ECO212 HISTORY OF ECONOMIC THOUGHT
| Course Code: | 3520212 |
| METU Credit (Theoretical-Laboratory hours/week): | 3 (3.00 - 0.00) |
| ECTS Credit: | 6.0 |
| Department: | Economics |
| Language of Instruction: | English |
| Level of Study: | Undergraduate |
| Course Coordinator: | Assoc.Prof.Dr. EMRE ÖZÇELİK |
| Offered Semester: | Spring Semesters. |
Course Objectives
The course introduces students to the major figures and currents of economic thought throughout human history, starting from the philosophers of Ancient Greece and scholastics of the medieval period to modern-age thinkers such as Adam Smith, Karl Marx, John Maynard Keynes, and many others. The ideas of a wide range of thinkers, along with a large diversity of schools of thought will be examined and discussed as concisely as possible in this one-semester course. Some prominent figures, key concepts and phenomena that will be covered are: Xenophon, Plato, Aristotle, St Augustine, Ibn Rushd (Averroes), Ibn Khaldun, Albertus Magnus, Thomas Aquinas, Nicole Oresme, the Renaissance and the Reformation, European nation state, mercantilism, price revolution, the School of Salamanca, Thomas Mun, absolutism and the Enlightenment, economic liberalism, Richard Cantillon, Physiocracy, Adam Smith, David Ricardo, Thomas Malthus, utilitarianism, John Stuart Mill, social democracy and radical leftism, Karl Marx, the marginal revolution, Alfred Marshall, Thorstein Veblen, and John Maynard Keynes (As far as time allows, major post-Smithian schools of economic thought can be further examined and discussed: The Classical School, Neoclassical School, Marxist School, Developmentalist Tradition, Austrian School, Neo-Schumpeterian School, Keynesian School, Institutionalist School, and Behaviouralist School).
Course Content
The course develops a history of the development of economic ideas and theories: mercantalism, physiocrats, the classical school (Adam Smith to Ricardo), Marxian school, marginal revolution, Keynesian revolution, and various responses to Keynesian macroeconomics to date.
Course Learning Outcomes
At the end of the semester, students are expected to acquire an in-depth knowledge of the evolution of economic thought from the 4th century BC to the 20th century. Equipped with a political-economic and historical perspective of major economic subject-matters, students completing this course are also expected to improve their analytical abilities and interpretative skills in terms of reading, observing, understanding and assessing contemporary debates and developments in both economics and the world economy.
Program Outcomes Matrix
| Level of Contribution | |||||
| # | Program Outcomes | 0 | 1 | 2 | 3 |
| 1 | graduate from the program as competent experts in economic theory and policy | ✔ | |||
| 2 | analyze economic and administrative problems by conceptualizing them effectively | ✔ | |||
| 3 | acquire the vocational knowledge and skills that will enable them to produce solutions to political-economic problems by using social-scientific methods | ✔ | |||
| 4 | acquire an inter-disciplinary background that will enable them to keep track of and understand societal and economic developments at both world and country scales | ✔ | |||
| 5 | contribute to scientific and societal life as individuals who are: open to technological and scientific innovations; adaptive to the continuous-learning process; responsive to societal problems; able to produce scientific solutions and proposals, and to share those with the academic world and society when necessary; and capable of internalizing and supporting free thought | ✔ | |||
0: No Contribution 1: Little Contribution 2: Partial Contribution 3: Full Contribution