ECON 205 - History of Economic Thought

Credits: (3)
A capstone course study of the development of economic thought with emphasis on the relations between economic ideas and the historical, philosophical, theological, and political circumstances of the times. Begins with the early economic concepts in the writings of the Greeks philosophers as well as scholastic theologians such as Saint Thomas Aquinas, then examines the rise of mercantilism and its relation to the development of nation states. Covers the rise of classical economics, and classical liberalism generally, with Adam Smith and The Wealth of Nations, as well the ideas of Ricardo, Malthus, and Mill. Examines the works, and errors, of Karl Marx, their correction by the marginalist economists, and the rise of neoclassical economics, e.g. Marshall, in the late 1800s. Then traces the growth in the subfields within macroeconomics and microeconomics (e.g. labor, public, environmental, public choice, etc.) since then, all within a largely neoclassical framework, and generally through the economists who developed them (e.g. Keynes). Also includes examples of applications of economics to historical circumstances. Closes with an examination of markets and cultural/moral conditions. This course is intended for all majors with a foundation in Economics. Prerequisite(s): ECON 101-ECON 102. Cross-listed: HIST 357.