Course guide of History of Economic Thought (226113A)

1. There are no official prerequisites for this course. However, it is recommended that students:

• Have basic knowledge of general economic concepts and theories.

• Possess the ability to critically read and interpret academic texts.

• Be prepared to engage with theoretical discussions and reflect on the historical evolution of economic ideas.

2. Students are expected to have at least a basic command of written and spoken English in order to follow the course content and successfully complete assignments.

3. In the event that AI tools are used throughout the course, students must adopt an ethical and responsible approach to their use. The guidelines outlined in the document “Recommendations for the Use of Artificial Intelligence at the University of Granada” must be followed.

This document is available at the following location: https://ceprud.ugr.es/formacion-tic/inteligencia-artificial/recomendaciones-ia#contenido0

The course content can be grouped into the following thematic units:

• Methodology of Economic Science
• Pre-Classical Economics
• Classical Economic Thought. Criticisms of Classical Economics
• Neoclassical Thought and Dissident Currents
• Keynesian Economics and Its Developments
• New Theoretical Trends in the Last Third of the 20th Century

The student will be able to:

• Reconstruct the various interpretations proposed over time regarding the functioning of economic systems, in order to acknowledge the diversity of approaches within economic debate.

• Understand that economic debate does not follow a linear trajectory, and that there are multiple methodological contributions from the different scientific schools of economics, including ongoing methodological discussions among them and more recent developments in the field.

• Recognize that Political Economy, as a social science, has a decisive historical dimension, and that as a science, it requires adherence to the prevailing methodological standards used by economists.

• Understand that the history of economic thought provides training in the exchange of ideas, fostering an appreciation for the complexity of the worldviews underlying different economic theories.

PART ONE. INTRODUCTION

1 Methodological Issues

• Economics as an Art and as a Science
• The Importance of Empirical Verification

2 Benefits to Be Gained from the Study of the History of Economic Thought

PART ONE. PRECLASSICAL ECONOMICS

3 Mercantilism, Physiocracy, and Other Precursors of Classical Economic Thought

4 Physiocracy

5 Spanish Economic Thought

PART TWO. CLASSICAL ECONOMIC THOUGHT, AND ITS CRITICS

6 Classical Political Economy

7 Marx’s Political Economy

PART THREE. NEOCLASSICAL ECONOMIC THOUGHT AND ITS CRITICS

8 Jevons, Menger, and the Foundations of Marginal Analysis

9 The Transition to Neoclassical Eocnomics: Marginal Analysis Extended

10 Alfred Marshall and Neoclassical Economics

11 Walras and General Equilibrium Theory

12 Institutional and Historical Critics of Neoclassical Economics

PART FOUR MODERN ECONOMICS AND ITS CRITICS

13 The Development of Modern Microeconomic Theory

14 The Development of Modern Macroeconomic Thought

15 The Development of Modern Heterodox Economic Thought

Practice 1: Methodological Foundations and the Role of History

• Texts: Selected excerpts on economics as an art and science, and the importance of empirical verification.

• Activities:

  • Critical reading and annotation of methodological texts.

  • Group discussion on the benefits of studying the history of economic thought.

  • Short written commentary: What is the role of empirical verification in economics?

Practice 2: Preclassical Economics: Mercantilism and Physiocracy

• Texts: Key passages from mercantilist and physiocratic thinkers, including Spanish economic thought.

• Activities:

  • Comparative analysis of mercantilist and physiocratic views.

  • Identifying core ideas and critiques.

  • Oral presentation of findings and critical evaluation.

Practice 3: Classical Political Economy and Marx’s Critique

• Texts: Excerpts from Adam Smith, David Ricardo, and Karl Marx.

• Activities:

  • Textual comparison focusing on the conception of value and capital.

  • Writing a critical commentary on Marx’s critique of classical political economy.

  • Group debate on the relevance of classical ideas today.

Practice 4: Foundations of Neoclassical Economics

• Texts: Writings by Jevons, Menger, and the development of marginal analysis.

• Activities:

  • Detailed analysis of marginal utility theory.

  • Case study exercises applying marginal analysis.

  • Written commentary on the shift from classical to neoclassical thought.

Practice 5: Alfred Marshall and General Equilibrium Theory

• Texts: Selected passages from Marshall and Walras.

• Activities:

  • Critical reading of supply and demand theory and general equilibrium.

  • Discussion on the methodological assumptions behind these theories.

  • Short essay on the implications for economic modeling.

Practice 6: Institutional and Historical Critiques of Neoclassical Economics

• Texts: Excerpts from institutional economists and historical critics.

• Activities:

  • Identifying main critiques against neoclassical economics.

  • Comparative analysis between neoclassical and institutional approaches.

  • Group presentation on methodological diversity.

Practice 7: Development of Modern Microeconomic and Macroeconomic Thought

• Texts: Key texts illustrating modern micro and macroeconomic theories.

• Activities:

  • Summarizing and critiquing major theoretical developments.

  • Analysis of case studies illustrating these theories in practice.

  • Writing a critical review of modern economic models.

Practice 8: Heterodox Economic Thought

• Texts: Selected readings on heterodox approaches (post-Keynesian, ecological, feminist, etc.)

• Activities:

  • Exploration of alternative economic perspectives.

  • Group discussion on the role of heterodox economics in contemporary debate.

  • Final paper: Critical assessment of heterodox contributions to economic thought.

Assessment:

• Active participation in discussions and presentations.

• Written commentaries and essays after selected practices.

• Final paper synthesizing critical reflections on economic thought evolution.

1. Roncaglia, A. (2006). The wealth of ideas: a history of economic thought. Cambridge University Press.
2. Landreth, H., & Colander, D. C. (2002). History of economic thought (4th ed.). Houghton Mifflin.

1. Sandelin, B., & Trautwein, H.-M. (2023). A short history of economic thought (4th ed.). Routledge.
2. Schumpeter, J. A. (1954). History of economic analysis. Oxford University Press.
3. Blaug, M. (1997). Economic theory in retrospect (5th ed.). Cambridge University Press.

• Journal of the History of Economic Thought (JHET)

• The European Journal of the History of Economic Thought (EJHET)

• History of Political Economy (HOPE)

• Economic Thought

• History of Economic Thought and Policy

• Iberian Journal of the History of Economic Thought (IJHET)

• Œconomia – History / Methodology / Philosophy (Oeconomia)

• Annals of the Society for the History of Economic Thought

1. Assessment Criteria

• Understanding of the main approaches and key authors in economic thought.

• Ability to analyze and compare different schools of thought.

• Critical reading and use of primary and secondary sources.

• Clarity and coherence in both oral and written expression.

• Active participation and reflective attitude in class.

2. Assessment Tools

• Final exam.

• Continuous assessment activities:

  • Text commentaries or guided reading exercises.

  • Class participation and/or oral presentations.

  • Progress tests on course content.

3. Final Grade Weighting

• Final exam: 50%

• Continuous assessment activities: 50%

• Exam: 100% of the overall mark

• See http://economia-aplicada.ugr.es/ for criteria and how to apply for this mode of evaluation
• Final written exam 100%

Información de interés para estudiantado con discapacidad y/o Necesidades Específicas de Apoyo Educativo (NEAE): Gestión de servicios y apoyos (https://ve.ugr.es/servicios/atencion-social/estudiantes-con-discapacidad).