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Economics 4343
History of Economic Thought
Steve Gardner
Fall 2018
Class Time/Location:
TR 12:30-1:45pm, Foster 214
Gardner Office Hours/Location:
TR 2:00-3:30pm
MF 2:00-4:00pm
and by appointment,
McBride Center,
Foster 230.05
Course Objectives
A student who successfully completes this course should:
- 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.
Required Texts
- 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 Liberty Fund edition, the paragraphs are numbered in the text, but in most 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
Related Web Resources
Grading
Semester grades will be based on your performance on three
examinations, each accounting for one-third of the course grade. Unless
you are told otherwise, each test will include a combination of multiple
choice and essay questions. Class preparation and participation may also be taken into
account
when course grades are determined.
If you have a "comparative advantage" in research and writing, or if
there is a particular topic you would like to explore in depth, you may
wish to write an optional term paper for this course. In this case, the
term paper and each of the three examinations will be worth 25%. If you wish to pursue this option, you
will need to discuss it with me very soon, and present a one-page
prospectus by September 20. The paper will be due no later than
November 27. Look
here for guidelines on writing this optional term paper. See other important
information under Attendance, below.
Optional Video Production: Another skill that is growing more valuable and accessible is video production. If you would like have an opportunity to use and strengthen your skills in this area, you can produce a 5-10 minute video that explores a topic or concept from this course in an engaging way, and present it as an optional course assignment. In this case, the
grade for the course will be spread evenly across the examinations
and your grade on the video. If you wish to
pursue this option, turn in a topic statement and a preliminary
bibliography by September 20. The finished video is due November 27, and should be uploaded to YouTube or Vimeo, and a link should be sent to me at steve_gardner@baylor.edu. Guidelines for production and evaluation of the video may be found here.
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.
Attendance
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.
Academic Success
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.
Academic Integrity
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.
Classroom Conduct
- 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 .
Title IX
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.
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
21
- Recommended:
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:
Ancient and Medieval-- August 28 and 30
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
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
- Recommended:
Adam Smith--September 18, 20, and 25
Recommended:
FIRST EXAMINATION--SEPTEMBER 27
Thomas Malthus--October 2
Recommended:
David Ricardo--October 4 and 9
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
John Stuart Mill--October 16, 18, and 23
- Class Notes 10/11
- Class Notes 10/16
- 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:
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:
Neoclassicals and Austrians--November
1 and 8
- Recommended:
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, OPTIONAL 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 7, 9:00-11:00 AM
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