ECONOMICS 321 History of Economic Thought. Fall X3592 (office), (home) Office Hrs: M W 3:30-5:00, T Th 2-3, or by appointment

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1 ECONOMICS 321 History of Economic Thought Fall 2009 Instructor: D. Wade Hands Class Hrs: T Th 3:30-4:50 MC 202 Office: MC 213C Phone: X3592 (office), (home) Office Hrs: M W 3:30-5:00, T Th 2-3, or by appointment hands@ups.edu Course Purpose: To acquaint the student with the major theories and theorists in the history of economic thought. The course will focus on seven important figures who have been instrumental in the development of the major schools of economic thought (orthodox and heterodox). The ideas of these economists will be examined within their original historical/social/political context and they will also be related to the scientific and philosophical ideas of the time. The seven figures are: Smith, Ricardo, Mill, Marx, Marshall, Veblen and Keynes. Course Requirements: The student will be required to complete the reading assignments prior to the relevant lectures. There will be two essay exams (midterm + final) to test the student's broad understanding of the course material. In addition to the exams, the student will be expected to write four papers (4-6 pages) on the major figures discussed during the semester. The specific topics of these four papers will be chosen by the instructor. More detailed information about the papers will be provided prior to the first written assignment. Grades: Grades will be computed on the basis of the following weighting system: Midterm 15% Final 15% Papers (four) 60% Course Involvement 10% Final Exam will be Thursday Dec. 17 th, 4-6 PM. 1

2 ECON221 Syllabus -- Page 2 Books To Be Purchased: (H) Heilbroner, Robert L., The Worldly Philosophers, 7th ed., (New York: Touchstone, 1999) (KM) Marx, Karl, Wage, Labor, and Capital/Value, Price, and Profit (International) (AM) Marshall, Alfred Principles of, (Prometheus Books, Great Minds series, 1997). (S) Smith, Adam, Selections from the Wealth of Nations, Stigler, G. (ed.), (Arlington Heights, IL: Harlan Davidson, 1957) (K) Keynes, John Maynard, The General Theory of Employment, Interest, and Money (1936) (P) Course Packet for History of Economic Thought Web Resources: The History of Society (HES) maintains a Web Site that has a number of useful resources. The HES home page is at From here one can fine useful information on particular theories or theorists, as well as on line texts. Sandra Peart maintains a history of economic thought blog called Adam Smith Lives at and there you can find a number of other links to the history of economic thought. Course Outline * indicates optional reading I. Mercantilism and Physiocracy (H) Heilbroner: Introduction (Ch 1); The Economic Revolution (Ch 2) (P) Gordon: Physiocracy (Ch 5) 2

3 II. (H) Heilbroner: The Wonderful World of (Ch 3) (P) Smith Chronology (S) Stigler: Smith WON: Book I (Ch 1-7, pp 1-47); Book IV (Chs 1 and 9, pp 62-88) *(P) Gordon: Scottish Enlightenment (Ch 7, pp and pp ) III. David Ricardo (H) Heilbroner: Malthus and Ricardo (Ch 4) (P) Ricardo Chronology (P) Malthus: Mathematics of Population and Food (P) Ricardo:Principles: Introduction (Winch); Chs 1, 2, 4, 5, 6 *(P) Clark: The Logic of Malthusian Economy IV. (H) Heilbroner: Utopian Socialists (Ch 5) (P) Mill Chronology (P) Mill: Principles: Introduction (Winch); Book IV, Chs 1-6 *(P) Thomas: Mill (Chs 1 and 2) MIDTERM EXAM V. Karl Marx (H) Heilbroner: Marx (Ch 6) (P) Marx Chronology (P) Marx: Preface to the Critique of Political Economy (KM) Marx: Engel s Introduction to Value, Price and Profit and Wage-Labour and Capital (pp 5-13) (P) Marx from The Communist Manifesto (KM) Marx: Value, Price and Profit (all) and Wage-Labour and Capital (Chs 8-9) *(P) Marx from Volume III of Capital *(KM) Marx: Wage-Labour and Capital (Chs 1-7) *(P) Sweezy: The Theory of Capitalist Development (Chs 4, 6, 8, 9) VI. Marshall and Neoclassical (P) Marshall Chronology (P) Breit and Ransom: Alfred Marshall (AM) Marshall: Principles: Book I, Chs. 1, 2, & 3; Book III, Chs. 3 & 6; Book V, Chs 2, 3, & 13 3

4 VII. Thorstein Veblen and the American Heterodoxy (H) Heilbroner: The Savage Society of Thorstein Veblen (Ch 8) (P) Veblen Chronology (P) Veblen: Theory of Business Enterprise: Introduction (Dowd), Chs 1-3 and 10 (P) Veblen: Absentee Ownership (Chs 4) *(P) McCormick Veblen in Plain English (Chs. 3,4 & 8) VIII. Keynes and Macroeconomics (H) Heilbroner: The Heresies of Keynes (Ch 9) (P) Keynes Chronology (K) Keynes: The General Theory: Ch 2, 3, 13, 14, 16, 18, 24 *(P) Levy: The Bloomsbury Group 4

5 Course Outline September 1 September 3 General Introduction to Course and Material Mercantilism and Physiocracy September 8 Introduction to September 10 September 15 September 17 Introduction to Ricardian September 22 September 24 David Ricardo David Ricardo September 29 Finish Ricardo & Start October 1 [Paper #1 Assigned] October 6 October 8 No Class Paper #1 Due 5

6 October 13 Finish Classical British Political Economy and Review October 20 No Class Fall Break Day October 15 Midterm Exam October 22 Start Karl Marx October 27 November 3 Karl Marx Finish Marx Introduction to Neoclassical November 10 Alfred Marshall October 29 November 5 November 12 Karl Marx [Paper #2 Assigned] Alfred Marshall Paper #2 Due Introduction to 20 th Century Veblen Background [Paper #3 Assigned] November 17 Thorstein Veblen November 19 Thorstein Veblen Paper #3 Due November 24 Introduction to Keynesian November 26 No Class Thanksgiving 6

7 December 1 J. M. Keynes December 3 J. M. Keynes [Paper #4 Assigned] December 8 Finish Keynes Review for Final December 10 Reading Day Paper #4 Due December 15 December 17 Final Exam 4-6PM 7