• 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 (not required) Web Texts

• Barber, William J.  A History of Economic Thought, 1967
• Mehari, Tesfa Yesus.  A Short History of Economic Thought, 2002
• Robbins, Lionel. History of Economic Thought: The LSE Lectures, 1998 (requires Baylor login)

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

• 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)
  
• Fraser Institute: Essential Scholars
• History of Economic Thought Web
• History of Economics Society 
• History of Political Economy (requires Baylor login)
• 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 
• Post-Keynesian Economics Society
• 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 24, and the finished paper or video will be due no later than November 26. 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.

• 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.

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

First Day, Why History of Economic Thought? -August 24

• Lecture Notes 

Recommended: 

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

Methodology and Philosophy of Science-August 26

• 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 31 and September 2

• Class Notes 8/31
  
• Class Notes 9/2
• 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 7 and 9

• Class Notes 9/7
  
• Class Notes 9/9
• 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 14 and 16

• Class Notes 9/14
  
• Class Notes 9/16
  
• 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 21, 23, and 28

• Class Notes 9/21   
  

• Class Notes 9/23    TERM PAPER OR VIDEO PROSPECTUS DUE

• Class Notes 9/28
• 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 30

Thomas Malthus--October 5

• 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 7, 12, and 14 

• 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 

John Stuart Mill--October 19, 21, and 26 

• Class Notes 10/19
  
• Class Notes 10/21
  
• Class Notes 10/26
  
• 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 28

Karl Marx--November 2 and 4

• Class Notes, 11/2
  
• Class Notes, 11/4
  
• 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 9 and 11

• Class Notes, November 9
• Class Notes, November 11   
• 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

Alfred Marshall and Leon Walras--November 16 and 18

• Class Notes, November 16 
• Class Notes, November 18 
• 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 7

Recommended:

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

 Thanksgiving Holidays - November 22-26

John Maynard Keynes--November 30 and December 2, TERM PAPER OR VIDEO DUE (30th)

• Class Notes, November 30
• Class Notes, December 2
• 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

 

Austrians, Friedman, and The Chicago School-- December 7

• Class Notes, December 7
• 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 11, 9:00-4:00 PM

COVID Protocols

Throughout the pandemic, Baylor’s commitment has been to the health and safety of
our family. Since the spring of 2020, the University has chosen to take actions that align
with the most up-to-date health recommendations. Guidelines for the Fall 2021
semester include:

• Everyone is required to wear a mask in classrooms and labs.
• Everyone who is unvaccinated is required to be tested twice weekly throughout the semester. For more information about Baylor’s testing program, please visit Baylor’s COVID site at www.baylor.edu/coronavirus. To confirm your exemption from this testing, upload your vaccination record to www.baylor.edu/vaccine.
• Vaccinations are available for students at the Baylor Health Center. Please call 254-710-1010 to make an appointment or go to www.baylor.edu/healthservices.
• The symptoms for the Delta variant look very similar to the original COVID symptoms but include headaches, sinus congestion, sore throats, and a runny nose. If you feel sick, please contact the Baylor Health Center to be tested as soon as possible, at 254-710-1010 or www.baylor.edu/healthservices.
• Please have a plan in place in case you get sick with COVID or are asked to isolate or quarantine. Baylor will provide limited assistance, but it is in your best interest to have your own plan in place.

We all want to return to a normal fall semester with more in-person events and
traditions; vaccinations and face masks help the entire Baylor community to stay
healthy.

Academic Integrity

Plagiarism or any form of cheating involves a breach of student-teacher trust. This means that any work submitted under your name is expected to be your own, neither composed by anyone else as a whole or in part, nor handed over to another person for complete or partial revision.  Be sure to document all ideas that are not your own. Instances of plagiarism or any other act of academic dishonesty will be reported to the Honor Council and may result in failure of the course. Not understanding plagiarism is not an excuse. I expect you, as a Baylor student, to be intimately familiar with the Honor Code at: http://www.baylor.edu/honorcode/

Baylor University Equity, Civil Rights, and Title IX

Civil Rights Policy and Sexual and Interpersonal Misconduct Policy

Baylor University does not tolerate unlawful harassment or discrimination on the basis of sex, gender, race, color, disability, national origin, ancestry, age (over 40), citizenship, genetic information or the refusal to submit to a genetic test, past, current, or prospective service in the uniformed services, or any other characteristic protected under 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 exploitation, stalking, intimate partner violence, or retaliation for reporting one of these types of prohibited conduct, please visit www.baylor.edu/titleix, or contact us at (254) 710-8454, or mailto: TitleIX_Coordinator@baylor.edu.

2.     Harassment (excluding those issues listed in #1) or adverse action based on Protected Characteristics, please visit www.baylor.edu/civilrights, or contact us at (254) 710-7100 or Civil_Rights@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, and other forms of assistance that may be available. Staff members at the office can also explain your rights and procedural options. You will not be required to share your experience. If you or someone you know feels unsafe or may be in imminent danger, please call the Baylor Police Department (254-710-2222) or Waco Police Department (9-1-1) immediately.

