Harper & Row. New York, New York. Ekelund, R.B, Jr. and Robert F. Hebert (
1990) The History of. Economic Theory and Method, third edition. McGraw-Hill,
New.
NATIONAL-LOUIS UNIVERSITY MASTER COURSE OUTLINE
COURSE NUMBER:
LAS3# /
COURSE TITLE:
HISTORY OF ECONOMIC THOUGHT
COLLEGE:
Arts and Sciences
DEPARTMENT:
Social Science
CREDIT:
Five Quarter Hours
PREREQUISITES:
NONE
CATALOG DESCRIPTION: In this course students will explore the history of economics from the early to contemporary times. Emphasis will be placed on the ideas of Adam Smith, Karl Marx, John Maynard Keynes and Milton Freedman. Inquiry into the past will help students understand present forms of economic organization. RELATIONSHIP BETWEEN THIS COURSE AND SPECIFIC NLU PROGRAMS a)
This course is designed for students in any program who would like to pursue the study of economics in a more indepth detailed manner. It can be used as an elective in the Social Science concentration and as a general elective in the Social Science Department.
b)
This course will prove valuable to students of various Business Programs who can use this knowledge to analyze the merits of the opinions of widely divergent economic thought, from Plato, Socrates, Milton Friedman, among others.
c)
This course is designed to prove useful to students interested in economics, history, anthropology, sociology and political science.
d)
This course is a further commitment to continuing the excellence of programs in the Liberal Arts within the College of Arts and Sciences.
TYPE OF COURSE AND CONTACT HOURS: Required readings, classroom participation, 40 hours attendance, lectures, films, practical theory via newspapers, magazines, and other print and electronic media.
COURSE OBJECTIVES: will :
Upon completion of this course, students
a)
Understand the philosophy of Thomas Aquinas and his analysis regarding the ethical foundations of market exchange.
b)
Understand the significance of the economic thought of Adam Smith, expounder of the policy of laissez faire.
c)
Understand the philosophy of classical economist David Ricardo and his "iron law of wages."
d)
Understand the significance of Karl theoretic foundation for socialism.
e)
Familiarize themselves with Herbert Spencer's laissez faire individualism.
f)
Understand the mathematic theory of general equilibrium developed by Leon Walras.
g)
Understand the theory of conspicuous developed by Thorstein Veblen.
h)
Understand the major contributions to American economics made by John Maynard Keynes.
i)
Analyze the economic philosophy of Joseph Stalin under whom the Soviet system of central planning was developed.
j)
Understand the contributions to economics made by Joseph Schumpeter and his analysis of contradictions within modern capitalism that threatens its survival.
k)
Understand the views of Nobel Prize winner Kenneth Arrow and his contribution to development of the Modern Equilibrium Theory.
1)
Investigate the contributions of Jean-Baptiste Colbert who established a program of regulations of trade and commerce in 17th century France.
m)
Examine the theory of "supply presented by Jean-Baptiste Say.
n)
Analyze the theoretical influences of the Clinton economic strategies and its consequences on the future of contemporary American economy.
o)
Review the classical theories of John Stuart Mill and John Mill.
Marx
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EVALUATION METHODS: 1. 2. 3. 4.
Comprehensive tests quizzes papers Class participation and discussion
Prepared By:
George Ostrowski
Date Prepared:
February 17, 1995
Department Chair Approval:
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Division Assistant Dean Approval:
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Curriculum Council Approval: Date Effective Date: Date
BIBLIOGRAPHY Schumpeter, J.A. (1954). A History of Economic Analysis. Oxford Press. New York, New York. Plato (1985) . The Republic.
Norton Press.
New York, New York.
Keynes, J. M. (1936) . General Theory of Employment, Interest and Money. Harcourt, Brace and World. New York, New York. Smith, A. (1776). The Wealth of Nations. York, New York.
Random House.
New
Malthus, T.R. (1970) . An Essay on the Principal of Population and a Summary View of the Principle of Population. Penguin Press, Baltimore. Mill, J.S. (1848). Principles of Political Economy Publishers. New York, New York.
W.J. Ashley
Ricardo, D. (1951) . The Works and Correspondence Ricardo, Cambridge University Press. London. Marshall, A. London.
(1890) .
of
David
Principles of Economics MacMillan Press,
Leontieff, W. (1971). "Theoretical Assumptions and Non-Observed Facts", American Economic Review Vol. 61, pp. 1-7 (March) Marx, K. Engels F. (1954, Translation). The Communist Manifesto Regency Press, Chicago. Stigler, G. (1941) . Production and Distribution Theories; The Formative Period. MacMillan Press. New York, New York. Friedman, M. (1949). "The Marshallian Demand Curve." of Political Economy. Vol. 57, pp. 463-495. Walrus, L. (1954). Elements of Pure Economics. Homewood, Illinois.
Journal
Irwin Press.
Arrow, K. (1975) "Thorstein Veblen as an Economic American Economist, (Spring), pp. 5-9.
Theorist."
Robinson, J. (1933). The Economics of Imperfect Competition. MacMillan Press. London. Harrod, R.F. (1951). The Life of John Maynard Keynes. Brace, New York, New York.
Harcourt
Fusfeld, D.R. (1994) . The Age of the Economist, 7th edition. Harper Collins, New York
Friedman, M. (1976).
Price Theory.
Aldine Press, Chicago.
Leontief, W. (1941) . The Structure Oxford University Press, Oxford.
of
the American
Economy.
Samuelson, P. (1947). Foundations of Economics Analysis Harvard University Press. Cambridge, Mass. Schumpeter, J.A. (1942) Capitalism, Socialism, and Democracy Harper & Row. New York, New York. Ekelund, R.B, Jr. and Robert F. Hebert (1990) The History of Economic Theory and Method, third edition. McGraw-Hill, New York. Galbraith, J. K. (1952). American Capitalism: The Concept Countervailing Power, Houghton Mifflin, Boston, Mass.
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