| HISTORY
of ECONOMIC THOUGHT | Academician
R. Entov The
purpose of the course is to give the audience an overview of the growth and development
of the economic thought. Studying the history of economic theory is helpful in
understanding the predecessors of the modern economic problems and the logic of
the evolution of Economics. The
course includes 28 lectures and 3 seminars. The final grade will include two essays
(each weighing 20%) and the exam (60%). Literature:
1. R.
Ekelund, R.Herbert “A History of Economic Theory and Method”. McGraw Hill Publ.
Co. 1990. 2.
M. Blaug “Economic Theory in Retrospect” Cambridge University Press 1991 3.
T. Negishi “History of Economic Theory “ North-Holland 1989 4.
J. Schumpeter “A History of Economic Analysis” Oxford University Press 5.
G. Stigler “Production and Distribution Theories: the Formative Period” McMillan
1941 Syllabus Lecture
1 The
purpose of the course. The importance of original sources. The structure of Economic
Theory and models of scientific knowledge growth.
[4], ch 1,3. Lecture
2 Economic
thought in the Ancient Ages.
The idiosyncrasies of the ancient social concepts.
“Household theory”. Plato’s labour division and distribution theory.
Plato
“Protagor” (vol 1), “State” (vol 3) Lecture
3 Aristotle’s
economic theory. Private and state property. Aristotle’s value theory. His role
in the later development of economic theory.
Aristotle’s “Nichomachus’ Ethics”
ch.1 Lecture
4 Economic
thought in the Middle Ages. The influence of the Early Christianity and scholastics.
The evolution of the concepts of money, value, usury and market.
[1], ch.
2; [7], vol.1, ch 4. Lecture
5 Mercantilism.
The development of the international market. The aims of economic policies. National
and Liberal Economics.
[1], ch.3; [7], ch. 7 Lecture
6 Physiocrats.
An attempt to define labour productivity and production efficiency. Canais: a
model of goods and money flows. Development of the theory of value.
[4], ch..4 Lecture
7 Cantillion’s
Theory: an insightful sketch of General Equilibrium Theory.
General Structure
of economy: Cantillion’s scheme. The importance of land and labour. Cantillion’s
theoretical model. The concept of “land value”.
[1], ch 4 Lecture
8 English
economic theory of XVII century.
Empirical method in Economic Theory. “Political
Arithmetic “ of W.Petty. The problem of money in the works of Petty of Lock. The
search for sources of value. “Demand laws” of H. King and Ch. Dovenut.
[1],
ch 4. Lecture
9 Classical
school of Political Economy.
Idiosyncrasies of the school’s method. Studies
of the nature and reasons of wealth of nations. Analysis and classification of
production factors. The concept of “homo economicus”. “Natural Law” and private
property. The importance of utility (Bentham). An attempt to create a non-contradictionary
theoretical scheme
[4], ch. 1-2, ch 5 Lecture
10-11 A.
Smith’s economic theory.
A relation between moral philosophy and economic
theory: normative and positive concepts. Division of labour: the importance and
limitations. Market price and “natural price”. Creation of integral theory of
value. Competition and Monopoly.
A. Smith “Wealth of Nations” Lecture
12 Ricardo’s
economic model
Ricardian model of the market system: a general overview. The
theory of value. Labour and non-labour income: a distribution system . International
division of labour and relative advantages. The theory of Finance, “Ricardo’s
principle”, tax exertion problems. Ricardian traditions in Economic Theory.
D. Ricardo ”Introduction into Political Economy and Taxes” Labour
13
Th. Malthus: a search for general theory.
Demographical problems in Economic
Theory: the role of Th. Malthus.
Malthus’s value theory. A search for valid
methods in economic analysis: Malthus vs Ricardo.
Capital accumulation and
consumption.
Th. Malthus “Principles of Political Economy” Lecture
14 The
problems of money and credit relations in English Political Economy in XVIII-XIX
centuries.
