Seminar: History of Economic Thought
MW 1:00-2:15pm, Foster 303
Gardner Office Hours/Location:
and by appointment,
A student who successfully completes this course should:
- understand the historical continuities and interruptions in
themes and methods of economics that have been explored since the days of Moses and Aristotle.
- understand the intellectual, cultural, and material forces
have shaped the development of economics.
- be able to locate and interpret original classic texts
and appreciate the different methods of exposition that have been used
develop and transmit economic ideas.
- gain cultural literacy by understanding the contributions
major schools of economic thought (Mercantilists, Physiocrats,
Marxists, Keynesians, Monetarists, Austrians, etc.), and gain familiarity with
- apply theories and concepts from the course to practical
in economic analysis and policy.
- Buchholz, Todd G. New Ideas from Dead Economists: An
to Modern Economic Thought. Revised Edition, Plume, 1999.
J.M., The General Theory of Employment, Interest, and Money
Prometheus Books, 1997 [originally published in 1935].
Alfred. Principles of Economics. 8th Edition.
Books, 1997 [1st edition originally published in 1890; 8th edition in
- Mill, John
Stuart. Principles of Political Economy . 7th edition,
II, III, IV and V and Chapters on Socialism. Oxford University Press,
[1st edition originally published in 1848; 7th edition in 1871].
Adam. An Inquiry into the Nature and Causes of the Wealth of Nations
Two Volumes. Reprint of the Oxford University Press
by Liberty Press, 1981 [originally published in 1776].
- Tucker, Robert C., editor. The Marx-Engels Reader.
Edition. Norton, 1978 [selections originally published between 1843 and
Recommended Web Texts
Related Web Sites
Semester grades will be based on your performance on
examinations and either a term paper or a video production, each accounting for one-fourth of the
grade. Your grade may also be affected by your preparation for class and participation in class discussions. Unless you are told otherwise, each test will include a
of multiple choice and essay questions. Look
here for guidelines on writing the term paper and here for video guidelines. You will need to present a brief prospectus by September 20, and the finished paper or video will be due no later than November 27. See other important
information under Attendance, below.
Semester grade averages will be converted into letter grades according to the following scale: A 91-100;
F below 59.
- In keeping with University and Business School Policy, students who miss
25% of class meetings (in this case, 8 or more sessions) will
fail the course. On the other hand, three points will be added to your
average if you have perfect attendance; two points will be added if you
one absence; one point will be added if you have two absences (for
of earning this extra credit, there are no "excused absences"). If you
late for class, you will be recorded absent unless you have the roll
after class. Please avoid late arrivals and early departures -- they
- Like other members of the faculty and staff, I want to be sure that you have every opportunity to have a successful experience at Baylor. If you have an unexplained pattern of absences or if you seem to be struggling in the course, I will submit an Academic Progress Report to the Success Center. I will work to help you get the support that you need, and I can assist you in finding the resources you need beyond my course. Familiarize yourself with the services provived by the Paul L. Foster Success Center in Sid Richardson or by going to: http://www.baylor.edu/successcenter/. Even if you dont need help, you can get involved by tutoring other students in the future or by telling a hall mate how and where to get help.
- Please make every effort to arrive on time and avoid
If you must leave early, please tell me before class begins. For more
information on this subject, see "Attendance" below.
- Please switch off cell phones before class begins.
- Please give your full attention during class.
Texting, e-mailing, web surfing, and side
conversations are disrespectful and distracting. Please do not make it necessary for me to confront you about distracting behavior.
- Our classes will be more interesting if we have
broad and lively discussions. Please participate, but avoid
monopolizing the discussion. Respect alternative points of view and
help me to "draw out" shy class members.
- With the exception of bottled water, we are not
allowed to have food or drinks in the Foster classrooms.
- For additional information on classroom conduct,
see corresponding section of the Student
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Military Student Advisory
- Veterans and active duty military personnel are welcomed and encouraged to communicate, in advance if possible, any special circumstances (e.g., upcoming deployment, drill requirements, disability accommodations). You are also encouraged to visit the VETS Program Office with any questions at (254) 710-7264.
Students Needing Accommodations
- Any student who needs academic accommodations related to a documented disability should inform me immediately at the beginning of the semester. You are required to obtain appropriate documentation and information regarding accommodations from the Office of Access and Learning Accommodation (OALA). Contact Information: (254) 710-3605 - Paul L. Foster Success Center, 1st floor on the East Wing of Sid Richardson.
Tentative Course Schedule
(Please read the required assignments before each class)
First Day, Why History of Economic Thought? -August
Methodology and Philosophy of Science-August
- Lecture Notes
"Positivism and Post-Positivism"
"Deductive and Inductive Thinking"
"Philosophy of Science"
Friedman, "The Methodology of Positive Economics," 1953
Nagel, "Assumptions in Economic Theory, The American Economic Review,
53, No. 2, May, 1963
Samuelson, "Discussion," The American Economic Review, Vol. 53, No. 2,
1963, pp. 231-234.
