Faculty of Economics and Business
BACHELOR IN ECONOMICS THIRD YEAR Course
History of Economic Thought
Code
802369
Module
Spanish Economy, International and Sectorial
Area
Economic History
Nature
Optative
Credits
Attendance
1,8
4
Non Attendance
2,2
Year
3
Semester
6
COORDINATION DEPARTMENT Historia e Instituciones Económicas I
COORDINATOR AND CONTACT Fernando Méndez Ibisate;
[email protected]
% OF TOTAL CREDITS
ATTENDANCE
Lectures
30%
100%
Classes
10%
50%
Tutorials
6%
100%
Assessment activities
4%
100%
Homeworks and class assignments
20%
0%
Time to study
30%
0%
TEACHING ACTIVITIES
SYNOPSIS
Faculty of Economics and Business
BRIEF DESCRIPTION Analysis of the major authors and Schools of Thought that have produced the theories and tools employed by economists.
PRE-REQUISITES Basic knowledge of Economic History, Microeconomics and Macroeconomics.
OBJECTIVES - To learn the theories that the major economists have presented throughout history to solve the main economic problems that they have faced. - For the student to make use of the works of the great economists of the past. - To develop capacities for exposition, analysis and debate in an academic seminar.
COMPETENCES General: CG1; CG2; CG3; CG4 Transversal: CT1; CT2; CT3 Specific: CE1; CE6
LEARNING METHODOLOGY A mixed methodology of teaching and learning will be used in all educational activities with the aim of encouraging students to develop a collaborative and cooperative attitude in the pursuit of knowledge.
TOPICS COVERED (Syllabus) 1.
SCHOLASTICISM AND PRE-CLASSICS a. Medieval economics and late Spanish scholastics b. Mercantilism c. Pre-classicism: Cantillon, Hume and Physiocracy
2.
THE CLASSICAL SCHOOL a. Main features and problems of Classical Economics b. Adam Smith c. David Ricardo d. Thomas Robert Malthus e. John Stuart Mill f. Karl Marx, classic heterodox
3.
THE MARGINAL REVOLUTION AND JOHN MAYNARD KEYNES a. Introduction to marginalism. Marginalists and Neoclassical economists. Leading authors
Faculty of Economics and Business b. William Stanley Jevons and Carl Menger c. General vs. Partial Equilibrium. Alfred Marshall and Leon Walras d. John Maynard Keynes
ASSESSMENT Exams
% Share of Final Grade
60%
Final exam. The final exam will be based both in the theoretical and the practical classes: it will include a textual analysis.
Other activities
% Share of Final Grade
30%
Including exercises on textual analysis in seminars (20%) and the presentation of papers (10%).
Other activities
% Share of Final Grade
10%
Active participation in the lectures and practical classes.
EVALUATION CRITERIA In the “convocatoria ordinaria” it will be considered that the student has taken the course (and graded accordingly) if he/she participates in the course up to the point indicated by the professor. In the “convocatoria extraordinaria” it will be considered that the student has taken the course (and graded accordingly) if he/she takes the final exam. Continuous assessment in the extraordinary examination: in case one student has failed the ordinary examination, having attended the final exam and participated in the continuous assessment, the mark to be considered as continuous assessment for that extraordinary examination will be the final mark obtained in the ordinary examination.
Faculty of Economics and Business
TIMETABLE Week 1
Topic Introduction to the History of Economic Thought.
In-class activities The course. Syllabus and bibliography Overview of the evolution of economic thought.
Out of class activities To study8. Virtual Campus. Teamworking.
2
SCHOLASTICISM AND PRECLASSICS. Topic 1: Introduction. The problems studied by the ancient and medieval economists: value, trade, Exchange, Money, credit, division of labour, private property, political and economic organization of society.
Work distribution. Tutoring.
3
SCHOLASTICISM AND PRECLASSICS. Topic 2: Spanish economists of the sixteenth and seventeenth centuries. The problems of value, usury and the quantity theory of Money.
4
SCHOLASTICISM AND PRECLASSICS. Topic 3: Mercantilism. Reference to the Spanish arbitristas, Colbertism and cameralism.
Guide to sources in print or the internet. Teamworking. Tutoring.
5
6
7
8
Presentation of the seminars.
Topic 4: Cantillon and preclassical economists SCHOLASTICISM AND PRECLASSICS. Topic 4 (cont.): David Hume and the specie-flow mechanism theory. Critique of mercantilism. Topic 5: Physiocracy. Assumptions of the physiocratic model. The Tableau Économique. CLASSICAL ECONOMICS Topic 6: Introduction. Main features and problems of the classical school of economics. Adam Smith CLASSICAL ECONOMICS Topic 6: Main features and problems of the classical school of economics. Adam Smith THE CLASSICAL SCHOOL. Topic 7: Thomas Robert Malthus
Practical class. Adam Smith: division of labour, price theory, systems of political economy.
Practical class. Thomas Robert Malthus: population, value, effective demand and gluts.
Faculty of Economics and Business 9
THE CLASSICAL SCHOOL. Topic 8: David Ricardo
Practical class. David Ricardo: value, rent, foreign trade, technological unemployment. Practical class. John Stuart Mill: property, production and distribution, value, foreign trade, liberalism versus interventionism.
10
THE CLASSICAL SCHOOL. Topic 9: John Stuart Mill
11
THE CLASSICAL SCHOOL. Topic 9 (cont.): John Stuart Mill
Practical class: Karl Marx (production process of capital, process of valuation of labour, capital accumulation).
Topic 10: Karl Marx
12
13
THE MARGINAL REVOLUTION AND JOHN MAYNARD KEYNES Topic 11: Definition of marginalism: possible explanations of the marginal revolution. Changes or continuity in relation to the classical model. THE MARGINAL REVOLUTION AND JOHN MAYNARD KEYNES. Topic 12: William Stanley Jevons and Carl Menger.
Guide to sources in print or the internet. Teamworking. Tutoring.
Guide to sources in print or the internet. Teamworking. Tutoring.
Practical class. William Stanley Jevons: value, exchange and labour market.
Guide to sources in print or the internet. Teamworking. Tutoring.
Final tutoring.
Practical class: Carl Menger (value and order of commodities, equimarginal principle, imputation). 14
15
THE MARGINAL REVOLUTION. Topic 13: General equilibrium vs. partial equilibrium: Marshall and Walras. THE MARGINAL REVOLUTION. Topic 14: John Maynard Keynes
Practical class. John Maynard Keynes (general theory, classical economics postulates, the state of long run expectations, social philosophy)
RESOURCES BASIC BIBLIOGRAPHY Robert B. Ekelund Jr. and Robert F. Hébert, A History of Economic Theory and Method, Mc Graw-Hill. Marjorie Grice-Hutchinson, Early Economic Thought in Spain, 1177-1740, George Allen and
Faculty of Economics and Business Unwin.
D. P. O'Brien, The classical economists revisited, Princeton University Press.
COMPLEMENTARY BIBLIOGRAPHY The lecturer will provide the list of complementary bibliography for the theoretical and practical classes.
OTHER RESOURCES University Library.
The Online Library of Liberty:
