• understand the historical continuities and interruptions in the themes and methods of economics that have been explored since the days of Moses and Aristotle.
• understand the intellectual, cultural, and material forces that 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 to develop and transmit economic ideas.
• gain cultural literacy by understanding the contributions of major schools of economic thought (Mercantilists, Physiocrats, Classicals, Marxists, Keynesians, Monetarists, Austrians, etc.), and gain familiarity with their major contributors.
• apply theories and concepts from the course to practical issues in economic analysis and policy.

• Buchholz, Todd G. New Ideas from Dead Economists: An Introduction to Modern Economic Thought. Revised Edition, Plume, 1999.
• Keynes, J.M., The General Theory of Employment, Interest, and Money , Prometheus Books, 1997 [originally published in 1935].
• Marshall, Alfred.  Principles of Economics. 8th Edition. Prometheus Books, 1997 [1st edition originally published in 1890; 8th edition in 1920].
• Mill, John Stuart. Principles of Political Economy . 7th edition, Books II, III, IV and V and Chapters on Socialism. Oxford University Press, 1994 [1st edition originally published in 1848; 7th edition in 1871].
• Smith, Adam. An Inquiry into the Nature and Causes of the Wealth of Nations . originally published in 1776. NOTE: In the course schedule below, readings from Smith are identified by Book, Chapter, and Paragraph(s). For example, IV.2.23-31 refers to Book 4, Chapter 2, Paragraphs 23-31. In the online version and in the Liberty Fund edition, the paragraphs are numbered in the text, but in some other editions they are not.
• Tucker, Robert C., editor. The Marx-Engels Reader. 2nd. Edition. Norton, 1978 [selections originally published between 1843 and 1894].

Recommended Web Texts

• Barber, William J.  A History of Economic Thought, 1967 (41MB pdf download)
• Landreth, Harry and David Colander, History of Economic Thought (10 MB download)

Related Web Resources

• Akamac E-Texts (Ehime University, Japan)
• Bentham Project (University College London)
• EH.net (Economic History Association)
• European Intellectual History (Steven Kreis, APUS)
• European Journal of the History of Economic Thought (requires Baylor login)
  
• History of Economic Thought Society
• History of Economics Review (requires Baylor login)
• History of Economics Society 
• History of Political Economy (requires Baylor login)
• Institute for New Economic Thinking
• Internet Classics Archive
• Internet Library of Early Journals
• Keynes vs Hayek Rap, round 1
• Keynes vs Hayek Rap, round 2
• Library of Economics and Liberty 
• McMaster University Classics of Economics 
• Mises Institute (Austrian economics)
• On-Line Texts: Social Sciences 
• Portraits of Economists 
• Reference Writers (Marxists Internet Archive)
  
• Resources for Economists on the Internet (American Economic Association)
• Schools of Economic Thought (cool video)
• Schools of Economic Thought (Ha-Joon Chang)

Semester grades will be based on your performance on three examinations and either a term paper or a video production, each accounting for one-fourth of the course 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 combination 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; A- 89-90; B+ 87-88; B 81-86; B- 79-80; C+ 77-78; C 71-76; C- 69-70; D+ 67-68; D 61-66; D- 59-60; F below 59.

In keeping with University and Business School Policy, students who miss over 25% of class meetings (in this case, 8 or more sessions) will automatically fail the course. On the other hand, three points will be added to your semester average if you have perfect attendance; two points will be added if you have one absence; one point will be added if you have two absences (for purposes of earning this extra credit, there are no "excused absences"). If you arrive late for class, you will be recorded absent unless you have the roll changed after class. Please avoid late arrivals and early departures -- they are disruptive.

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 don’t 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.

The university honor code was recently updated, and you can find it here: http://www.baylor.edu/honorcode/. In line with university policies, cheating, plagiarism, or other acts of academic dishonesty will be reported to the Honor Council and may result in failure of the course or even suspension from the university.

• Please make every effort to arrive on time and avoid leaving early. 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. If we have problems of this kind, I may be forced to outlaw all computer use during our classes.
  
• 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 Handbook .

Baylor University does not discriminate on the basis of sex or gender in any of its education or employment programs and activities, and it does not tolerate discrimination or harassment on the basis of sex or gender. This policy prohibits sexual and gender-based harassment, sexual assault, sexual exploitation, stalking, intimate partner violence, and retaliation (collectively referred to as prohibited conduct). For more information on how to report, or to learn more about our policy and process, please visit www.baylor.edu/titleix. You may also contact the Title IX office directly by phone, (254) 710-8454, or email, TitleIX_Coordinator@baylor.edu.

