320_syll.pdf

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ECO320 History of Economic Thought

(3 credits)

COURSE SYLLABUS

COURSE DESCRIPTIONFROM CATALOG

Analyzes the development of economic theory. Uses specific historical contexts and also explores the major figures and

schools in economic thought.

COURSE OBJECTIVES

This course traces the development of Western economic thought. Students will study major contributors to and schools

of economic thought, and also the historical context in which economic ideas arose. By studying shortcoming as well as

contributions, students will refine their ability to critically assess economic logic. A major focus of the course is to develop

facility in reading original source texts.

PRE/CO-REQUISITE(S)

ECO 201, ECO 202 and WRI 102

LEARNING OUTCOMES

Upon completion of the course, students will be able to:

Read and analyze source documents and original texts important to the development of economic thought.

1.

Explain the relationships between various schools of economic thought.

2.

Analyze the ways in which the evolution of past traditions has affected the present state of the discipline.

3.

Assess the extent to which historical circumstances affected the development of economic ideas.

4.

Critically assess economic logic by understanding both strengths and weaknesses of various currents of economic

thinking.

5.

REQUIRED TEXTBOOK

Brue, Stanley L. and Grant, Randy R. (2007) The History of Economic Thought. 7th edition. Thomson-South Western.

1.

Medema, Steven G. and Samuels, Warren J. (eds.) (2003). The History of Economic Thought: A Reader. Routledge.

2.

Marshall, Alfred (2009 reprint). Principles of Economics. 8th edition. Cosimo Classics.

3.

I verify that I have reviewed and approved this syllabus for use in ECO320 course.

Dr. Hugo Toledo, Department Head, September 15, 2011

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A Faculty Name Michael Malcolm

B Term/ Year Fall 2011

C Sections

CRN Course Days Time Location

11201 ECO320-01 UTR 12:00 – 12:50 SBM008

∗ Location subject to change

D Instructor

Information Instructor Office Telephone Email

Michael Malcolm SBM2120 +971 6 5152592 [email protected]

Office Hours:

• Sunday, Tuesday, Thursday: 2:00-3:00; Monday, Wednesday: 1:30-3:00

• Or by appointment

∗ Office Hours will be posted on the office door as well as on iLearn.

E Other

Instructional Material and Resources

In addition to the required texts listed on the previous page, there will be a number of other

readings distributed throughout the course.

F Teaching and Learning Methodologies

In class, we will discuss major schools of economic thought and major figures in the history of economic thought. Class participation is encouraged and will be rewarded.

Although this is a lecture-based course, you will spend a significant amount of time outside of class on original source readings. A reading is assigned for every class and will be the basis of a quiz at the beginning of each class. The readings are not always easy, but the only way to develop this skill is through practice.

G Grading Scale, Grading Distribution, and Due Dates

Grading Scale

95– 100 4.0 A 77 – 79 2.3 C+

90 – 94 3.7 A- 73 – 76 2.0 C

87 – 89 3.3 B+ 70 – 72 1.7 C-

83 – 86 3.0 B 60 – 69 1.0 D

80 – 82 2.7 B- Less Than 60 0 F

Grading Distribution

Assessment Weight Due Date

Quizzes 40% Every class

Attendance / Participation 10% Every class

Midterm 1 15% 17 November

Midterm 2 15% 22 December

Final Exam 20% 16 January

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H Explanation of Assessments

• Attendance is taken at the beginning of each class. You get 1 point for being on time, 0.5

points for being late and 0 points if you do not attend. There are no excused absences for

any reason whatsoever, although each student will have five “free” points to use over

the course of the semester.

• At the beginning of each class, there is a quiz covering the reading that was assigned for

that class (posted to iLearn at least a week in advance). There are no excused quizzes for

any reason whatsoever, although I will drop your five lowest quizzes over the course of

the semester.

• Midterm exams are essay-format take-home exams. You will be given one weekend to

complete them. Collaboration is not allowed.

