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HISTORY OF ECONOMIC THOUGHT

EIA3003 HISTORY OF ECONOMIC THOUGHT
3 Credits

Pre-requisite NONE

Learning At the end of the course, the students are able to:
Outcomes
1. explain the main ideas of mercantilism economics, classical political
economics, neoclassical economics, Keynesian economics and modern
economic thought.
2. illustrate how changing historical circumstances shape economic ideas; and
3. analyze similarities and differences across the schools and theoretical
framework of classical political economy, neoclassical economics, Keynesian
economics and modern economic thought.

Synopsis The course provides a survey on the development of economic theories from
Aristotle to Keynes. Development of modern economic thought (after Keynes) is
briefly addressed. Topics covered include: ancient Greeks, Arab-Muslim scholars
and scholastics; mercantilism; physiocrats, classical political economics (Adam
Smith; David Ricardo; Malthus; John Stuart Mill; Marx) and neoclassicalists. Aside
from the direct knowledge and understanding of major contributions to economics,
the course provides general insights into economic methodology and reasoning,
and helps to deepen understanding of modern economic analysis.

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References 1. Landreth, H. and Colander, D.C. 2002. History of Economic Thought. 4
edition. Houghton Mifflin Company.
2. Brue, S. and Grant, R. 2007. The History of Economic Thought. 7 edition.
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South-Western.
3. Ekelund, R.B. Jr and Hebert, R.F. 1997. History of Economic Theory and
Method, 4th edition. McGraw-Hill.

4. Robert L. Heilbroner. 1999. The Worldly Philosophers: The Lives, Times And
Ideas Of The Great Economic Thinkers [7th Edition], Touchstone.

Soft Skills CT1, CT2, CT3
TS1 – TS2
LL1 – LL2

Assessment Continuous Assessment : 40%
Final Examination : 60%

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