Course 2009-2010 a.y.

6137 - HISTORY OF ECONOMIC THOUGHT


CLEAM - CLES - CLEF - BIEM - CLEACC

Department of Economics

Course taught in English

Go to class group/s: 31
CLEAM (6 credits - I sem. - AI) - CLES (6 credits - I sem. - AI) - CLEF (6 credits - I sem. - AI) - BIEM (6 credits - I sem. - AI) - CLEACC (6 credits - I sem. - AI)
Course Director:
IVAN MOSCATI

Classes: 31 (I sem.)
Instructors:
Class 31: IVAN MOSCATI


Course Objectives

  • The student becomes familiar with the main strands in the development of economic thought from Adam Smith to the end of the 20th century
  • The student understands the conceptual origin of the micro- and macroeconomic theories she studied in the first and second year; this allows the student to appreciate better the meaning and the importance of micro- and macroeconomic analysis
  • The student understands the methodological problems affecting the development of economic thought.

Course Content Summary

  • The economic theory of Adam Smith
  • The classical school (1790-1870): from Ricardo to J.S. Mill, through Marx
  • The marginal revolution (1870-1890): Menger, Jevons, Walras
  • The consolidation of neoclassical economics (1890-1930): Wieser and Böhm-Bawerk in Austria; Edgeworth, Wicksteed, and Marshall in England
  • Pareto and the evolution of neoclassical economics between 1900 and 1930
  • The years of high theory (1930-1940): the debate on economic calculation in the socialist commonwealth and Hayek's critique; the Keynesian revolution
  • Microeconomic and macroeconomic theory between 1940 and 1970: ordinalism and behaviorism in choice theory; Debreu and the Neo-Walrasian approach to general equilibrium theory; Arrow and social choice theory; Von Neumann-Morgenstern, Nash, and the birth of game theory; Von Neumann-Morgenstern, Savage and the revival of expected utility theory; the neoclassical synthesis in macroeconomic theory
  • From 1970 to the end of the 20th century: the New Classical Macroeconomics; the analysis of markets with asymmetric information; advances in game theory; the rise of experimental and behavioural economics.

Detailed Description of Assessment Methods

Written exam.


Textbooks

  • Lectures notes (available on Learning Space)
  • Original texts
  • Suggested but not compulsory textbook:
    • M. BLAUG, Economic Theory in Retrospect, Cambridge University Press, Fifth edition. 
Exam textbooks & Online Articles (check availability at the Library)

Prerequisites

The prerequisite is the knowledge of the basic micro- and macroeconomic theories taught in the following compulsory courses: Microeconomia/Microeconomics, Macroeconomia/Macroeconomics, Istituzioni economiche (CLEACC), Scenari economici (CLEACC).

Last change 26/03/2009 15:51