COURSE UNIT TITLE

: HISTORY OF ECONOMIC THOUGHT

Description of Individual Course Units

Course Unit Code Course Unit Title Type Of Course D U L ECTS
ECO 2005 HISTORY OF ECONOMIC THOUGHT COMPULSORY 3 0 0 6

Offered By

Economics

Level of Course Unit

First Cycle Programmes (Bachelor's Degree)

Course Coordinator

PROFESSOR MUSTAFA ERDEM ÖZGÜR

Offered to

Economics

Course Objective

This course aims at acquainting the students with the theoretical history of economics as a social science. To this end, the students will be exposed not only to the history of the development of economic thought but also to the different methods used in this development. This course reviews the main schools and thinkers in the history of economic thought beginning with the ancient Greeks. Mercantilism, Classical political economy, challenges to the Classical school in the 19th century, Neoclassical economics, Institutional and Keynesian economics, and modern economic thought are the subjects that will be covered throughout this course. Although this is not an economic history course, the social and economic environment in which the contemporary economic thought flourished will be briefly presented.

Learning Outcomes of the Course Unit

1   By the end of this course, students will be able to:
2   Differentiate between different schools of economic thought.
3   Explain the context within which different strands of economic thought developed.
4   Recognize contemporary currents in economic thought and their historical precedents.
5   Use the knowledge of the history of economic ideas to better understand contemporary economic analysis.

Mode of Delivery

Face -to- Face

Prerequisites and Co-requisites

None

Recomended Optional Programme Components

None

Course Contents

Week Subject Description
1 The Study of the History of Economic Thought Early Preclassical Economic Thought
2 Mercantilism and Physiocracy
3 Adam Smith
4 David Ricardo and Thomas Robert Malthus
5 John Stuart Mill and the Decline of Classical Economics German Historical School
6 Karl Marx Socialist / Communist Critique of Classical Economics
7 The Foundations of Marginal Analysis William Stanley Jevons, Carl Menger and Leon Walras
8 The Transition to Neoclassical Economics and Alfred Marshall
9 Institutional Economics and Thorstein Veblen Austrian Economics
10 John Maynard Keynes and Keynesian Economics
11 The Development of Modern Microeconomic Theory The Development of Modern Macroeconomic Thought
12 Modern Heterodox Economic Thought

Recomended or Required Reading

Required Text: Landreth, Harry and David V. Colander (2002). History of Economic Thought. Boston: Houghton Mifflin.

Supplementary Texts: Smith, Adam (1776) Wealth of Nations.
Ekelund Jr., Robert B. and Robert F. Hebert (1997). A History of Economic Theory and Method. Singapore: McGraw-Hill.

Websites:
http://socserv2.socsci.mcmaster.ca/~econ/ugcm/3ll3/
http://www.econlib.org

Planned Learning Activities and Teaching Methods

1. Lectures
2. Readings
3. Class discussions

Assessment Methods

SORTING NUMBER SHORT CODE LONG CODE FORMULA
1 MT Midterm
2 ASS Assignment
3 FN Final
4 FCG FINAL COURSE GRADE MT * 0.40 + ASS * 0.10 + FN * 0.50
5 RST RESIT
6 FCGR FINAL COURSE GRADE (RESIT) MT * 0.40 + ASS * 0.10 + RST * 0.50


*** Resit Exam is Not Administered in Institutions Where Resit is not Applicable.

Further Notes About Assessment Methods

None

Assessment Criteria

At the end of the course:
1. The student will be expected to demonstrate knowledge of basic schools of economic thought.
2. The student will be expected to explain the context within which different strands of economic thought developed.
3. The student will be expected to use the knowledge of the history of economic ideas to better understand contemporary economic analysis.
4. The student will be expected to identify major works of classical and contemporary economists.

Language of Instruction

English

Course Policies and Rules

1. Attending at least 70 percent of lectures is mandatory.
2. Plagiarism of any type will result in disciplinary action.

Contact Details for the Lecturer(s)

Dr. M. Erdem ÖZGÜR
Dokuz Eylül University
Faculty of Business Department of Economics
Buca IZMIR
Tel: + 90 232 301 8295

Office Hours

Tuesday 09:00-10:00
Thursday 09:00-11:00

Work Placement(s)

None

Workload Calculation

Activities Number Time (hours) Total Work Load (hours)
Lectures 12 3 36
Preparation before weekly lectures 12 3 36
Preparation for the final exam 1 20 20
Preparing assignment 1 25 25
Preparation for the midterm exam 1 20 20
Midterm 1 2 2
Final 1 2 2
TOTAL WORKLOAD (hours) 141

Contribution of Learning Outcomes to Programme Outcomes

PO/LOPO.1PO.2PO.3PO.4PO.5PO.6PO.7PO.8PO.9PO.10PO.11PO.12PO.13PO.14
LO.145
LO.25
LO.35
LO.45
LO.554