EC350 Development of Economic Thought
SOUTHEAST MISSOURI STATE UNIVERSITY
Department of Economics and Finance
COURSE SYLLABUS, EC350, Development of Economic Thought
Revised in October 1989
I. Catalog Description and Credit Hours of Course
The evolution of economic thinking from ancient Greece to modern times. Examination of the interaction between underlying social and cultural conditions and economic thinking. (3)
II. Prerequisite(s)
EC101 Economic Problems and Policies or
EC215 Principles of Microeconomics
III. Purposes or Objectives of the Course
An understanding of the progress through time of economic thought and method of analysis. Introduction to the scientific method as it applies to economics and the broad sweep of economic concepts over history. Acquaintance with the lives, times, and ideas of economic thinkers.
IV. Expectations of Students
A. Regular class attendance
B. Familiarity with assigned reading materials
C. Participation in class discussion
D. Satisfactory performance on exams and written assignments
V. Course Outline Class Periods
A. Introduction 3
1. Schools of Economic thought
2. Catagorization of economic ideas
3. Introduction to methodology
B. Pre-classical Economic thought 4
1. Greek philosophy and economics
2. Medieval contributions
3. The Mercantilists
4. The Physiocrats
C. Classical Economics 9
1. Adam Smith
2. Malthus
3. Ricardo
4. Minor classical economists
5. John Stuart Mill
D. Reactions to classical economics 13
1. The Historical Movement
2. The Socialist School
3. Karl Marx - Scientific socialism
4. Neoclassical marginalism
5. Cournot - Mathematical economics
6. Von Thunen - Location theory
E. Neoclassical Marginalism Economics 7
1. William Stanley Jevons
2. Walras
3. Vilfredo Pareto
4. Alfred Marshall
F. Twentieth Century Economics 9
1. Institutionalism - Thorstein Veblen
2. The Chicago School - Frank Knight
3. Interventionists - John Kenneth Galbraith
4. Eclectical Economics - Paul Samuelson
5. Monetarism and Market Advocacy - Milton Friedman
6. Neo Austrian Economics
VI. Textbook(s) and/or Other Required Materials or Equipment
The Evolution of Economic Thought, Stanley L. Brue, Harcourt, Brace, Jovanovich, 1996.
VII. Basis of Student Evaluation
Performance on tests, quizzes, assignments, reports, or other activities required for the course.
