IUPUI— FALL 2013
Syllabus for E307
History of Economic Thought
Shahrokh Towfighi
e-mail: stowfig@iupui.edu
297-4442(H)
Please call between 6:00-9:00 pm.
278-7213 (O)
CA 513
MW—9:30-11:45
If you cannot meet me at these hours, please make an appointment.
Instructor:
Telephone:
Office:
Hours:
Textbooks
David Harvey, A Brief History of Neoliberalism, New York: Oxford University Press, 2009
Robert L. Heilbroner, The Worldly Philosophers, 7th ed. New York: Touchstone, 1999
Agnar Sandmo, Economics Evolving, Princeton: Princeton University Press, 2011
Couse Requirements
There will be three tests plus the final. The tests will be given after the completion of the specific topics
shown below.
Course Outline
RH: Robert Heilbroner
AS: Agnar Sandmo
Author
RH
AS
Chapter
I
II
1.
2.
RH
AS
III
3.
RH
AS
IV
4.
RH
AS
V
5.
Topic
Introduction
The Economic Revolution
A Science and Its History
Before Adam Smith
Mercantilism (pp. 18-20) only
The Wonderful World of Adam Smith
Adam Smith
Wealth of Nations
Adam Smith’s Price Theory
The Returns to Factors of Production
The Invisible Hand
The Invisible Hand and the Market Economy
Free or Perfect Competition
The Public Interest
The Market and the State
Economic Growth
The Gloomy Presentiments of Parson Malthus and David Ricardo
The Classical School: Thomas Robert Malthus and David Ricardo
Thomas Malthus
The Theory of Population
Economic Policy: Poverty, Free Trade, and Unemployment
David Ricardo
The Theory of Rent
Long-run Development and the Stationary State
The Theory of International Trade
The Theory of Taxation
The Dreams of Utopian Socialists
Consolidation and Innovation: John Stuart Mill
Questions of Method
Price Theory
Labor and Wages
RH
AS
VI
6.
RH
AS
VII
8.
Crisis and Unemployment
Long-run Development and the Stationary State
New Issues: The Progress of Socialism and the Future of the Working Class
The Public Sector
The Inexorable System of Karl Marx
Karl Marx as an Economic Theorist
Capitalism and Surplus Value
Marx’s Labor Theory of Value
Economic Growth
The Falling Rate of Profit and the Breakdown of Capitalism
TEST 1
9.
10.
RH
AS
VIII
13.
RH
AS
IX
15.
RH
AS
X
14.
RH
XI
David Harvey
The Victorian World and the Underworld of Economics
The Marginalist Revolution I: William Stanley Jevons and Carl Menger
William Stanley Jevons
The Mathematical Method
Marginal Utility Theory
Demand and Prices
The Marginalist Revolution II: Léon Walras
General Equilibrium
Alfred Marshal and Partial Equilibrium Theory
Supply and Demand
Partial and General Equilibrium
Utility, Demand, and Welfare
The Concept of Elasticity
Externalities
Factor Markets and Income Distribution
Economy and Society
Marshal’s Importance
TEST 2
The Savage Society of Thorstein Veblen
New Perspectives on Markets and Competition
Thorstein Veblen
Edward Chamberlin
Joan Robinson
The Heresies of John Maynard Keynes
John Maynard Keynes and Keynesian Revolution
The General Theory
Keynes and the Classics on Labor and Wages
Demand and Employment
Keynesian Stabilization Policy
Keynes and the Keynesians
The Long-run Development of the Market Economy
The Contradictions of Joseph Schumpeter
The Great Systems Debate
The Challenge of Ludwig von Mises
Oskar Lange and Abba Lerner
Friedrich von Hayek
Joseph Schumpeter
The End of the Worldly Philosophy?
TEST 3
A Brief History of Neoliberalism
TEST 4