History of Economic Thought

Code:

LEC406

Acronym:

HPE

Keywords
Classification	Keyword
OFICIAL	Social Science

Instance: 2008/2009 - 1S

Active?	Yes
Web Page:	http://www.fep.up.pt/docentes/amal/E425%20INDEX.htm
Responsible unit:	Grupo de Ciências Sociais
Course/CS Responsible:	ECONOMICS

Cycles of Study/Courses

Acronym	No. of Students	Study Plan	Curricular Years	Credits UCN	Credits ECTS	Contact hours	Total Time
ECO	176	Official Curricular Structure since 2004	4	2	5	-

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