History of Economic Thought (Reading Classes)
Course objectives
The main aim of the course is to introduce students to the original writings of the most eminent economists in the history. Every second week we will analyze fragments of the works of Adam Smith, Alfred Marshall, Thorstein Veblen, Max Weber, Friedrich August von Hayek, John Maynard Keynes and Milton Friedman. The students are required to read an assigned text prior to the class and to prepare short (a few statements long) oral presentation, which should concentrate on most interesting, important or controversial theses of the text. The course is strictly connected to the lecture on the History of Economic Thought.
Course outline
1. Introduction. Presentation of the course; review of syllabus; discussion of the reading assignments.
2. Classical economics
Assigned readings: Adam Smith, An Inquiry into the Nature And Causes of the Wealth of Nations, book I, cha. I-III; and book IV, cha. II (only up to the paragraph IV.2.16, inclusive).
On-line version at http://www.econlib.org/LIBRARY/Smith/smWN.html (choose chapters from the Table of contents on the left side; the numbering of paragraphs will be shown on the left side of the webpage)
Hints and questions for Smith’s text are given here.
3. Neoclassical economics
Assigned readings: Alfred Marshall, Principles of Economics, book I, cha. I-III.
On-line version at http://www.econlib.org/library/Marshall/marP.html
Hints and questions for Marshall’s text are given here.
4. Institutional Economics and The Historical School of Economics
Assigned readings:
1. Thorstein Veblen, Theory of the Leisure Class, cha. 8: Industrial Exemption and Conservatism
On-line version at http://xroads.virginia.edu/~hyper/VEBLEN/veb_toc.html
On-line version at http://xroads.virginia.edu/~HYPER/WEBER/toc.html
Hints and questions for Veblen’s and Weber's textx are given here.
5. Austrian School of Economics.
Assigned readings: Friedrich August von Hayek, Individualism and Economic Order, cha. 4-5: The Use of Knowledge in Society, The Meaning of Competition.
On-line version of chapter 4 is at http://www.econlib.org/library/Essays/hykKnw1.html
Chapter 5 can be downloaded here.
Hints and questions for Hayek’s text are given here.
6. Keynesian Revolution and Monetarist Counter-revolution.
Assigned readings:
1. John Maynard Keynes, The General Theory of Employment, Interest and Money, cha. 1 and 24.
On-line version at http://www.marxists.org/reference/subject/economics/keynes/general-theory/
Friedman's text can be downloaded here.
Hints and questions for Keynes' and Friedman's texts are given here.