ECON 3008 - History of Economic Thought - The University of the ...

THE UNIVERSITY OF THE WEST INDIES ST. AUGUSTINE Faculty of Social Sciences Department of Economics Course Outline

COURSE TITLE: COURSE CODE: LEVEL: SEMESTER: NO. OF CREDITS: PRE-REQUISITE(S): Lecturers: Day Evening Lecturer’s Email address: Lecturer’s Office: Office Hours:

History of Economic Thought ECON 3008 III II (January – May 2011) 3 ECON 1001 and ECON 1002 Dr. Lester Henry and Whitney Cupidore [email protected] Room 214 Old Social Sciences / Humanities Building Thursday 3 – 5 p.m.

OBJECTIVE:

To introduce students to the development of economic ideas so that they can appreciate and evaluate the current state of economic theory.

COURSE DESCRIPTION/ RATIONALE:

This course examines the development of modern economic thought from the 1600s to the present. Beginning with early economic doctrines such as those of the Physiocrats and Mercantilists and moving to the classical school of economic thought of Adam Smith, David Ricardo, and John Stewart Mill. Next will be a discussion Karl Marx and the critique of classical economics and the capitalist system. This is followed by a discussion of the marginalist revolution with the works of Jevons, Walras, Marshall, and Menger being examined. On the other hand, theories of economic imperialism by Lenin, Kautsky, and Luxemburg will also be discussed. The modern era will take into account the contributions of Fisher, Hick, Keynes, and Samuelson. From the Third World perspective, we examine Dependency Theory and Plantation Economy approaches. Further, the revival of capitalist economics such New Classical and Supply Side is discussed. Then finally, we present a brief summary of current radical approaches.

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TEACHING METHODOLOGY:

This will take the form of a weekly 2-hour Lecture. Lecture Hours: Thursdays 10 - 12pm (Lester Henry) Course Assessment: Presentation: 20% Final Exam: 80% Attendance and class participation is of extreme importance since the final exam will be largely based on lecture notes. You are required to participate in the class discussions with questions or comments (staying silent or only commenting when it is your turn to present is not allowed, also missing more than 2 weeks of classes will incur a penalty) The presentation will be graded on the following: − Background research − Analysis of Economic Contribution − Critical Analysis − Presentation

Five (5) points each

RECOMMENDED TEXT:

Ekelund R.B. and Herbert, R.F. (1997) A History of Economic Theory and Method, New York: McGraw Hill, Fourth Edition. Blaug, M. (1986) Economic Theory in Retrospect, London: Cambridge University Press, Fourth Edition. Landreth, H. and Colander, D. (1994) History of Economic Thought, Third Edition, Boston: Houghton-Mifflin. Niehans, J. (1990) A History of Economic Theory: Classic Contributions, 1720-1980, Johns Hopkins University Press. Rubin, I.I. (1979) A History of Economic Thought, London: InkLinks. Schumpeter, J.A. (1950) Ten Great Economists Colander, D. (1983) Conversations with Economists: New Jersey: Rowman and Allanheld


Readings would also be taken from various Journals such as: − The Journal of the History of Economic Thought (HET) − The Review of Radical Political Economy (RRPE) − The American Economic Review (AER) There is also a very useful website, especially for early economic thought at: http://www.socsci.mcmaster.ca/econ/ugcm/3ll3/index.html

LECTURE SESSIONS AND DESCRIPTIONS:

1. Origins of Modern Economic Thought Introduction: Why Study the History of Economic thought The Physiocrats: Francois Quesney and the Tableau Economique The Mercantilists 2. Classical Political Economy Malthus and Adam Smith David Ricardo J.S. Mill and Say etc. 3. The Critique of Capitalism and Classical Political Economy K. Marx Lenin Bukharin, Luxemburg The Austrian School 4. The Rise of Neo-Classical Economics Walras, Jevons and Menger Marshall and Samuelson 5. The Keynesian Intervention Keynes and the Keynesians (Tobin, etc.) 6. Dependency Theory and Third World Reactions W.A. Lewis, Baran, A.G. Frank , Samir Amin, O.C. Cox, I. Wallerstein and others 7. New Classicals, Monetarists, and Supply-Siders Sarjeant, Lucas, Friedman, Becker etc. 8. Other Current Radical Approaches Post-Keynesians Institutionalists Page 3 of 4 Lester Henry 01/2011

ADDITIONAL INFORMATION: Please also take note in your guidelines to Examinations Booklet (available online) of the following regulation: General Examination Regulation 19. Any candidate who has been absent from the University for a prolonged period during the teaching of a particular course for any reason other than illness or whose attendance at prescribed lectures, classes, practical classes, tutorials, or clinical instructions has been unsatisfactory or who has failed to submit essays or other exercises set by his/her teachers, may be debarred by the relevant Academic Board, on the recommendation of the relevant Faculty Board, from taking any University examinations. The procedures to be used shall be prescribed in Faculty Regulations. Cheating 97.

(i) Cheating shall constitute a major offence under these regulations. (ii) Cheating is any attempt to benefit one’s self or another by deceit or fraud. (iii) Plagiarism is a form of cheating (iv) Plagiarism is the unauthorized and/ or unacknowledged use of another person’s intellectual effort and creations howsoever recorded, including whether formally published or in manuscript or in typescript or other printed or electronically presented form and includes taking passages, ideas or structures from another work or author without proper and unequivocal attribution of such source(s), using the conventions for attributions or citing used in this University.

103.

(i) If any candidate is suspected of cheating, or attempting to cheat, the circumstances shall be reported in writing to the Campus Registrar. The Campus Registrar shall refer the matter to the Chairman of the Campus Committee on Examinations. If the Chairman so decides, the Committee shall invite the candidate for an interview and shall conduct an investigation. If the candidate is found guilty of cheating or attempting to cheat, the Committee shall disqualify the candidate from the examination in the course concerned, and may also disqualify him/her from all examinations taken in that examination session; and may also disqualify him/her from all further examinations of the University, for any period of time, and may impose a fine not exceeding Bds$300.00 or J$5000.00or TT$900.00 or US$150.00 (according to campus). If the candidate fails to attend and does not offer a satisfactory excuse prior to the hearing, the Committee may hear the case in the candidate’s absence.