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.

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 21

• Lecture Notes 

Recommended: 

• Mark Blaug, "No History of Ideas, Please, We're Economists," Journal of Economic Perspectives, Winter 2001
• Bruce Caldweall, "Of Positivism and the History of Econnomic Thought," Southern Economic Journal, 2013

Methodology and Philosophy of Science-August 23

• Lecture Notes 
• William Trochim, "Positivism and Post-Positivism" 
• William Trochim, "Deductive and Inductive Thinking"  
• Roger Jones, "Philosophy of Science"  
• Milton Friedman, "The Methodology of Positive Economics," 1953 
• Ernest Nagel, "Assumptions in Economic Theory, The American Economic Review, Vol. 53, No. 2, May, 1963
• Paul Samuelson, "Discussion," The American Economic Review, Vol. 53, No. 2, May, 1963, pp. 231-234.
• Fritz Machlup, "Professor Samuelson on Theory and Realism," The American Economic Review, Vol. 54, No. 5, Sep., 1964. 
• Paul A. Samuelson, "Theory and Realism: A Reply," The American Economic Review, Vol. 54, No. 5, Sep., 1964. 
• George Soros, "The Capitalist Threat," Atlantic Monthly, February 1997 

Recommended: 

• Landreth/Colander, Chapter 1
• Thomas Kuhn, "The Structure of Scientific Revolutions," 1962 
• Mauro Murzi, "Logical Positivism" 
• Karl Popper, Main Works in English 

 

Ancient and Medieval-- August 28 and 30

• Class Notes 8/28
  
• Class Notes 8/30
• Buchholz, pp. 1-6.
• Keynes, pp. 351-353 (VI.23.5).
• The Bible 


Exodus 20:8-11, 22:12, and 23:10-11; Leviticus 25:1-55; Numbers 27:1-11; Deuteronomy 15:1-15 and 23:19-20; II Kings 6:25 and 7:1; Ecclesiastes 4:8 and 5:18; Matthew 6:28-34 and 25:14-30; Luke 6:34-35 and 10:38-41; Acts 4:32-37; and II Thessalonians 3:7-12.

Recommended: 

• Landreth/Colander, Chapter 2
• Thomas Aquinas, 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.”
• Aristotle, Nichomachean Ethics 
• Aristotle, Politics --Book I, Chapters 4, 5, 9, and 10; Book II, Chapters 4 and 5; Book VII, Chapters 4 and 9.

 

Mercantilism--September 4 and 6

• Class Notes 9/4
  
• Class Notes 9/6
• Buchholz, 6-9. 
• Smith, IV.1.1 to 18; IV.1.31; IV.2,whole chapter; IV.8, final 6 paragraphs.
• Keynes, pp. 333-351 (VI.23.1-4)

Recommended:

• Landreth/Colander, pp. 45-59
• Thomas Mun, England's Treasure by Foreign Trade, 1664 (In Abbott, Vol. 1, pp. 6-27).
• David Hume, Essays Moral, Political, and Literary, 1742 and 1752 
• Richard Cantillon, An Essay on Commerce in General, 1755 

 

Quesnay and the Physiocrats--September 11 and 13

• Class Notes 9/11
  
• Class Notes 9/13
  
• Buchholz, pp. 16-18.
• Smith, IV.9.1-52 (whole chapter)

Recommended:

• Landreth/Colander, pp. 59-65
• A.R.J. Turgot, Reflections on the Formation and Distribution of Wealth , 1766 (In Abbott, Vol. 1, pp. 29-51)
• Quesnay's Tableau Economique
  

Adam Smith--September 18, 20, and 25

• Class Notes 9/18    
  

• Class Notes 9/20    TERM PAPER OR VIDEO PROSPECTUS DUE

• Class Notes 9/25
• Buchholz, pp. 10-16, 19-41.
• Smith, "Introduction and Plan of Work" (read all except footnotes); Book 1, Chapters 1; 2; 3; 4; 5; 6; 7; 8, paragraphs 1 to 24; 9, paragraphs 1 to 6 and 18 to 24; and 11, chapter introduction and first 7 paragraphs of Part 1. Book 2, Chapter 3, paragraphs 1 to 31.

