ISS-1103 An Overview of Modern Economic Thought
Code
Weight of the course
Period
Course Leader
Lecturer
Teaching Methods
Modes of Assessment
Contact
ISS-1103
3 ECTS
TERM 1
Howard Nicholas
Howard Nicholas
Participatory Lecture, Workshop
Written Exam: 85%, Group Assignment: 15%
Marieke Klopper
Learning objectives
By the end of the course students should possess
1. A critical, non-technical (i.e., non-mathematical) understanding of contemporary economic
thought.
2. An appreciation of fundamental differences between major schools of economic thought in
economics, and the significance these differences have for their respective perspectives
regarding action and policy.
3. A de-mystified view of key economic concepts and a non-jargonised view of crucial issues.
Course description
The course provides a non-mathematical introduction to how different groupings of economists view
an economy and economic phenomena. That is to say, the approach adopted is a comparative one.
Two broad schools of economic thought are identified: the Neo-classical school and Post Keynesian
schools. The groupings are founded on perceived shared views on approach and method, basic
building blocks of economic analysis, explanations of economic phenomena, and policy conclusions.
Particular attention is paid to certain of the building blocks since these provide important foundations
for many of the ensuing majors. Some of the most important of these building blocks are the operation
of commodity and factor markets, public goods and externalities, the concept of elasticity, the circular
flow of income, and aggregate supply and demand.
The course comprises two interrelated parts. The first part is devoted to the study of so-called
microeconomic phenomena, including the operation of individual commodity and factor markets and
government policies in respect of the ‘failure’ of these markets. The second part is concerned with
macroeconomic phenomena, including economic growth and development, inflation and the balance
of payments, and competing policies in respect of these.
The basic philosophy underlying the teaching of the course is that there is no such thing as a single,
agreed, homogenous body of economic thought that one can label as “economics”, nor can
economics be treated as a science in the same way as one or another of the disciplines in the
physical sciences. Accordingly, students are encouraged to consider the theories they are learning
about in the course critically, and with the hindsight of their own experiences.
Indicative readings
Fulbrook, E. (ed.) (2004) A Guide to What’s Wrong With Economics. London: Anthem Press.
Holt, R. and S. Pressman (eds) (2001) A New Guide to Post Keynesian Economics. New York:
Routledge.
Keen, S. (2001) Debunking Economics: The Naked Emperor of the Social Sciences, London: Zed
Books and Pluto Press.
Krugman, P. and R. Wells (2013) Economics. 3rd edn, New York: Worth Publishers.
Maunder, P. et al. (2004) Economics Explained. 3rd rev. edn, London: HarperCollins.