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Economics 5343
Seminar: History of Economic Thought
Steve Gardner
Fall 2020
Class Time/Location:
TR 2:00-3:15pm
ONLINE
Zoom Office Hours/Location:
MWF 2:00-4:00pm
and by appointment.
You can "drop in" during these office hours,
but you may need to spend time in the Zoom waiting room.
You can avoid
that by reserving a time on Calendly, here.
Course Objectives
A student who successfully completes this course should:
- understand historical trends in the themes and methods of
economics that have been explored since ancient times.
- 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 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 (not required)
Supplementary Free Online Texts
Recommended (not required) Supplementary Texts/Books
Available for Purchase
- Galbraith,
John Kenneth. Economics in Perspective: A Critical
History, 1987.
- Heilbroner,
Robert. The Worldly Philosophers: The Lives, Times And
Ideas Of The Great Economic Thinkers, 1953/1999.
- Roncaglia,
Alessandro. A Brief History of Economic Thought,
2017.
- Sandelin,
Bo, and others. A Short History of Economic Thought,
2008.
- Spiegel,
William Henry. The Growth of Economic Thought, 1991
- Warsh,
David. Economic Principles: The Masters and Mavericks of
Modern Economics, 1993.
- Yueh,
Linda. What Would the Great Economists Do?: How Twelve
Brilliant Minds Would Solve Today's Biggest Problems,
2019.
Related Web Resources
Grading
Semester grades will be based on your performance on three
examinations (20% each), either a term paper or a video
production (30%), and brief quizzes over some of the video
lectures (10%). Your grade may also be affected by your
participation in our Zoom discussions. Exams: To take
the three major exams (but not the quizzes), you will be
required to use the Respondus browser. If it is not
already installed on your computer, you should go
ahead and install it at this link. Unless you are
told otherwise, each test will include a combination of multiple
choice and essay questions. Term Papers and Videos: Look here for guidelines on writing
the term paper and here for video
guidelines. You will need to present a brief
prospectus by September 22, and the finished paper or video will
be due no later than November 24. 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.
Attendance and Engagement
For this online course, attendance and engagement can take
several forms, including participation in our Zoom sessions and
responding to assignments and quizzes in Canvas. Under
normal circumstances, in keeping with University and Business
School Policy, students who miss over 25% of class
meetings would automatically fail the course. If
anything happens that interrupts your ability to fully attend
and engage in the course - health concerns, technological
problems, or otherwise - please discuss the issues with me as
closely as possible by email or during Zoom office hours.
Academic Success
I want to be sure that you have every opportunity to be
successful at Baylor and in this course. 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 and will work with you get the support that you
need. Familiarize yourself with the services provided by the
Foster Success Center: http://www.baylor.edu/successcenter/.
Academic Integrity
You can find the university honor code here.
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.
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). See the OALA
website or or
email OALA@baylor.edu
immediately if you have not done so already.
Online Classroom Conduct
- For our Zoom meetings, please make every effort to "arrive" on
time and avoid leaving early. If you have difficulty with this,
please let me know via email or during Zoom office hours.
- During our Zoom meetings, please be sure that your webcam is
turned on, so we will know you are engaged. If your camera
is not turned on, I'll call on you more often.
- When you are not speaking, please mute your microphone to
reduce background noise, and to keep the speaker on the screen
in "Speaker View."
- Please give your full attention during our Zoom sessions. It
will be obvious if you are texting and websurfing.
- 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.
- For additional information on classroom conduct, see
corresponding section of the Student
Handbook .
Tentative Course Schedule
(Please read the required assignments before each
class)
First Day, Why History of Economic Thought? -August
25
- Recommended:
Methodology and Philosophy of Science-August
27
- Lecture Notes
- William
Trochim,
"Positivism
and Post-Positivism"
- William
Trochim,
"Deductive
and Inductive Thinking"
- Milton
Friedman,
"The Methodology of Positive Economics," 1953
- Paul
Samuelson,
"Discussion," The American Economic Review, Vol. 53, No.
2, May, 1963, pp. 231-234.
- 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-- September 1 and
3
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:
- Mehary, Chapters 2 and 3
- 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.
- 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.”
Mercantilism--September 8 and 10
Recommended:
- Mehary, Chapter 6
- 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
15 and 17
- Recommended:
Adam Smith--September 17, 22, and 24
Recommended:
FIRST EXAMINATION--SEPTEMBER 29
Thomas Malthus--October 1
Recommended:
David Ricardo--October 6,
8, and 13
Recommended:
- Barber, Chapter 3
- Mehary, Chapter 8.4
- Ricardo,
Principles of Political Economy and Taxation, 1817
- 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 15, 20, and
22
- Class Notes 10/15
- Class Notes 10/20
- Class Notes 10/22
- 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 27
Karl Marx-- October 29 and November 3
- Class Notes, 10/29
- Class Notes, 11/3
- 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
5 and 10
- Recommended:
Alfred Marshall and Leon Walras--November
12 and 17
- Class Notes, November 12
- Class
Notes, November 17
- 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.
- Mehary, Chapter 17.2
John Maynard Keynes--November 19 and
24 (THANKSGIVING HOLIDAY ON NOV 26), TERM PAPER
OR VIDEO DUE (24th)
- Class Notes, November 19
- Class Notes, November 24
- Buchholz, Chapter 9.
- Keynes
(full text), Selections,
pp. v-viii, 3-22, 27-28, 165-172, 245-54, 372-84.
Recommended:
- Barber, Chapter 8.
- Mehary, Chapter 19
Austrians, Friedman, and The Chicago School--
December 1
- Class
Notes, December 1
- 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.
FINAL EXAMINATION--DECEMBER 8, 9-11 AM
Office of Equity and Title
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applicable federal, Texas, or local law (collectively
referred to as Protected Characteristics).
If you or someone you know would
like help related to an experience involving:
1.
Sexual
or gender-based harassment, sexual assault, sexual
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retaliation for reporting one of these types of
prohibited conduct, please visit the Title
IX site or reach them at (254) 710-8454 or
TitleIX_Coordinator@baylor.edu.
2.
Harassment
(excluding
those issues listed in #1) or adverse action based on
Protected Characteristics, please visit www.baylor.edu/equity,
or contact us at (254) 710-7100 or Equity@baylor.edu.
The
Office of Equity and Title IX
understands the sensitive
nature of these situations and can
provide information about available on- and off-campus resources, such as counseling and
psychological services,
medical treatment,
academic support,
university housing, advocacy services, and other
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of assistance that
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can also explain your rights
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If you or someone you know feels unsafe
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danger,
please call the Baylor Police Department
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Except for Confidential
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Veterans and active duty military personnel are welcomed
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University Writing Center
The
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Learn more and make an appointment at: www.baylor.edu/uwc, or email UWC@baylor.edu
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