DICKINSON COLLLEGE
Department of Economics
Economics 473
Spring, 1998
G. Bergsten
OH: W 2-4 & by appt.
10 Landis

History of Economic Thought

[Texts] [Requirements] [Grading] [Course Outline]

A study of the history of opinion is a necessary preliminary to the emancipation of the mind.

  John Maynard Keynes

Ideas won by our intelligence, embodied in our outlook, and forged in our conscience, are chains from which we cannot tear ourselves away without breaking our hearts; they are demons we can overcome only by submitting to them.

  Karl Marx

. . . the ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.

 John Maynard Keynes

TEXTS

Henry William Spiegel, The Growth of Economic Thought (S)
Robert Heilbroner, Teachings from the Worldly Philosophy (Teachings)
Jerry Z. Muller, Adam Smith In His Time and Ours (M)
Karl Marx and Frederick Engels, The Communist Manifesto (M&E)
Robert Heilbroner, Marxism: For and Against (H2)
COURSE REQUIREMENTS

This is a seminar. This means student preparation for and participation in class discussion is essential.

Preparation involves doing the assigned reading and, depending on the type of reading and on your particular assignment for the day, doing one of the following:

(1) Writing an outline or summary of the assigned reading
(2) Writing a non-critical reaction paper
(3) Writing a critical reaction paper
(4) Writing questions about the reading
What to write or ask about? Generally, it is a good idea to begin by asking yourself the following questions: What are the most important topics addressed in the readings? Why are they important? Are the author's ideas on these topics relevant to our current situation: that is, do they help us understand and/or evaluate ourselves and/or the economy and society we inhabit? Why or why not? More specifically, you are encouraged to do the following: relate an idea to other ideas you have encountered in other courses, compare or contrast the idea with others encountered in this course, apply the idea to your own experience or to a current event, describe the "big picture" of the economy that the economist or school of thought subscribes to, discuss a normative issue raised in the reading, discuss an explanatory hypothesis offered in the reading, discuss the nature of the argument (e.g., use of analogy, deduction, induction, evidence, etc.) used in the reading, address specific ideas, concepts, arguments you find interesting, persuasive, flawed, debatable, etc.

Participation in class will take two forms: Those of you who have a writing assignment will be presenters: you will either summarize, react, or raise questions, based on your preparation. Those of you who do not have a writing assignment will listen carefully and offer comments on the presentations.

GRADING

Participation in class discussion, 50%. You will be evaluated not only on how well you carry out your assigned role (summarizer, questioner, etc.), but also on how well you build upon and react to what others contribute. Both frequency and quality of contributions matter. An A or A- grade requires that you not only do an excellent job presenting, but that you also regularly and thoughtfully comment on others' presentations.

Writing assignments, 50%. Both papers and questions will be graded. Suggested length for papers: two pages; Suggested number of questions: 3. Papers and questions are due in my office by 1:30 pm on the assigned day. If I am not in my office, you may leave your paper in my mail box in the department office. You may e-mail your papers. Late papers will be penalized one full grade.

We'll start out having 8 presenters (5 paper writers and 3 question composers) and 8 listeners each day. If we find this is unsatisfactory for some reason, we'll change the ratios. (If your assigned role is presenter and you would rather listen on a particular day, you may trade roles with a classmate for that day.)

Maximum of 2 absences without penalty; if you miss more than two classes, 50% of your grade (the participation component) will be a C or lower.

COURSE OUTLINE

I. Introduction.

II. Pre-Classical Economic Thought
     A. Economic thought in two great religions
     B. Ancient Greek Thought
          1. Plato
          2. Aristotle
     C. Christian Economic thought
     D. From Mandeville to the Physiocrats

III. Classical Economic Thought (The British Tradition: Late 18th to mid 19th century)
     A. Adam Smith
     B. Jeremy Bentham and Francis Godwin
     C. Thomas Malthus and David Ricardo (Ortho micro, Marx, Neo-Ricardian)
     D. Two Critics: Charles Dickins and Morris
     E. John Stuart Mill

IV. Mid 19th to early 20th century continental thought
     A. Marx
     B. Durkheim and Weber

V. Neoclassical Microeconomics
     A. Jevons, Marshall, and Walras
     B. Welfare economics

VI. Late 19th to mid 20th Century Economic Thought
     A. Two Social Darwinists: Spencer and Sumner
     B. Two Social Reformers: George and Bellamy
     C. Veblen
     D. Keynes
     E. Schumpeter and Hayek