SYLLABUS FOR ECON 3257: HISTORY OF ECONOMIC THOUGHT
Spring 2016
(A.K.A. Dead Economist Society)
INSTRUCTOR: Ken McCormick
Office: CBB 213
Phone: 273-6051
Office hours: MWF 1:00 - 2:00 and by appointment
Email: kenneth.mccormick@uni.edu
REQUIRED BOOKS: Jerry Muller, Adam Smith in His Time and Ours
Jonathan Wolff, Why Read Marx Today?
Ken McCormick, Veblen in Plain English (Royalties from
the sale of this book at UNI are donated to the
economics department scholarship fund.)
OTHER MATERIAL: You will be given a handout containing quotations from a
variety of sources. Bring the handout to class as the
lectures will frequently refer to it.
COURSE OUTLINE:
I. Preface: Thomas Kuhn’s The Structure of Scientific Revolution
II. Economics in Ancient & Medieval Europe (with an Excursion to Ancient
China)
III. Precursors to Classical Economics
IV. Adam Smith
V. Malthus, Bentham and Ricardo
VI. Senior and Mill
VII. Karl Marx
VIII. The Marginalist Revolution
IX. Alfred Marshall
X. Henry George (VERY Briefly)
XI. Thorstein Veblen
XII. John Hobson (Time permitting)
XIII. John Maynard Keynes
WHY STUDY THE HISTORY OF ECONOMIC THOUGHT?
1.
To better understand modern economics. Learning about the origin and
evolution of an idea deepens one’s understanding of it.
2.
To be able to recognize when “new” ideas are really old ideas. As John
Maynard Keynes said about the influence of dead economists,
The ideas of economists and political philosophers, both when
they are right and when they are wrong, are more powerful
than is commonly understood. Indeed the world is ruled by
little else. Practical men, who believe themselves to be quite
exempt from any intellectual influences, are usually the slaves
of some defunct economist. Madmen in authority, who hear
voices in the air, are distilling their frenzy from some
academic scribbler of a few years back [from The General
Theory].
3.
To dispel myths about famous economists such as Adam Smith and Karl
Marx. Admirers and detractors alike have distorted the views of these
writers so that even many economists have misconceptions about them.
As the respected historian of economic thought Lionel Robbins said, “You
have to go back to the original texts, you know, to get the truth” [from The
LSE Lectures].
4.
To become aware of alternative approaches to economics. The economics
taught in most classes is only the main branch of a discipline with many
branches. Some branches are dead, but other branches have just been
ignored. Some of the ignored branches provide useful insights.
5.
To be able to give the impression that one is well-educated. As Adam
Smith put it,
One who reads a number of modern books, altho they be very
excellent, will not get thereby the Character of a Learned man:
the acquaintance of the ancients will alone procure him that
name [from Lectures on Rhetoric and Belles Lettres].
6.
Because the history of economics is intrinsically interesting.
EXAMS:
There will be two take-home exams. Exam questions will be of the short essay
variety. Exams will cover the lectures, the handout of quotations, and other
handouts that you will receive. Please type your answers.
The dates for the first exam will be announced in class as the semester
progresses. The second exam will be the final-exam, and will have a
comprehensive element. Each exam will be worth 150 points.
PAPERS:
You must write a book report about each of the three required books. Each
report should summarize the main points of the book and then give your
reaction to it. Questions to discuss include: What did you learn from the book?
Did anything surprise you? What was not clear? Were there any errors or
inconsistencies? Would you recommend the book to other UNI economics
students? Why or why not?
The reports should be 5 to 10 typed pages, double-spaced. Each one is worth
100 points. The due dates for the reports are as follows:
Adam Smith in His Time and Ours: February 15
Why Read Marx Today?: March 21
Veblen in Plain English: April 25
GRADES:
At the end of the semester, the total number of points you have earned will be
divided by 600 (the total number of points possible). The resulting percentage
will then be applied to the following scale: 90-100 = A, 80-89 = B, 70-79 = C,
60-69 = D, and <60 = F. Plusses and minuses will be used for scores "close" to
the boundaries.
The Americans with Disabilities Act:
"The Americans with Disabilities Act of 1990 (ADA) provides protection from
unlawful discrimination for qualified individuals with disabilities. Students
requesting instructional accommodations due to disabilities must arrange for
such accommodation through the Office of Disability Services. The ODS is
located at 213 Student Services Center, and the phone number is 273-2676."