Critical Social Inquiry 0234 - History of Economic Thought

The central goal of this course is to track the ways in which Western economic thought has developed historically both as a response to inadequacies of previous theory and as a reflection of new economic problems that emerge as economies and societies evolve over time. The focus will be on (a) classical political economy and its critiques; (b) the marginalist revolution; (c) institutionalist economics; (d) the Keynesian revolution and (e) contemporary theory. Major groups and thinkers covered include Adam Smith, Thomas Robert Malthus, Karl Marx, the early Marginalists, the Neoclassicals, Thorstein Veblen, John Maynard Keynes and contemporary heterodox thinkers. A frequently recurring theme in the course is the issue of whether the capitalist economic system produces social harmony or social conflict. Other persistent themes include debates over the inherent stability or instability of capitalism, the reasons for income inequality and poverty, and the economic analysis of individual behavior. This course is designed to help you further develop your reading, writing, and critical thinking skills by exploring the ideas of these theorists. The focus on comparative theory that we adopt in this class will compel us to grapple with the complexity of economic theorizing, as well as sharpen our abilities to think critically.

Writing and Research Independent Work Students are expected to spend at least six to eight hours a week of preparation and work outside of class time.