Course Contents

1. Economics and its History Nature and Importance of Economic Thought Theoretical Approaches Importance of Economic Thought 2. The Beginnings The Old Testament Greece: Plato and Aristotle The Roman Empire and Christianity The Middle Ages and the Canon Law 3. Pre-Adamite Economics Mercantilism: The Balance of Trade Doctrine. The Specie-Flow Mechanism The 18th century predecessors. The Mercantilist Dilemma. The Quantity Theory of Money The theory of creeping inflation, Cantillon’s Essay, Monetary Analysis, The Real Rate of Interest Phsysiocracy: The Meaning of Phsyisocracy, The Economic Tableau, The Single Tax, Says Law 4. Adam Smith: System Builder Introduction Adam Smith’s Economic System Conclusion 5. Classical Economic Analysis: Utility, Population and Money Introduction Principle of Utility in Classical Economics: Jeremy Bentham Principle of Population in Classical Economics: Thomas Malthus Early Monetary Issues Conclusion 6. Keynesian Economics The IS/LM curve The Hicks-Hansen Diagram Full Employment Equilibrium. The Liquidity Trap Interest-Inelastic Investment Demand Wage Rigidities, Unemployment Equilibrium The Pigou Effect. The Counter Revolution Keynes versus the Classics Keynes contribution to Economics 7. Socialists and Historicists Introduction Saint-Simon, Sismondi: examples of European evolutionary thought The Utopian Socialists: Owen, Fourier, Proudhon History German Historical School Conclusion 8. Karl Marx and Scientific Socialism Introduction Marx’s life and works Overview of the Marxian system Marx early writings on capitalist production The nature of capitalism The legacy of Marx 9. Modern Microeconomics: A Rich and Moveable Feast Introduction Consumption Technology: modern views new theories of the firm Other Applications and extensions Conclusion 10. The New Political Economy: Public Choice and Regulation Introduction Public Choice: Contemporary Political Economy The new political economy of Regulation Conclusion

Course Learning Outcomes

After completion of this course, the students will be able to: 1. understand the evolution of economic thought 2.compare and contrast economic theories over time by different schools of thought