History of Economic Thought
Econ 443, Section 01
Spring Term 2019
Dr. Mark Thomas
Room: PUP 105
Office: PUP 331
E-Mail: mathomas@umbc.edu
Time: Tues 4:30 PM – 7:00 PM
Office hours: Mon, Tues Thurs 1:00 – 3:00 pm
Undergraduate Honor Statement:
By enrolling in this course, each student assumes the responsibilities of an active participant in
UMBC’s scholarly community in which everyone’s academic work and behavior are held to the
highest standards of honesty. Cheating, fabrication, plagiarism, and helping others to commit these
acts are all forms of academic dishonesty, and they are wrong. Academic misconduct could result in
disciplinary action that may include, but is not limited to, suspension or dismissal.
Course Description:
History of Economics Thought is the study of historical economists, schools of thought,
methodology and other considerations bearing upon the historical development of economics and
political economy. Aristotle, Plato, Saint Thomas Aquinas, Adam Smith, Thomas Malthus, Karl
Marx, David Ricardo John Stuart Mill, Stanley Jevons, Alfred Marshall, John Maynard Keynes,
Friedrich Hayek and Milton Friedman are among the more notable writers and theorist covered in
this course. Among the schools of thought considered are Scholasticism, Mercantilism, Classical
Economics, Utopian Socialism, Marxism, American Institutionalism, Austrian Economics,
Neoclassical Economics, Keynesianism, Post Keynesianism and the New Classical Economics.
Required Text:
A History of Economic Theory and Method by Robert B. Ekelund Jr. and Robert F. Hébert
6th Edition, Wave Press, 2013. ISBN-13: 9781478606383
A History of Economic Theory and Method by Ekelund and Hébert available as eBook or
rental at Google Play
The Growth of Economic Thought 3rd ed. by Henry William Spiegel, Duke University Press,
1991. ISBN-13: 978-0822309734,
Growth of Economic Thought by Henry Spiegel available on Google Play
Recommended Text:
History of Economic Thought by David Landreth and Harry Colander, 4th Edition, Southwestern
College, 2001. Out of Print (posted on Blackboard)
The Worldly Philosophers: The Lives, Times and Ideas of the Great Economic Thinkers, 7th
Ed. by Robert L. Heilbroner, Touchstone, 1999. ISBN-13: 978-0684862149
Amazon: $10.11 (new), $1.42 (used)
Economic Theory in Retrospect by Mark Blaug, 5th Edition, Cambridge University Press, 1997.
ISBN-10: 0521577012
ISBN-13: 978-0521577014
History of Economic Thought Websites:
American Economic Association: Resources for Economists on the Internet
Center for the History of Political Economy at Duke University
Economic History Association
European Society for the History of Economic Thought
Famous Economists' Grave Sites
History of Economic Thought Articles 1710-1996
History of Economics Society (HES)
Institute for New Economic Thinking
Institutional Economics
Journal of the History of Economic Thought
Library of Economics and Liberty
McMaster University Archive for the History of Economic Thought
The European Journal of the History of Economic Thought
The History of Economic Thought Website
World Economics Association
Grading
Class Play
Weekly Essays
Outline & Presentations
Quizzes
Final Term Paper
20%
20%
20%
10%
30%
100%
Class Play (20%)
Students are required to research, contribute and participate in a class play scheduled on the last day
of class.
Essay (20%)
A five page essay based on one of the weekly presentations and/or outlines is due no later than the
Monday (11:59 pm) following the day of the presentation.
The essay should consist of:
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Title Page (1 page);
Two pages of text (2 pages);
Citation with page # (quotations only) (1 page); and
Grammarly (before and after) (2 pages)
is to be uploaded using the links provided in the assignment folder in Blackboard.
Group Outline & Presentation (20%)
Student groups (1, 2 and 3) or (4, 5 and 6) will alternate between outlines and presentations.
Group Presentations:
Every other week groups (1, 2 and 3) or (4, 5 and 6) are required to prepare a group presentation.
Presentations must be posted to Dr. Thomas’ google drive no later than 4:00 pm the day of the
presentation.
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Title Slide: Title slides with student names
Biographical: Biographical information on the economic and/or philosophical thought of
the writer (date of birth & death, location, school of thought, principal events in the writer’s
life and/or professional career)
Literature Survey: A brief of survey his/or major contributions
Selected Contribution: A more extensive survey of one major contribution
Model (when available): When applicable an economic model, flow chart or schematic of
the primary contribution identified above (required for a 4.0 on the presentation)
Developments and Legacy: Developments and/or legacy of the writer’s contribution to
economics and/or economic, religious or social philosophy
Outline:
Every other week student groups (1, 2 and 3) or (4, 5 and 6) are required to prepare and populate a
an outline based on one of three class presentations noted above. Outlines must be posted to Dr.
Thomas’ google drive no later than 7:30 pm the day of the presentation.