Machlup, "Professor Samuelson on Theory and Realism," The American
Review, Vol. 54, No. 5, Sep., 1964.
A. Samuelson, "Theory and Realism: A Reply," The American Economic
Vol. 54, No. 5, Sep., 1964.
- George Soros,
Capitalist Threat," Atlantic Monthly, February 1997
Ancient and Medieval-- August 28 and 30
Exodus 20:8-11, 22:12, and 23:10-11; Leviticus 25:1-55;
27:1-11; Deuteronomy 15:1-15 and 23:19-20; II Kings 6:25 and 7:1;
4:8 and 5:18; Matthew 6:28-34 and 25:14-30; Luke 6:34-35 and 10:38-41;
4:32-37; and II Thessalonians 3:7-12.
Mercantilism--September 6 and 11 (September 4 is a Labor Day Holiday)
- Landreth/Colander, Chapter 2
Summa Theologica The Second Part of the Second Part, questions 32 Of Almsdeeds, 77 Sins Committed in Buying and Selling, and 78 Sins Committed in Loans.
--Book I, Chapters 4, 5, 9, and 10; Book II, Chapters 4 and 5; Book
Chapters 4 and 9.
Quesnay and the Physiocrats--September
- Landreth/Colander, pp. 45-59
Mun, England's Treasure by Foreign Trade, 1664 (In Abbott,
1, pp. 6-27).
Hume, Essays Moral, Political, and Literary, 1742 and 1752
Cantillon, An Essay on Commerce in General, 1755
Adam Smith--September 20, 25, and 27
- Class Notes 9/20 TERM PAPER OR VIDEO PROSPECTUS DUE
- Class Notes 9/25
- Class Notes 9/27
- Buchholz, pp. 10-16, 19-41.
- Smith (skip
editor's general introduction), pp. 10-36 (I.1.1
- I.3.8), pp. 44-53 (I.4.11 - I.5.15), pp. 65-89 (I.6.1
- I.8.24), pp. 105-106 (I.9.1-6),
pp. 113-115 (I.9.18-24),
pp. 152-153 (I.10.44-47),
pp. 160-162 (I.11.1-9),
pp. 337-342 (II.3.18-
FIRST EXAMINATION--OCTOBER 2
Thomas Malthus--October 4 and 9
David Ricardo--October 11, 16, and 18
John Stuart Mill--October 23, 25,
Principles of Political Economy and Taxation, 1817 (In Abbott,
2, pp. 6-65)
- Landreth/Colander, pp. 113-150.
Malthus, The Corn Laws, 1814
Malthus, Grounds for an Opinion on the Policy of Restricting the
of Foreign Corn, 1815
Malthus, The Nature of Rent, 1815
- Class Notes 10/23
- Class Notes 10/25
- Class Notes 10/30
- Buchholz, Chapter 5.
Jeremy. Principles of Morals and Legislation, 1823
(Chapters 1 and 4).
- Mill ,
II, Chapter 1 (pp. 5-24); Book IV, Chapters 6 and 7 (pp. 124-158); Book
Chapters 1, 2, and 11 (pp. 159-189 and 324-367); and Chapters on
pp. 379-386, 413-423, and 431-436.
SECOND EXAMINATION--NOVEMBER 1
Karl Marx--November 6 and 8
- Class Notes, 11/6
- Class Notes, 11/8
- Buchholz, Chapter 6.
- Tucker, pp. 203-217, 336-340, 355-358, 436-438,
490-491, 522-524, 529-531, 538, 698-701, 716-717.
Neoclassicals and Austrians--November
Alfred Marshall Leon Walras--November
15 and 20
- Class Notes
, Prefaces; Book I, Chapters 1 and 4; Book II, Chapter 3, §1; Book
Chapters 3, 4, and 6; and Book V, Chapters 3, 5, 12, and 13.
- Buchholz, Chapter
John Maynard Keynes--November 27 and 29 TERM PAPER OR VIDEO DUE (27th)
- Landreth/Colander, Chapters 10 and 11
- Buchholz, Chapter 9.
(full text), Selections, pp. v-viii, 3-22, 27-28, 165-172, 245-54, 372-84.
Friedman and Monetarism-- December 4
- Landreth/Colander, Chapter 15
- Friedman Notes
- Buchholz, Chapter 10.
Milton. "A Theoretical Framework for Monetary Analysis ," The
of Political Economy, Vol. 78, No. 2. (Mar. - Apr., 1970), pp.
Milton. "Nobel Lecture: Inflation and Unemployment ," The
Political Economy, Vol. 85, No. 3. (Jun., 1977), pp. 451-472.
- Landreth/Colander, pp. 413-415 and 440-441
THIRD EXAMINATION--DECEMBER 7, 2:00-4:00 PM
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