History of Economic Thought
Keywords |
Classification |
Keyword |
OFICIAL |
Social Science |
Instance: 2008/2009 - 1S
Cycles of Study/Courses
Teaching language
Portuguese
Objectives
The purpose of the course is to provide a critical overview of the main methodological positions in economics; and, on the basis of this overview, to analyse some essential contributions of the most important streams in the history of economic thought.
Program
Part I: Philosophy and Methodology of Economics
1. Introduction: Basic Concepts; On the Nature of Scientific Knowledge; Truth and Epistemic Relativism.
2. Empiricism / Positivism vs. Critical Realism.
3. Realism vs. Instrumentalism.
4. Realism vs. Rhetoric.
Part II: Economic Thought in Historical Perspective
1. Adam Smith: ‘The Theory of Moral Sentiments’ and ‘The Wealth of Nations’.
2. Classical Economics: Senior’s Postulates; The Ricardian System; Malthus and the Theory of Population; Say’s Law; Stuart Mill.
3. Marx.
4. The Marginalist Revolution; The Marshallian Synthesis; On the Evolution of Neoclassical Theory.
5. The Keynesian Revolution and Post-Keynesian Economics.
6. The ‘Methodenstreit’: Menger vs. Schmoller.
7. The Austrians: From Menger to Hayek.
8. Schumpeter and Evolutionary Economics.
Main Bibliography
Backhouse, R.E., 2002, The Penguin History of Economics, Penguin Books.
Lawson, T., 1997, Economics and Reality, Routledge: London and New York, Chapters 1-4.
Additional Bibliography
Caldwell, B.J., (1982) 1994, Beyond Positivism: Economic Methodology in the Twentieth Century, Routledge: London and New York, Chapter 8.
Friedman, M., 1953, 'The Methodology of Positive Economics' in Essays in Positive Economics, Chicago: University of Chicago Press, pp. 3-43.
Hayek, F.A., 1945, 'The Use of Knowledge in Society', American Economic Review, XXXV, pp.519-530.
Hayek, F.A., 1978, 'Competition as a Discovery Procedure' in New Studies in Philosophy, Politics, Economics and the History of Ideas, Chicago: University of Chicago Press, pp.179-190.
Heilbroner, R., 1986, The essential Adam Smith, W.W. Norton & Company: New York and London, pp.1-11, 13-20, 57-63, 149-157.
Keynes, J.M., 1936, The General Theory of Employment, Interest and Money, Chapters 1-3, 12 and 24 in The Collected Writings of John Maynard Keynes, London: MacMillan, 1971, Vol. 7.
Mäki, U., 1995, 'Diagnosing McCloskey', Journal of Economic Literature, XXXIII, pp. 1300-1318.
Marx, K., 1859, Contribuição para a crítica da economia política, (prefácio), Lisboa: Estampa, 1974.
Mises, L. von, 1920, 'Economic Calculation in the Socialist Commonwealth', translated in F.A. Hayek (ed.), 1935, Collectivist Economic Planning, London: Routledge & Sons Ltd.
Schumpeter, J.A., 1942, Capitalism, Socialism and Democracy, London: Allen & Unwin, Part I and Part II.
Schumpeter, J.A., (1954) 1994, History of Economic Analysis, Routledge: London and New York.
Main Bibliography
Backhouse, R.E., 2002, The Penguin History of Economics, Penguin Books.
Caldwell, B.J., (1982) 1994, Beyond Positivism: Economic Methodology in the Twentieth Century, Routledge: London and New York, chapter 8.
Lawson, T., 1997, Economics and Reality, Routledge: London and New York, chapters 1-6.
Mäki, U., 1995, 'Diagnosing McCloskey', Journal of Economic Literature, XXXIII, pp. 1300-1318.
Complementary Bibliography
Blaug, M., 1990, História do Pensamento Económico (2º vol.), Lisboa: Publicações Dom Quixote, Lda, Chapter 8.
Friedman, M., 1953, 'The Methodology of Positive Economics' in Essays in Positive Economics, Chicago: University of Chicago Press, pp. 3-43.
Hayek, F.A., 1945, 'The Use of Knowledge in Society', American Economic Review, XXXV, pp.519-530.
Hayek, F.A., 1978, 'Competition as a Discovery Procedure' in New Studies in Philosophy, Politics, Economics and the History of Ideas, Chicago: University of Chicago Press, pp.179-190.
Heilbroner, R., 1986, The essential Adam Smith, W.W. Norton & Company: New York and London, pp.1-11, 13-20, 57-63, 149-157.
Keynes, J.M., 1936, The General Theory of Employment, Interest and Money, chapters 1-3 and 12, in The Collected Writings of John Maynard Keynes, London: MacMillan, 1971, Vol. 7.
Marx, K., 1859, A Contribution to the Critique of Political Economy (preface).
Mises, L. von, 1920, 'Economic Calculation in the Socialist Commonwealth', translated in F.A. Hayek (ed.), 1935, Collectivist Economic Planning, London: Routledge & Sons Ltd.
Schumpeter, J.A., 1942, Capitalism, Socialism and Democracy, London: Allen & Unwin, Part I and Part II.
Schumpeter, J.A., (1954) 1994, History of Economic Analysis, Routledge: London and New York.
Teaching methods and learning activities
Students are encouraged to participate in discussions on the relevance of the various theoretical and methodological contributions presented in lectures. Each lecturer teaches specific chapters of the course
Evaluation Type
Distributed evaluation without final exam
Assessment Components
Description |
Type |
Time (hours) |
Weight (%) |
End date |
Subject Classes |
Participação presencial |
45,00 |
|
|
|
Total: |
- |
0,00 |
|
Calculation formula of final grade
Option 1: in this option students have to do three tests, of which the first two will consist of multiple choice questions. The third test consists of three essays. The final mark is calculated as follows: test 1 * 20% + test 2 * 20% + test 3 * 60%. Note that a minimum mark of 6 valores is required in the third test.
Option 2: There will be a final exam which consists of four essays