• The final exam will be held in class on the date determined by the registrar.

I Student

Academic Integrity Code Statement

Students are advised that violations of the Student Academic Integrity Code will be treated seriously and can lead to suspension or dismissal from the university. A notation of the academic integrity code violation can become part of the student’s permanent record.

Academic violations include but are not limited to:

• Plagiarism

• Inappropriate Collaboration

• Inappropriate Proxy

• Dishonesty in Examinations and Submitted Work

• Work Completed for One Course and Submitted to Another • Deliberate Falsification of Data

• Interference with Other Students’ Work • Copyright Violations

• Complicity in Academic Dishonesty

Students MUST read the Student Academic Integrity Code outlined in the AUS Catalog and agree to abide by the standards for academic conduct, students’ rights and responsibilities and procedures for handling allegations of academic dishonesty.

J Student

Responsibilities/ Behavioral Expectations

Attendance and Class Expectations: Per university policy, if you are absent for more than 15% of the assigned class meetings, you will be withdrawn from the course. In any case, it is highly

unlikely that you will get a good grade in the course if you do not come to class. Exams will be

based on material presented in class, which may not be covered in any text. Lectures will generally be informal, and I invite your participation and questions.

Cell phones and laptop computers are not allowed in class. Any student who leaves during class

for any reason will not receive attendance credit for that day nor will his or her quiz be counted.

Email and iLearn are the main ways that I will communicate information to you. You are responsible for checking your email at least daily.

K Student – Instructor Interaction / Feedback

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SCHEDULE

Note: Tests and other graded assignments due dates are set. No addendum, make-up exams, or extra assignments to improve grades

will be given.

Date Topic Readings in Grant/Brue

18 September Introduction, Methods Chapter 1

20 September Pre-Capitalist Systems Supplementary

22 September Ancient Greeks Supplementary

25 September Mercantilism: Malynes, Davenant, Colbert, Petty Chapter 2

27 September Physiocratic: Quesnay, Turgot Chapter 3

29 September Liberalism: Child, Locke, North Supplementary

2 October Pre-Classical: Cantillon, Hume Chapter 4

4 October Classical: Smith Chapter 5

11 October Classical: Malthus Chapter 6

13 October Classical: Ricardo Chapter 7

20 October Classical: Bentham, Say, Senior Chapter 8

23 October Classical: Mill Chapter 8

25 October Socialism: Saint-Simon, Fourier, de Sismondi Chapter 9

27 October Socialism: Owen, Blanc, Kingsley Chapter 9

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1 November Socialism: Marx Chapter 10

3 November Socialism: Marx Chapter 10

13 November German Historical: List, Roscher, Schmoller, Weber Chapter 11

15 November Marginalist: Cournot, Dupuit, von Thunen Chapter 12

17 November Marginalist: Jevons, Menger Chapter 13

20 November Marginalist: von Wieser, von Bohm - Bawerk Chapter 13

22 November Marginalist: Edgeworth, Clark, George Chapter 14

24 November Neoclassical: Marshall Chapter 15

1 December Monetary: Wicksell, Fisher, Hawtrey Chapter 16

4 December Imperfect Competition: Sraffa, Chamberlin, Robinson Chapter 17

6 December Mathematical: Walras, Leontief, Hicks Chapter 18

8 December Austrian: von MIses, Hayek Supplementary

11 December Institutionalist: Veblen, Mitchell Chapter 19

13 December Institutionalist: Galbraith Chapter 19

15 December Welfare: Pareto, Pigou, Lange, Arrow, Buchanan, Sen Chapter 20

18 December Keynesian: Keynes Chapter 21

26 December New Keynesian: Hansen, Samuelson Chapter 22

28 December Growth: Harrod, Domar, Solow Chapter 23

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5 January Chicago: Friedman Chapter 24

8 January Chicago: Lucas, Becker Chapter 24

10 January Modern Currents and Conclusions Chapter 25