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History of Economic Thought

PİRİ REİS UNIVERSITY

FACULTY OF ECONOMICS AND ADMINISTRATIVE SCIENCES

Course Name : History of Economic Thought

Degree: Bachelor

 

Code

 

 

Year/Semester

 

Local Credits

 

ECTS Credits

 

Course Implementation, Hours/Week

Course

Tutorial

Laboratory

EF 304

3/1 (FALL)

3

5

3

 

-

Department

Economics and Finance

Instructors

 

Prof. Dr. Saip Kaya ARDIC

Contact Information

 

e-mail: skardic@pirireis.edu.tr

Office Hours

Thursday  09:00 – 11:00

Web page

https://www.pirireis.edu.tr/uluslararasi-isletmecilik-ve-ticaret-bolumu

Course Type

Elective

Course Language

English

Course Prerequisites

  -

Course Description

This course aims to show in historical order the origins of the economic ideas and theories and the plurality of divergent schools or authors in different periods accompanied by the dominance of a given current of thought; mainstream or orthodox, as well as to aid in the understanding of economics, to illustrate how economic ideas develop and change within academic disciplines and schools that are (and always have been) vitally concerned with social, political and moral issues.

 

 

Course Objectives

 

This course attempts to introduce basic economic ideas and concepts in the field of economic thought and better understanding of modern economic theories and schools.

 

Course Learning Outcomes

 

By students who passed from EF300 successfully;

  1. Discuss the current developments in economics
  2. Evaluate the reasons  for main economic problems  under the light of  history
  3. Evaluate the different economic policies and remedies carried out by governments unknowing, most of time, the origins of these policies.
  4. Analyze the relationships between different schools of thought

 

Instructional Methods and Techniques

Presentation of theory

Tutorial Place

-

Co-term Condition

-

Textbook

An Outline of the History of Economic Thought” by Ernesto Screpanti and Stefano Zamagni, Oxford University Press, Oxfort & London 1995.

History of Economic Thought” by Harry Landreth and David C. Colander, Houghton Mifflin Company, Boston & Toronto

Other References

-

Homework & Projects

Students are assigned topics and academic articles to be presented in class.

Laboratory Work

---

Computer Use

---

Other Activities

---

 

Assessment Criteria

Activities

Quantity

Effects on Grading, %

Attendance

 

 

Midterm

1

30

Quiz

 

 

Homework

 

 

Term Paper/Project

 

 

Laboratory Work

 

 

Practices

 

 

Tutorial

 

 

Seminar

 

 

Presentation

1

10

Field Study

 

 

Final Exam

1

60

TOTAL

 

100

Effects of Midterm on Grading, %

 

30

Effects of Final on Grading, %

 

60

TOTAL

 

90

 

 

 

Week

 

Topics

Course Outcomes

1

Introduction: Plurality of Interpretations and Relativists’ and Absolutists’ Approaches; Orthodox and Heterodox Economists

IV

2

Preclassical Economic Thought

II

3

Merchantilism, Physiocracy and  Other Precursors of Classical Economic Thought

II, IV

4

Classical Economic Thought: Adam Smith and the Invisible Hand

II

5

Three major  economists of Classical School: Ricardo, Malthus, John Stuart Mill

II

6

Decline of  Classical Economics

II

7

Karl Marx and His Critique of Classical Economics

II, IV

8

Introduction to Neoclassical Economic Thought: Jevons, Menger, Walras and the Foundations of Marginal Analysis

II, IV

9

Midterm

 

10

The Transition to Neoclassical Economics : Marginal Analysis Extended; Alfred Marshall

II, IV

11

Walras and General Equilibrium Theory

II, IV

12

Institutional and Historical Critiques of Neoclassical Economics: T. Veblen and Austrian School (von Mises, Hayek and Others)

I, II, III, IV

13

Modern Economics: The Development of Modern Microeconomic Theory (P Samuelson) and Modern Macroeconomic Theory (Keynes )

I, II, IV

14

New Classical Economic Theory:Rational  Expecations School ( Barro, Sargent, Lucas)

I, II, IV

 

 

 

Relationship between the Course and the Economics and Finance Program

 

 

Program Outcomes

Level of Contribution

1

2

3

a

The ability to analyze theoretical knowledge regarding economics and finance, and to evaluate the empirical implications of such knowledge

 

 

 

b

The ability to gather unique information specific to social and behavioral sciences using documented and visual sources focused on academics, management and politics

 

 

 

c

The ability to derive new information through employing information related to economics and finance in technical and computerized instruments

 

 

 

d

The ability to present obtained information as research report or article in a technically equipped manner (i.e., using computer programs) as required by fields of economics and finance

 

 

 

e

The ability to use information regarding economics and finance in decision-making and implementing as well as in turning the decisions made into habits

 

 

 

f

The ability to analyze and discuss issues related to economics, finance, and their subfields as well as other  fields of social sciences in an interdisciplinary approach

 

 

 

g

The ability to absorb and correctly evaluate ethical and professional responsibilities

 

 

 

h

The ability to communicate fluently and effectively in Turkish and in English, both in written and in oral form

 

 

 

i

To have a visionary perspective required to be able to absorb the global implications of the economics and finance disciplines

 

 

 

j

To obtain the life-time ability for learning

 

 

 

k

To have extensive information regarding current issues

 

 

 

l

To be open and adaptive to innovation and changing circumstances

 

 

 

m

To have technical information, both theoretically and practically, required to be able to obtain information and draw inferences using data analysis

 

 

 

 

         1: Small, 2: Partial, 3: Full

 

 

Prepared by

Prof. Dr. S. Kaya Ardıç

Date

06.06.2017

Signature