Economics 101 - Historical Evolution of Ideas & Theories

What will this course cover?

This is a great opportunity to learn how rich, diverse and versatile history in the area of economic thought evolved, starting from the pioneering ideas of Adam Smith and David Ricardo up to the revolutionary theories of Karl Marx. This is how we will trace the development of economic theory through time as we consider how neoclassical economics, derived from the marginal revolution, helped answer some of the shortcomings of classical economics. Along the way, you'll meet some of the more influential thinkers, including William Stanley Jevons, Carl Menger, Léon Walras, Alfred Marshall, Arthur Pigou, and Vilfredo Pareto.

We will also discuss the development of Keynesianism, as a reaction to the Great Depression, which was developed as a challenge to classical economics' inability to explain or account for long-term unemployment and which argued for government action. The Austrian School of Economics was a reaction to socialist thought and increasing interventionism, and Monetarism, led by Milton Friedman, developed in response to the failure of Keynesian policies in the 1970s, mainly concerning inflation.

Last but not least, we shall witness the new schools of thought that will combine elements from the preceding traditions: neoclassical and new Keynesian schools, as well as behavioral economics, that will question the classical and neoclassical assumption of the fully rational decision-maker.

Why you should take this Course

To any economics student or scholar of history and social sciences, this is a very important aspect. With such an understanding, you will realize why things are the way they are now, and how we may approach them. This course is meant to give you an understanding of the intellectual history of economics that allows you to engage critically with contemporary issues.