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Economics 5343
Seminar on the History of Economic Thought

Steve Gardner
Spring 1999
Required Texts
  • Buchholz, Todd G. New Ideas from Dead Economists: An Introduction to Modern Economic Thought. Plume, 1990.
  • Smith, Adam. An Inquiry into the Nature and Causes of the Wealth of Nations. Two Volumes. Reprint of the Oxford University Press edition by Liberty Press, 1981 [originally published in 1776].
  • Mill, John Stuart. Principles of Political Economy. Books IV and V. Penguin Classics, 1985 [originally published in 1848].
  • Tucker, Robert C., editor. The Marx-Engels Reader. 2nd. Edition. Norton, 1978 [selections originally published between 1843 and 1894].
  • Keynes, J.M., The General Theory of Employment, Interest, and Money, Harcourt, Brace, 1964.
Recommended on Reserve in Moody Library
  • Abbott, Leonard Dalton, ed., Masterworks of Economics, McGraw-Hill, 1973.
  • Spiegel, Henry William. The Growth of Economic Thought. Duke University Press, 1971.
  • Sweezy, Paul. The Theory of Capitalist Development. Oxford University Press, 1942.
Related Web Sites Grading
Semester grades will be based on your performance on three examinations and a term paper, each accounting for one-fourth of the course grade. Unless you are told otherwise, each test will include a combination of multiple choice and essay questions. See other important information under Attendance, below.

The term paper should be 5-10 pages long, and it should be a historical survey of economic theories or philosophies on a particular topic. Topics that you may find interesting would include population growth, environmental protection, determination of wages (or rent or profits), effects of colonialism, arguments for protectionism, economics of education, philosophies of taxation, etc. These are only a few of the possibilities; choose a topic that is interesting to you. Turn in a one-page prospectus by February 11. The paper will be due no later than April 8.
Attendance
In keeping with University regulations, 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. If you arrive late for class, you will be recorded absent unless you have the roll changed after class. Preparation and participation may also be taken into account when course grades are determined.

Tentative Course Schedule
(Please read the required assignments before each class)

Methodology and Philosophy of Science-January 12
Recommended:
Ancient and Medieval-- January 14
  • Buchholz, pp. 1-6.
  • Keynes, pp. 351-353.
  • 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:
Mercantilism--January 19 and 21
  • Buchholz, 6-9.
  • Smith, pp. 429-438, 446-447, 452-459, 463-465, 471-472, 660-662.
  • Keynes, pp. 333-351.
Recommended:
The Physiocrats--January 26 and 28
  • Buchholz, pp. 16-18.
  • Smith, pp. 663-688.
Recommended:
Adam Smith--February 2, 4, and 9
  • Buchholz, pp. 10-16, 19-41.
  • Smith (skip the editor's general introduction), pp. 10-36, 44-53, 65-89, 105-106, 113-115, 152-153, 160-162, 337-342.
Recommended:
  • Spiegel, Chapter 11.
Thomas Malthus--February 11
  • Buchholz, Chapter 3.
  • Keynes, pp. 362-364.
Recommended:
FIRST EXAMINATION--FEBRUARY 16

David Ricardo--February 18 and 23
  • Buchholz, Chapter 4.
  • Mill, pp. 72-104.
Recommended:
John Stuart Mill--February 25 and March 2 and 4
  • Buchholz, Chapter 5.
  • Mill, pp. 111-113, 123-126, 133-134, 141-151, 153-169, 304-359.
Recommended:
SPRING BREAK--MARCH 6-14

Karl Marx--March 16, 18 and 23
  • 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:
SECOND EXAMINATION--MARCH 25

Alfred Marshall--March 30 and April 1
  • Buchholz, Chapter 7.
Recommended:
John Maynard Keynes--April 6, 8, and 13
Recommended:
  • Spiegel, Chapter 26.
DIADELOSO--APRIL 15

Monetarism--April 20 and 22
  • Buchholz, Chapter 10.
Public Choice Theory--April 27
  • Buchholz, Chapter 11
  • Smith, pp. 135-146.
New Classicals--April 29
  • Buchholz, Chapter 12
THIRD EXAMINATION--MAY 10, 8:00 -10:00


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