An Economist's Point of View
Full course description
This course is a journey through different schools of economic thought; hence, it is about the history or evolution of economics as a social science. It begins with the pre-classical school, then moves through the Classical School, Socialism, Marginal School, Neoclassical School, Historical and Institutional Schools, Austrian School, Keynesian School, Monetarist or Chicago School and Heterodox School. The course ends with the economics of growth and development. This agenda initiated by Adam Smith with his inquiry into the wealth of nations, preoccupied economic thinking in the post-war period, especially in the 1950s through 1980s. The growth theories include the Harrod-Domar model, Solow model, new or endogenous growth theories, Schumpeterian growth theory and Evolutionary Schools.
At the end of the course, students will realise that the history and evolution of economic thought is a reflection on the relation between markets and governments. Students will be able to: • Assess the appropriate role of government in the economy; • Assess if laissez-faire approach is the best way to achieve the overall goals of an economy; • Calculate welfare effects of government intervention; • Distinguish between the hallmarks of different schools of economic thought, their similarities and differences about economic ideas and their main contributions to the development of economics as a social science.
• Brue, S.L. & Grant, R.L. (2007). The evolution of economic thought. (7th ed.). Mason, OH: Thomson/South-Western.