New York: Simon & Schuster. 1999

Robert Heilbroner, Teachings From the Worldly Philosophers. New York: W.W. Norton & Co.1996

COURSE REQUIREMENTS AND GRADING

The requirements differ depending on which course you enrolled in. Students in ECON 4900 and POLT 4200 are required to write a 10-12 page research paper.  All students will do a class presentation and participate in Meeting of the Economic Minds. Regular attendence is expected and participation in class discussion is absolutely necessary. Your final grade will be computed using the following weights.
 
 
HIST 3000
4 Exams (40%)
Final Exam (25%)
Presentation (25%)
Attendance& Participation (10%)
ECON 4900/POLT 4200
3 Exams (30%)
Final Exam (10%)
Research Paper (30%)
Presentation (20%)
Attendance & Participation (10%)

 
It is the policy of the instructor that any student caught cheating or committing plagiarism will receive a failing grade for the course and may be subject to further disciplinary action. Plagiarism occurs when a writer intentionally or unintentionally uses someone else's words or ideas without proper acknowledgement.

COURSE OUTLINE

I. Early Pre-Classical Political Economy

A. Introduction to The History of Economic Thought

B. Methodological Debates: Economic Knowledge and the Canon of "Great Thinkers"
C. Aristotle, The Scholastics, The Church
  • Landreth and Colander, "Early Preclassical Economic Thought"
  • Heilbroner, Teachings, pp. 3-14
  • T.W. Taylor and J.W. Evans, "Islamic Banking and the Prohibition of Usury in Western Economic Thought." Quarterly Review. November, 1987.

II. The Rise of Modernity and the Conditions for Economic Discourse

A. Economic Rationality and Theories of Human Nature

B. The Physiocrats and the Mercantalists
  • E.K. Hunt, "Economic Ideas before Adam Smith" (handout)
  • Heilbroner, Teachings, pp. 17-52
III. Classical Political Economy I: Adam Smith
  • Heilbroner, WP, Ch. 3
  • Heilbroner, Teachings, pp. 55-105
IV. Classical Political Economy II: Malthus & Ricardo
  • Heilbroner, WP, Ch. 4
  • Heilbroner, Teachings, pp. 106-126

V. Critics of Classical Political Economy

A. J.S. Mill and the Utopian Socialists

B. Karl Marx
  • Heilbroner, WP, Ch. 6
  • Heilborner, Teachings, pp. 161-195

 
VI. Neoclassical Economics
  • Heilbroner, WP, Ch. 7
  • Heilbroner, Teachings, pp. 199-24
  • Gary Becker, "The Economic Approach to Human Behavior" in Elster, Jon, ed. Rational Choice. Oxford: Basil Blackwell. 1986.
  • Deirdre N. McCloskey, "Love or Money" Eastern Economic Journal. Vol. 22, No. 1.Winter 1996.
  • George DeMartino, "Neoclassical Theory and Welfarism" Global Economy, Global Justice. London: Routledge. 2000

VII. Critics of Neoclassical Economics

A. Thorstein Veblen, Institutionalists, and Feminists

B. John Maynard Keynes and the Rise and Fall of Keynesian Economics C. Recent Developments in Economic Thought