Dr. Thomas’s google drive can be accessed at the following URL:
https://drive.google.com/drive/folders/1IIrKZqR8Tz7wGHEV7pXt4c7GjIvLvygK
Quizzes (10%)
Fourteen weekly quizzes are posted on Blackboard. Each quiz corresponds to two chapters of the
Ekelund & Hebert text and, as such, may or may not correspond to the course material covered
during the corresponding week. Quizzes must be completed no later than the Saturday (11:59 pm)
following the day of the presentation.
Grading is based on a 4.0 scale such that:
90 – 100
80 – 89
70 – 79
60 – 69
< 59
4.0
3.0
2.0
1.0
0.0
The overall quiz grade is a weighted average of the best 10 out of 14 quiz scores.
Term Paper (30%)
Each student is required to submit a term paper relating to one of the issues covered in the History
of Economic Thought. The term paper should be approximately 15 – 23 pages long (1.5 space);
should be well written; coherent; thoroughly proof read for grammatical, spelling and diction errors;
and scanned through “Grammarly” for grammatical mistakes, missing references, footnotes and
plagiarism. The student should use only one citation style (AP, MLA or Chicago style) throughout
the entire paper.
The paper should consist of the following:
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Cover page (identifying title of the paper, student name, and course title and term) (1 page)
Introduction (1 page)
Literature survey (2 – 5 pages)
Principal discussion (8 – 10 pages)
Ongoing Controversies (1 – 2 pages)
Conclusion (may including personal opinions, theories & ideas) (1 – 2 pages)
Reference page (list of all cited material including source and page number (1 page)
Bibliography (1 page)
Blackboard
Journal articles, book chapters, manuscripts, URL links and related material will be periodically
uploaded to the course document section of Blackboard.
Course Schedule
Feb 5
Fri, Feb 8 @ 11:59 pm
Sun, Feb 10 @ 11:59 pm
Mon, Feb 11 @ 11:59 pm
Feb 12
Later Pre-classical Economic Thought Part 1 (1600AD – 1776AD)
(Mercantilism, Hornick’s Mercantilist Manifesto, John Locke, David Hume,
Richard Cantillon, Max Weber, Physiocrats)
Groups 1, 2, 3, 4, 5, 6: In class Outline Preparation (based on Feb 5 topics)
Groups 1, 2, 3, 4, 5, 6: Group Participation Populated Outline
Class: Quiz 2 (Ch 3 & 4)
Group 1, 2, 3, 4, 5, 6: No Essay Due
Adam Smith (Part 1)
Fri, Feb 15 @ 11:59 pm
Sun, Feb 17 @ 11:59 pm
Mon Feb 18@ 11:59 pm
Feb 19
Group 1: Theory of Moral Sentiment
Group 2: Wealth of Nations’ Book 1
Group 3: Wealth of Nations’ Book 2
Groups 4, 5, 6: In class Outline Preparation (based on Feb 12 presentations)
Groups 4, 5, 6: Group Participation Populated Outline
Class: Quiz 3 (Ch 5 & 6))
Group 1, 2 and 3: Essay #1 Due (Essay from posted outline or presentation)
Adam Smith (Part 2)
Fri, Feb 22 @ 11:59 pm
Sun, Feb 24 @ 11:59 pm
Mon, Feb 25 @ 11:59 pm
Feb 26
Group 4: Wealth of Nations’ Book 4
Group 5: Wealth of Nations’ Book 5
Group 6: Wealth of Nations’ Book 6
Groups 1, 2, 3: In class Outline Preparation (based on Feb 19 presentations)
Groups 1, 2, 3: Group Participation Populated Outline
Class: Quiz 4 (Ch 7 & 8)
Group 4, 5 and 6: Essay #1 Due (Essay from posted outline or presentation)
Thomas Malthus & David Ricardo
Fri, March 1 @ 11:59 pm
Sun, March 3 @ 11:59 pm
Mon, March 4 @ 11:59 pm
March 5
Group 1: Malthusian Population Theory or Ricardo’s Theory of Rent
Group 2: Malthus’ Theology or Ricardo’s Theory of Comparative Advantage
Group 3: Malthus Business Cycle or Ricardo Theory of Income Distribution
Groups 4, 5, 6: In class Outline Preparation (based on Feb 26 presentations)
Groups 4, 5, 6: Group Participation Populated Outline
Class: Quiz 5 (Ch 9 & 10)
Groups 1, 2 and 3: Essay #2 Due (Essay from posted outline or presentation)
Jeremy Bentham, John Stuart Mill, Henry George
Fri, March 8 @ 11:59 pm
Sun, March 10 @ 11:59 pm
Mon, March 11 @ 11:59 pm
Group 4: Jeremy Bentham
Group 5: John Stuart Mill
Group 6: Henry George
