22-40.015 History of Economic Thought

Lehrende: Prof. Dr. Elisabeth Allgöwer

Veranstaltungsart: Interaktive Lehrveranstaltung

Anzeige im Stundenplan: History of Economic

Semesterwochenstunden: 3

Credits: 6,0

Unterrichtssprache: Englisch

Min. | Max. Teilnehmerzahl: - | 49

Kommentare/ Inhalte:
Adam Smith´s An Inquiry into the Nature and Causes of the Wealth of Nations can be placed at the origin of the development of economics as a separate academic discipline. This course traces topics in the history of economic thought from this starting point into the 20th century. It provides insights into major lines in the development of economics, draws attention to the changing methods of analysis and to shifting definitions of the subject matter. A theme running through the course is the role of the state/the government in the economy and how economists argued in favor of their visions of this role.

The first part of the course is devoted to classical political economy with a focus on Adam Smith´s contributions and on John Stuart Mill´s economics. The dominance of the classical school becomes increasingly challenged in the second half of the 19th century and eventually gives way to a plurality of approaches to economic analysis. Controversies about the basic principles of economics as a field of scientific study make the decades around the turn to the 20th century a fascinating period in the history of economic thought. In the remainder of the course aspects of these controversies are presented and discussed.

These debates take place as economics establishes itself as an independent academic discipline. The number of positions at universities across Europe and the United States increases significantly, bringing about professionalization and specialization within the field. The modern appearance of economics emerges. By the mid-20th century a new “mainstream” was established with general equilibrium analysis and the neoclassical synthesis as central building blocks. Studying the controversies accompanying the emergence of this mainstream allows us to better understand its characteristics. By shedding light onto alternative visions of economic analysis the implications of the dominating approach to economics become clearer. On the background of the topics dealt with in this course, the relevance of the history of economic thought to current debates in economics will become clear.

Vorgehen:
The weekly sessions will be reserved for lectures and discussion of the material presented. The biweekly sessions (please note one exception) will be seminar sessions devoted to discussing primary texts. All students prepare the required readings for all seminar sessions. Preparation will be supported by a set of guiding questions, made available through STiNE. Attendance and active participation is expected.

Zusätzliche Hinweise zu Prüfungen:
Oral examination dates will be published asap.