Economics 4343
History of Economic Thought

Steve Gardner 
Spring 2002 
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 .Two Volumes. Reprint of the Oxford University Press edition by Liberty Press, 1981 [originally published in 1776].
  • Tucker, Robert C., editor. The Marx-Engels Reader. 2nd. Edition. Norton, 1978 [selections originally published between 1843 and 1894].
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, 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. 

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%.  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 health or education, philosophies of taxation, etc.  These are only a few of the possibilities.  If you wish to pursue this option, you will need to discuss it with me very soon, and present a one-page prospectus by February 14.  The paper will be due no later than April 16.

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 17

Ancient and Medieval-- January 22 and 24
  • Class Notes 1/22/02 
  • Class Notes 1/24/02 
  • 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.
Mercantilism--January 29 and 31 
Quesnay and the Physiocrats--February 5 and 7
Adam Smith--February 12, 14, and 19
  • Spiegel, Chapter 11.

Thomas Malthus--February 26

  • Spiegel, Chapter 12.
David Ricardo--February 28 and March 12   SPRING BREAK--MARCH 2-10
John Stuart Mill--March 14, 19, 21 
Karl Marx--March 26, 28, and April 2

Alfred Marshall--April 9, 16, 18, and 23    DIADELOSO--APRIL 11

John Maynard Keynes--April 25 and 30
  • Spiegel, Chapter 26.
Friedman and Monetarism-- May 2


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