Groups 1, 2, 3: In class Outline Preparation (based on March 5 presentations)
Groups 1, 2, 3: Group Participation Populated Outline
Class: Quiz 6 (Ch 11 & 12)
Groups 4, 5 and 6: Essay #2 Due (Essay from posted outline or presentation)
March 12
Fri, March 15 @ 11:59 pm
Sun, March 17 @ 11:59 pm
Mon, March 18 @ 11:59 pm
March 26
Fri, March 29 @ 11:59 pm
Sun, March 31 @ 11:59 pm
Mon, April 1 @ 11:59 pm
April 2
Fri, April 5 @ 11:59 pm
Sun, April 7 @ 11:59 pm
Mon, April 8 @ 11:59 pm
April 9
Fri, April 12 @ 11:59 pm
Sun, April 14 @ 11:59 pm
Mon, April 15 @ 11:59 pm
April 16
Fri, April 19 @ 11:59 pm
Sun, April 21 @ 11:59 pm
Mon, April 22 @ 11:59 pm
Karl Marx
Group 1: Stages of Historical Development,
Group 2: Labor Theory of Value and/or Social Pyramid
Group 3: Laws of Motion of Capitalism
Groups 4, 5, 6: In class Outline Preparation (based on March 12 presentations)
Groups 4, 5, 6: Group Participation Populated Outline
Class: Quiz 7 (Ch 13 & 14)
Groups 1, 2 and 3: Essay #3 Due (Essay from posted outline or presentation)
Neoclassical Revolution
(A. Cournot, Stanley Jevons, Carl Menger, Leon Walras, E. Bohm-Bawerk)
Group 4: A. Cournot or Stanley Jevons
Group 5: Leon Walras
Group 6: Carl Menger or E. Bohm-Bawerk
Groups 1, 2, 3: In class Outline Preparation (based on March 26 presentations)
Groups 1, 2, 3: Group Participation Populated Outline
Class: Quiz 8 (Ch 15 & 16)
Groups 4, 5 and 6: Essay #3 Due (Essay from posted outline or presentation)
Toward Microeconomic Orthodoxy
(Alfred Marshall, Vilfredo Pareto, F. Edgeworth, J.B. Clark, Irving Fisher)
Group 1: Marshall
Group 2: Pareto or Edgeworth
Group 3: J.B Clark or Irving Fisher
Groups 4, 5, 6: In class Outline Preparation (based on April 2 presentations)
Groups 4, 5, 6: Group Participation Populated Outline
Class: Quiz 9 (Ch 17 & 18)
Groups 1, 2 and 3: Essay #4 Due (Essay from posted outline or presentation)
American Institutionalism & Austrian Economics, Cambridge School
(Thorstein Veblen, John Commons, Richard Ely, Hayak )
Group 4: T. Veblen, or Wesley Mitchel, J. Commons or Richard Ely
Group 5: Joan Robinson J. Wessley, J. Commons or R. Ely
Group 6: C. Menger or Bowm-Bewerk
Groups 1, 2, 3: In class Outline Preparation (based on April 9 presentations)
Groups 1, 2, 6 Group Participation Populated Outline
Class: Quiz 10 (Ch 19 & 20)
Groups 4, 5 and 6: Essay #4 Due (Essay from posted outline or presentation)
John Maynard Keynes & Hecksher Ohlin
(H & O, General Theory, Consequences of the Peace, Postwar Institutions
Group 1: Hecksher & Ohlin Trade Theory
Group 2: General Theory
Group 3: Consequences of the Peace or Postwar Institutions
Groups 4, 5, 6: In class Outline Preparation (based on April 16 presentations)
Groups 4, 5, 6 Group Participation Populated Outline
Class: Quiz 11(Ch 21 & 22)
Groups 1, 2 and 3: Essay #5 Due (Essay from posted outline or presentation)
April 23
Post War Economic Thought
(Stolper-Samuelson, Robert Solow, Milton Friedman)
Fri, April 26 @ 11:59 pm
Sun, April 28 @ 11:59 pm
Mon, April 29 @ 11:59 pm
April 30
Group 4: Stolper-Samuelson Model, Solow Groth Model
Group 5: Buchanan’s Public Coice Theory
Group 6: Milton Friedman
Groups 1, 2, 3: In class Outline Preparation (based on April 23 presentations)
Groups 1, 2, 3 Group Participation Populated Outline
Class: Quiz 12 (Ch 23 & 24)
Groups 4, 5 and 6: Essay #5 Due (Essay from posted outline or presentation)
Marxist Critique of Capitalism
Sun, May 5 @ 11:59 pm
Mon, May 6 @ 11:59 pm
May 7
Group 1: Labor Theory of Value & Surplus Value
Group 2: Class Consciousness & Lumpenproletariat
Group 3: Monopoly Capitalism
Group 4: Falling Rate of Profit & Economic Crisis
Group 5: Imperialism
Group 6: Commodity Fetishism & Labor Commodification
Class: Quiz 13 (Ch 25 & 26)
History of Ireland Videos
History of Ireland & Class Play Rehearsal
Sun, May 12 @ 11:59 pm
May 14
Class Play Rehearsal
Class: Quiz 14 (Ch 27)
Class Play
May 19 @ 11:59 pm
Final Term Paper Due