History of Economic Thought

Recommended Prerequisites

A reasonable background in the Principles of Economics (Micro and Macro).

Teaching Methods

“Theoretical-practical” classes, with the presentation of each topic by the teacher (occasionally, making use of inspiring introductory short videos) and an exploration of “Questions for discussion” based on the previous reading of texts. At the beginning of the semester, working groups will be formed having in view the elaboration of a work on a controversial issue in economics, based on material studied over the semester. The final output will be presented and discussed in the last classes. 

Learning Outcomes

To learn the major "visions", "modes of thought" and analytical constructs that have shaped contemporary economics by studying some crucial milestones in the evolution of economic thought as a systematic discourse, with emphasis on issues of method, and understand the historical character of economics and its plural and complex nature.

 

In addition to the acquisition of fundamental knowledge about the evolution of economic science, it is expected that students exercise the capacity of analysis and synthesis, written and oral communication, autonomous work, and that they develop critical thinking, capacity for cooperative work and argumentative abilities (SDG #4). 

Work Placement(s)

No

Syllabus

I. Why and how to study the history of economic thought (HET)? Actors, scientific communities and places in the HET. Visions, modes of thought and analytical constructs in economics. Complexity, ideology and pluralism.

II. 1. From Adam Smith to Marx: Classical Political Economy. 2. Marginalism, neoclassical economics and welfare. 3. The institutionalist movement in America. 4. Robbins’ Essay. 5. John Maynard Keynes and the Keynesian revolution. 6. Friedrich von Hayek, Milton Friedman and neoliberalism. 7. Joseph Schumpeter. 8. The mathematization of economics, econometrics and the formalist revolution. 9. A return to ethics? Amartya Sen and the ethical foundations of economics.

III. Controversial economic issues in a historical perspective.

(students’ group work presentation)

Head Lecturer(s)

Vítor Manuel Leite Neves

Assessment Methods

Assessment
Periodic or by final exam as given in the course information: 100.0%

Bibliography

- Roger Backhouse, The Penguin History of Economics, Penguin Books, 2002.

- Roger Backhouse and Keith Tribe, The History of Economics: A course for students and teachers, Agenda Publishing, 2018.

 

To go further:

- William J. Barber, History of Economic Thought, Wesleyan University Press, 2009 [1967].

- Jonathan Conlin, Great Economic Thinkers: An Introduction - from Adam Smith to Amartya Sen, Reaktion Books, 2018.

- Roberto Marchionatti, Economic Theory in the Twentieth Century, An Intellectual History. Volume I: 1890–1918. Economics in the Golden Age of Capitalism (2020). Volume II: 1919–1945. Economic Theory in an Age of Crisis and Uncertainty (2021), Palgrave Macmillan.

- Gilbert Faccarello and Heinz D. Kurz, Handbook on the History of Economic Analysis (3 volumes), Edward Elgar, 2016.

 

A detailed reading list for each topic and additional material will be provided.