Recommended:

• Barber, Chapter 1
• Landreth/Colander, Chapter 4
• Joseph Persky, "Retrospectives: From Usury to Interest," Journal of Economic Perspectives, Winter 2007
  

FIRST EXAMINATION--SEPTEMBER 27 

Thomas Malthus--October 2

• Class Notes
  
• Buchholz, Chapter 3.
• Malthus, An Essay on the Principle of Population, 1st Edition (1798) , Preface and Chapter 1
• Malthus, An Essay on the Principle of Population, 6th Edition (1826) , Preface;  I.I;  I.II;  IV.VIII;  IV.XIV
• Keynes, pp. 362-364 (VI.23.7)

Recommended:

• Barber, Chapter 2.
• Persky, Joseph. "Retrospectives: A Dismal Romantic." Journal of Economic Perspectives, Fall 1990.

 

David Ricardo--October 4 and 9 

• Class Notes  
• Buchholz, Chapter 4.
• Mill, Book IV, Chapter 3 (pp. 83-99).

Recommended:

• Ricardo, Principles of Political Economy and Taxation, 1817
• Barber, Chapter 3.
• Landreth/Colander, pp. 113-150.
  
• Thomas Malthus, The Corn Laws, 1814 
• Thomas Malthus, Grounds for an Opinion on the Policy of Restricting the Importation of Foreign Corn, 1815 
• Thomas Malthus, The Nature of Rent, 1815 

Czech Ambassador Hynek Kmonícek, Armstrong Browning Library - Oct. 11 

John Stuart Mill--October 16 and 18 

• Class Notes 10/16
  
• Class Notes 10/18
  
• Class Notes 10/18
  
• Buchholz, Chapter 5. 
• Bentham, Jeremy. Principles of Morals and Legislation, 1823 (Chapters 1 and 4).
  
• Mill , Book II, Chapter 1 (pp. 5-24); Book IV, Chapters 6 and 7 (pp. 124-158); Book V, Chapters 1, 2, and 11 (pp. 159-189 and 324-367); and Chapters on Socialism, pp. 379-386,  413-423, and 431-436.

Recommended:

• Jeremy Bentham, Defense of Usury, 1787 
• Barber, Chapter 4.
• Landreth/Colander, pp. 173-190.
  

 

SECOND EXAMINATION--OCTOBER 23

Karl Marx--October 30 and November 1

• Class Notes, 10/25
  
• Class Notes, 10/30
  
• Buchholz, Chapter 6. 
• Tucker, pp. 203-217, 336-340, 355-358, 436-438, 485, 490-491, 522-524, 529-531, 538, 698-701, 716-717.

Recommended:

• Karl Marx, Capital, Vol. 1, 1865 
• George Bernard Shaw (editor), Fabian Essays in Socialism
• Barber, Chapter 5.
• Landreth/Colander, Chapter 7
  

Neoclassicals and Austrians--November 1 and 8

• Class Notes     
• Buchholz, pp. 147-149.

Recommended:

• William Stanley Jevons, A General Mathematical Theory of Political Economy , 1862 
• Barber, Chapter 6.
• Landreth/Colander, Chapters 8 and 9

TRADE INTEGRATION IN THE AMERICAS CONFERENCE - November 6

Alfred Marshall and Leon Walras--November 13 and 15

• Class Notes    
• Marshall , Prefaces; Book I, Chapters 1 and 4; Book II, Chapter 3, §1; Book III, Chapters 3, 4, and 6; and Book V, Chapters 3, 5, 12, and 13.
• Buchholz, Chapter

Recommended:

• Barber, Chapter 6.
• Landreth/Colander, Chapters 10 and 11

 

John Maynard Keynes--November 20 and 27 THANKSGIVING HOLIDAY ON NOV 21-25, TERM PAPER OR VIDEO DUE (27th)

• Buchholz, Chapter 9.
• Keynes (full text),   Selections,  pp. v-viii, 3-22, 27-28, 165-172, 245-54, 372-84.

Recommended:

• Barber, Chapter 8.
• Landreth/Colander, Chapter 15

 

Friedman and Monetarism-- November 29

• Friedman Notes
  
• Buchholz, Chapter 10.
• Friedman, Milton. "A Theoretical Framework for Monetary Analysis ," The Journal of Political Economy, Vol. 78, No. 2. (Mar. - Apr., 1970), pp. 193-238.
• Friedman, Milton. "Nobel Lecture: Inflation and Unemployment ," The Journal of Political Economy, Vol. 85, No. 3. (Jun., 1977), pp. 451-472.

Recommended:

• Landreth/Colander, pp. 413-415 and 440-441

 

THIRD EXAMINATION--DECEMBER 8, 4:30-6:30 PM

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