History of Economic Theory: 19th and 20th Centuries
Lecture (6 CPs) in Master's Program (MMF, MIEEP, MSN/BWL)
Schedule: Tuesday 10:00-12:00 (uneven weeks) & 14:00-16:00 (weekly), SH 2.101. Please see schedule in syllabus!
Begin: 15. October 2019
Exam: 02.03.2020, 3 pm
Most materials will be password protected. They will only be available at OLAT (tba). The registration password will be given in the first lecture.
Because of the growth of so many subdisciplines, it becomes increasingly difficult to perceive the unity of economic theory. The best way to understand the different orientations is to go to the roots and to study their origin in the history of the emergence of modern economic thought. The lecture course will start with the classical authors like Ricardo and Malthus, Say and Sismondi, up to Mill, Marx and some of their followers. Their opponents were the Historical school and neoclassical authors who were more diverse than is commonly thought (Jevons and Marshall, Walras and Pareto, Menger and Böhm-Bawerk, J.B. Clark). Schumpeter and the discoveries of the “years of high theory” (Shackle) will lead to Keynes, postkeynesian authors and the neo-neoclassicals. Main themes will be: value and price, general equilibrium, growth and distribution, money, credit and the business cycle.
- Blaug, M.(1978), Economic Theory in Retrospect, 3rd. ed. Cambridge
- Schumpeter, J.A. (1954), History of Economic Analysis, Oxford
- Robinson, J. (1971), Economic Heresies, London
- Schefold, B. (2016): Great Economic Thinkers from Antiquity to the Historical School. Translations from the Series Klassiker der Nationalökonomie, London, Routledge
- Schefold, B. (2017): Great Economic Thinkers from the Classicals to the Moderns. Translations from the Series Klassiker der Nationalökonomie, London, Routledge