Quantity theory of money. Credit money and market equilibrium .
The “natural “ interest rate : Thornton’s arguments.
[4], ch 7. Lecture
15
G. S. Mille: completion of the theoretical framework.
Mille’s theoretical
system: structure, logic and limitations. The crisis of classical school; classical
and neo-classical analysis Mille’s concepts. Theoretical discussions about economic
policies.
G. S. Mille “Political Economy Foundations” Lecture
16 Opposition
to the classical school: Sysmondi and socialists.
Sen-Simon’s attempt to comprehend
the nature of “industrialism”. Political economy as a social management science
: Sysmondi’s approach. The problem of capital overaccumulation: how realistic
is Say’s model? Deductive and Inductive methods in Economics. Attempts to construct
ideal economic model - Owen, Fouriex, Prudon. Lecture
17 Economic
Theory of K.Marx.
Can Marx be considered as a representative of the classical
school? Marxian theory as the political economy of growing social conflict. Main
assumptions of the theory of surplus value. Developing dynamic models: gains and
losses. Some results of revolutionalist experiments: theory and practice of Marxism. Lecture
18 The
Historic School.
The problem of economic revolution: the role of institutions.
The old historic school as a reaction on “excess rationalism” of classical foundations.
“Economic person” in the framework of the historic school. Ways
of development of the historic school. Schmoller and “Methodenstreit”. Schemes
of periodization of economic history. The concept of “National economy” and problems
of economic policy. “The crisis of economic theory” and ways to get over it recomended
by the .historic school. Lecture
19 Mathematical
Methods in Economic Investigations: O. Cournot.
The response of the economic
theory on the achievments of science.
O. Cournot on the method of economic
investigation. The concept of economic equilibrium. The analysis of the monopoly
and duopoly. The concept of consumer surplus.
Sources of the marginalist revolution.
Developing the theory of marginal productivity is the final stage of forming the
marginal concept. The meaning of J.B. Clark. Static and dynamic analysis in the
theory of Clark. Äæ.
Êëàðê “Ðàñïðåäåëåíèå áîãàòñòâà” Ì. 1992;[5], ãë. 4 Lecture
25 American
institutions. The
notes of Veblen about specific features of social and economic researches. The
impact of the institutions on behavior of economic agents. The forms of interactions
of technological and "ritual" institutions. Relationship between industry and
commerce. The theory of J.Commons. The legislation for economy. Ò.
Âåáëåí “Òåîðèÿ ïðàçäíîãî êëàññà” Ì. 1984;
Ä. ÌàêÊëîñêè “Ïîëåçíî
ëè ïðîøëîå äëÿýêîíîìè÷åñêîé íàóêè”. “Òåçèñ”, ò.1, âûï. 1, (1993 ã.). Lecture
26 Economic
theory of K.Wicksell. Relation
of microeconomics and macroeconomics in the theory of.Wicksell. Monetary theory
of Wicksell. Capital and interest rate, the effect of the real interest rate.
Dynamics in Wicksell's models. The impact of cumulative processes. K.Wecksell
and developing of Stockholm School.
R. Frisch “K. Wicksell: a Cornerstone
in Modern Economic Theory” Oslo 1951, Chapters 1,2 Lecture
27-28 Keynesian
revolution. Social and economic conditions which had been preceded to incipiency
of unbalanced macroeconomic theory. The evolution thought of Keynes. Monetary
theory of Keynes. The principles of Keynesian model. Interaction of aggregate
demand and aggregate supply in this model. The impact of investment. Recommendations
for economic policies. The results of the postwar experience of Keynesian regulation. Äæ.
Ì. Êåéíñ “Îáùàÿ òåîðèÿ çàíÿòîñòè, ïðîöåíòà è äåíåã” (ðàçëè÷íûå èçäàíèÿ).
A. Leijonhufvud “On Keynesian Economics and the Economics of Keynes” NY
1968 | 
