As a student of economics, you must study the history of economic thought to understand why individuals, firms, and governments make certain choices. Economists try to answer three basic questions: what to produce, how to produce it, and for whom.
As a student of economics, you must study the history of economic thought to understand why individuals, firms, and governments make certain choices. Economists try to answer three basic questions: what to produce, how to produce it, and for whom. The history of economic thought represents a wide diversity of theories within the discipline, but all economists address these three basic questions.
As you learn more about the history of economic thought, you may realize that policies presented as great innovations today are founded upon centuries-old writings. You will learn that without a clear sense of the discussions and debates that took place among economists of the past, the modern economist lacks a complete perspective. By examining the history of economic thought, you will be able to categorize and classify thoughts and ideas and will begin to understand how to think like an economist.
Economics is both a social science and a business subject; accordingly, economic thinking affects everything from art to philosophy to the wider global culture. In turn, society and trends influence the development of economic thought. Note that many of the assigned readings in this course are primary source materials written by the economic theorists themselves. As you read the assignments, reflect on the authors’ motivations and consider the events of the era. The readings in this class represent many different perspectives, and no single approach is favored.
Upon successful completion of this course, the student will be able to:
Explain and analyze the development of economics as a discipline in various ancient cultures.
Trace the development of European economic thought and analyze concepts in historical context.
Compare and contrast Classical economic theories.
Synthesize the elements of Neo-Classical and Keynesian approaches in the modern era.
Evaluate the merits of alternative approaches to maximizing happiness.
