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Economic Thought and History
ECON HISTORY
CLASS CODE: ECON 430 CREDITS:  3
DIVISION: BUSINESS & COMMUNICATION
DEPARTMENT: ECONOMICS
GENERAL EDUCATION: This course does not fulfill a General Education requirement.
DESCRIPTION: This course explores the development and application of major economic doctrines from classical through contemporary economics. Contributions of selected writers and schools of thought are analyzed, with emphasis on how these theories are used in our day.
TAUGHT: Winter 2005, Fall 2005, Summer 2006
CONTENT AND TOPICS: This course will focus on ten to fifteen economists/philosophers who have made major and lasting contributions to the field. These include:

  • Adam Smith on competition, laissez-faire and the labor theory of value

  • Ricardo on value and comparative advantage

  • Marshall on demand and elasticity

  • Marx on socialism

  • Keynes on macroeconomic policy formulation

  • Friedman on the quantity theory of money


Each of these topics will be studied in their historical context and supplemented by a number of readings. Students will then discover how these concepts are used in today’s micro- and macroeconomic settings.
GOALS AND OBJECTIVES:

  1. Immerse students in economic theory in order to expand their knowledge and understanding.

  2. Increase students’ ability to think analytically and logically.

  3. Show students the value of historical thinking and its applicability in modern times.
REQUIREMENTS:

  • Prepare for each class by pre-reading the assigned materials in order to actively contribute to discussion and analysis of the topics.

  • Write several papers contrasting and comparing the economic theories and positions of the individuals studied.

  • Engage in a number of individual and group learning projects to test the theories and their relevance in today’s world.

  • Complete the homework, quizzes and tests, as assigned.
PREREQUISITES: Economics 111, 112
OTHER:
EFFECTIVE DATE: August 2004