History of Economic Thought

Code:

1EC309

Acronym:

HPE

Keywords
Classification	Keyword
OFICIAL	Social Science

Instance: 2018/2019 - 2S

Active?	Yes
Responsible unit:	Secção Autónoma de Ciências Sociais
Course/CS Responsible:	Bachelor in Economics

Cycles of Study/Courses

Acronym	No. of Students	Study Plan	Curricular Years	Credits UCN	Credits ECTS	Contact hours	Total Time
LECO	299	Bologna Syllabus since 2012	3	-	6	42	162

Teaching language

Portuguese

Objectives

The purpose of the course is to provide an overview of the main methodological positions in economics and to discuss the most important contributions of the central authors in the history of economic thought.

Learning outcomes and competences

Upon completion of the course, students will be capable of:

a) discussing the nature of Economics as a science;
b) distinguishing Realism, Instrumentalism and Rhetoric;
c) describing and assessing the main contributions of Adam Smith, the Classics, Marx, the Marginalists, the Austrians, Schumpeter, and Keynes.

Working method

Presencial

Program

Part I: Philosophy and methodology of economics

1. Introduction: basic concepts; the nature of scientific knowledge; truth and epistemic relativism; ontology.
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: Malthus and the theory of population; Say's law; The Ricardian system: value and distribution; Senior’s postulates; John Stuart Mill.
3. Marx: the economic interpretation of history; value and exploitation.
4. The marginalist revolution; the Marshallian synthesis; the evolution of neoclassical economics.
5. The Methodenstreit.
6. The Austrians: from Menger to Mises and Hayek.
7. Schumpeter and evolutionary economics.
8. Keynes and the Cambridge tradition.

Mandatory literature

Lawson Tony; Economics and reality. ISBN: 0-415-15421-9 pbk

Comments from the literature

Mandatory Literature

Teaching methods and learning activities

Lectures are an essential part of the course but considerable time is devoted to discussions, in class, of the relevance of the various methodological positions and substantive theories.

Evaluation Type

Distributed evaluation without final exam

Assessment Components

Designation	Weight (%)
Teste	100,00
Total:	100,00

Amount of time allocated to each course unit

Designation	Time (hours)
Estudo autónomo	120,00
Frequência das aulas	42,00
Total:	162,00

Eligibility for exams

All students enrolled in the course are allowed to write the final exam.

Calculation formula of final grade

Option 1: There are two tests. The first test consists of multiple choice questions and the second test (with a weight of 60% in the final mark) consists of essays. An overall average of at least 9,5 valores is required. A minimum mark of 6,0 valores in the second test is also required.

Option 2: There is a final exam, consisting of essays.

Classification improvement

Permitted by repeating the tests (in the subsequent academic year) or the exam.