Economics 306

HISTORY OF ECONOMIC IDEAS: ADAM SMITH TO THE PRESENT

Spring 2009

Office Hours: MW: 11:00 - 12:15 p.m.; MW: 3:00 - 5:00 p.m.

Instructor: Dr. Donald J. Oswald

Office: BDC 259A

Phone: 654-2465/2181

E-Mail: doswald@csub.edu

COURSE DESCRIPTION

This course will introduce students to the major theories that have formed the growth of modern economics as well as the theorists who contributed to their development. After a brief look at the intellectual background to the eighteenth century, including mercantilism and the Physiocratic school, the rise and expansion of classical political economy from Smith to Ricardo and J. S. Mill are studied. Nineteenth century critics of orthodox political economy are examined. The significance of the nineteenth century marginalist revolution and the twentieth century developments in neoclassical theory are studied together with the Keynesian revolution and post-war developments in policy and theory. In addition, the course will focus on some of the methodological theories that have guided economists in their efforts to create a science of economics.

REQUIRED READING

Harry Landreth and David C. Colander, History of Economic Thought, 4^th edition, 2002.

COURSE REQUIREMENTS

1. Read all the assigned materials.

2. Satisfactory completion of the following: quizzes worth at least 75 points; a paper worth 150 points (see the APPENDIX and item 3 below for details on the paper); a midterm examination worth 100 points; and a final examination worth 200 points. The total points available in the course are 525. The final examination will be comprehensive and will include multiple choice and essay questions. There will be several unannounced, brief bonus quizzes on days other than those on which required quizzes are scheduled. These will be worth a total of 50 points.

3. The topic for your paper must be selected and one copy of a typed abstract of no more than one page, with a partial bibliography, submitted for review and approval no later than April 29, 2009. This is not a graded assignment, but your finished paper will be docked one (1) point for each day that the abstract is late (up to a maximum of 15 points).

4. Your term paper will be assessed a 10% penalty if it is not turned in on time.

5. Final grades will be assigned based on each student's earned points as a percentage of the total points available on all assigned work and in accordance with the following scale: A: 90-100%; B: 80-89%; C: 70-79%; etc. Plus and minus grades will be assigned where appropriate.

6. The principles of academic honesty set forth in the college catalog will be adhered to in this course.

COURSE OBJECTIVES

Most basically, this course helps you, the student, to develop an historical backdrop to the contemporary discipline of economics.
You will become aware of how changing economic circumstances have helped to shape the development of the discipline.
You will develop an appreciation for the influence on economics of ideas lying outside the discipline of economics.
You will gain an appreciation for the importance of methodology issues in the development of economics including the appropriate and actual roles of theory in relation to evidence.
Finally, you will acquire a better understanding of the role economics and economists have played in the formation of public policy in the modern period and the controversies surrounding such a role.

COURSE OUTLINE AND READING SCHEDULE

Dates Topic Reading Assignment

I. Introduction 4/01

Review Syllabus and Course Requirements Chap. 1 + Appendix

II. The Enlightenment and the Emergence of Political Economy 01, 06, 08, 13

A. The Influence of Mercantilism Chap. 3

B. The Transition Period and the Enlightenment Background

C. The New Science of Man and Its Method

D. Physiocracy: The First Political Economy

III. Classical Political Economy 15, 20, 22, 27, 29

A. Adam Smith & the First Successful Political Economy Chap. 4

B. Thomas Robert Malthus & J. B. Say Chap. 5

C. David Ricardo Chap. 5

D. The Methodologies of Malthus & Ricardo

E. N. Senior & J. S. Mill Chap. 6

F. Review

May 06, 2009 Mid-Term Examination Chapters 1, 3 - 6

IV. The Critics of the Classical School 5/04, 11, 13, 18

A. Early English, French & German Critics

B. The Emerging Age of Quantification & the Pre-Marginalists Chap. 8

C. Marx & Engles Chap. 7

D. The Marginalists Chap. 9

VI. The Neoclassical School 20, 27, 6/01

A. The Neoclassical School: Alfred Marshall Chap. 10

B. Chamberlin, Robinson, etc.

C. Walras & General Equiilibrium Theory Chap. 11

D. Neoclassical Monetary & Business Cycle Theory

VII. Dissent from Neoclassicism 03, 08

A. The Dissent of the American Institutionalists Chap. 12

B. The Austrian Critique of Neoclassical Economics Chap. 13

C. Development of Modern Microeconomic Theory Chap. 14

D. The Dissent from Neoclassicism: J. M. Keynes Chap. 15

June 10, 2009*****FINAL EXAMINATION*****8:00 - 10:30 p.m.

APPENDIX

Instructions for Preparation of the Term Paper

1. A typed copy of your paper is due at the beginning of class on June 03, 2009.

2. Include a title page

3. Minimum length requirement: 10 double-spaced pages with 10-point font

4. Double spacing of entire text except for the bibliography where each entry should be single spaced with double spacing between bibliographical entries. In addition, extended, indented quoted material should be single spaced.

5. Margins: 1 inch all around

6. Pagination: All pages from page 2 on must be numbered.

7. Reference Citations:

a. When you use material from a source, cite the source in the following format:

During the latter years of the eighteenth century, grain prices in England quadrupled. (Heilbroner, 79, 80)

Alphabetically listed in your bibliography should be the reference in the following format:

Heilbroner, Robert L. 1986. The Worldly Philosophers. 6th ed. New York: Simon & Schuster.

b. If your bibliography includes more than one work by the same author, then indicate the date of the source in the citation in the body of the text, such as

(Smith 1937, p. 62)

c. Any material which is a direct quote from a reference must be enclosed in quotation marks and the source cited as illustrated above. Plagiarism constitutes academic dishonesty at CSUB. See the College Catalog for a statement of the University policy on Plagiarism.

d. Quoted material of more than one sentence should be set apart from the body of the paper, indented, and single space. In this instance, quotation marks are not used. Of course, the source must be cited as illustrated above.

8. End your paper with a conclusion section.

9. Do not use contractions, for example, 'can't' should be written out as 'cannot.'

10.No covers on the papers please! Include a cover sheet with the title, date and your name and staple the entire paper in the upper left-hand corner.