Course Outline

    1. Introduction

Importance of Economic History: Approaches to Study the Subject. Overview of Ancient Greek, Roman and Medieval Economic Thoughts. Quensey’s Influential Ideas, Feudalism, Mercantilism, Nature’s Circular Flow, Process of Modern Theories and Thoughts

    1. Mercantilists and the Physiocrates

Overview of Mercantilism Thomos Mun, and William Petty Overview of Physiocratic School. François Quesney, Target and Anne Robert.

    1. The Classical School

The principles of the classical school, Adam smith: the division of labour and the labour
theory of value, wage, profit and interest rate , David Ricardo: the theory of rent and the theory of comparative advantage profit concepts of colonization, Malthus population theory

    1. Marxism

Socialism before Marx and Hegel: the economic interpretation of history, theory of surplus value and the capital accumulation and crises, Marx influences criticism on Marx, Challenges to capitalism

    1. Marginalist and other Schools

Overview of the Marginalist School, Cossen, Joven and Marshall, Marginal Utility, Demand, Supply and Market Prices Neo-Classical Economics

    1. Keynesian and Post Keynesian Schools

The great depression: economic policies and capitalist instability between the world wars, the 20th century paradigms, the growth of international economy, the emergence of
modern economic growth, building blocks, industrial revolution, Structuralist and Dependency school of thought; Sunkel, Amir Samer, frank and others’ contribution, technological change and impacts, the crisis of the 1970’s and international responses, failure of trickle down effects, rational expectation revolution, basic needs approach and welfare, emergence of famine and poverty, modern economic thought comparison of post Keynesian and monetarist thoughts, supply side economics, globalization, liberalization and new weave of economic growth and welfare, new growth theory, convergence and divergence debate, future of economics, quality and international trade and emergence of markets, new regionalism, new directions of research, environment and sustainable growth.

Reference Books

      1. Blaug, M. (1997). Economic Theory in Retrospect. 5th edition, Cambridge University Press.
      2. Frank A. G., (1998), Global Economy in the Asian Age. University of California Press.
      3. W.Spiegel (1971). The Growth of Economic Thought, New Jersey, Prentice- Hall Inc.
      4. Henery John D. (1992). The Future of Economics. Black Wall Publishers.
      5. Jacob Oscar (1970). The Evolution of Economic Though, 2nd Ed, NY, Harcourt and Brace Inc.
      6. Schach and Locksley (1981). Twenty Contemporary Economist. MacMillan Press.
      7. Stanley Brue (1999). The Evolution of Economic Thought, 6th edition, Independence KY, US, Cengage Learning.