Except for Confidential Resources, all University Employees are designated Responsible Employees and thereby mandatory reporters of potential sexual and interpersonal misconduct violations. Confidential Resources who do not have to report include those working in the Counseling Center, Health Center and the University Chaplain, Dr. Burt Burleson.

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 your accommodations from the Office of Access and Learning Accommodation (OALA). Stop by the first floor of Sid Richardson, East Wing in the Paul L. Foster Success Center or call (254) 710-3605 or email OALA@baylor.edu.

Academic Success

Every student who has been admitted to Baylor can be successful. Be sure to take advantage of the many resources available for academic success, including coming to see me during my office hours. Students who regularly utilize the great resources in the Paul L. Foster Success Center such as tutoring, Learning Lab, and Academic Mentoring are among my most successful students. If your academic performance in this class is substandard, I will submit an Academic Progress Report to the Success Center so that the team of coordinated care professionals can ensure that you get the help you need.

University Writing Center

I encourage you to visit the University Writing Center (UWC) this semester and get feedback on your writing for this course. Located in Moody Library 2nd floor West, the UWC offers free assistance to you at any stage of the writing process (brainstorming, researching, outlining, drafting, revising, editing). In their feedback, the consultants focus on higher order concerns, such as content, thesis, evidence, and organization, before grammar or style. The UWC tutors will not proofread, edit, or write your paper for you, but they will equip you with a toolbox of strategies to improve your writing, research, and editing skills. Please take the assignment prompt, your paper/text, and other materials you might need with you to your appointment. Please include my name as the professor, and a report will automatically be sent to me after your session. Go to the website (www.baylor.edu/uwc) to schedule an appointment, call the UWC at (254)710-4849, or stop by in person.

First Generation College Students

Baylor University defines a first-generation college student as a student whose parents did not complete a four-year college degree. The First in Line program is a support office for first-generation college students to utilize if they have any questions or concerns. Please check out First in Line, visit us in the Basement of Sid Richardson West Wing or email  firstinline@baylor.edu.

Military Connected Students

Veterans, active duty military personnel, and dependents are encouraged to connect with the VETS program, a space dedicated to supporting our military-connected students. Please communicate, in advance if possible, any special circumstances (e.g., upcoming deployment, drill requirements, disability accommodations).

Health Resources for Students

Baylor University is strongly committed to addressing the mental health and wellness needs of students by  providing access to on-campus healthcare resources.

Crises and Emergencies:

BUCC Crisis Line: (254) 710-2467 (Business Hours/Non-Business Hours/Weekends)

Baylor Police Department: (254)710-222

MHMR Crisis Center: (254)867-6550

MHMR 24-Hour Emergency/Crisis Number: (254)752-3451

When home during academic breaks, when the counseling center is closed, please call your local resources. Some national numbers for support during a crisis:

National Hope Network Hotline: 1-800-SUICIDE (1-800-784-2433)

National Suicide Prevention Lifeline: 1-800-273-TALK (1-800-273-8255)

General Guidance for struggling students:  Baylor University CARE Team Services

Located on the second floor of the Student Life Center, suite 207.

The Department of CARE Team Services is a team of case managers who work with students who are struggling with mental health issues, financial struggles, and anything else affecting a student’s ability to be successful in the classrrom.

Contact Information: (254) 710-2100 ; CareTeam@baylor.edu.

 

Students’ Basic Needs (food & housing)

Food insecurity is defined as “a lack of consistent access to enough food for you to live an active, healthy life.” At Baylor, we want all students to have access to food resources that will support their holistic well-being and success. If you or someone you know experiences food insecurity at any time, you can find information on campus and community food resources by visiting The Store. You can also contact Store staff at 254-710-4931. For additional basic needs assistance, please reach out to CASE or the Care Team.

Physical Health and Wellness, Psychiatric Evaluations, Pharmacy:  Baylor Health Services Department

Baylor Health Services includes Primary Care, Psychiatry, Physical Therapy and Pharmacy and is staffed with fully certified and licensed physicians and nurse practitioners, as well as nurses and administrative staff. Appointments may be made by calling our main number or by logging into the health portal located on our website.

Contact Information: (254) 710-1010; Health_Services@baylor.edu.

 

Baylor University Counseling Center  

The Counseling Center seeks to foster wholeness for every student through caring relationships, cultural humility and integrated mental health services.

Located on the second floor of the Student Life Center.

For an appointment, go to our website to schedule an Initial Assessment or call (254) 710-2467.

Substance and Behavioral Addiction:  Beauchamp Addiction & Recovery Center (BARC)

The Beauchamp Addiction Recovery Center aims to support students in recovery from substance and behavioral addictions through an all-encompassing level of support approach that includes one-on-one mentorship, support groups, and social events open to all Baylor students.

Located in the East Village Residential Community (bottom floor of Teal Residential College).

Contact Information: (254)-710-7092; BARC@baylor.edu

Spiritual Life:  Baylor University Office of Spiritual Life

The Office of Spiritual Life offers programs, persons, and resources to nurture theological depth, spiritual wholeness, and missional living.

Located on the corner of 5th and Speight Street in the BoBo Spiritual Life Center.

Contact Information: (254) 710-3517; Spiritual_Life@baylor.edu

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