The present course traces the evolution of economic thinking throughout the late-modern and contemporary era. It surveys the major currents of classical, socialist, neo-classical, demand-side, Soviet, neoliberal and contemporary economics while providing a detailed examination of both theory and practice. Economic thought is presented and discussed alongside its relationship of mutual influence with historical events in order to provide a clear perspective of how ideas and theories influenced the unfolding of key events, such as the Industrial Revolution or the rise of welfare economics, and of how in turn crises, conflicts and radical experiments influenced economic thinking. The different currents of economic thought are discussed both in the specific context of the times in which they were conceptualised as well as part of broad debates that continue to this day, such as those on laissez-faire v.s. State intervention, on welfare and private interest, on national sovereignty and globalisation, on inequality and growth. The course will not only account for the theoretical origins of capitalist and socialist economics, but will also detail the theoretical and practical evolution of both, providing an analysis of the often sidelined, but historically and economically meaningful Soviet planning experiments. We will cover two centuries and a half of economic thought through subsequent sessions dedicated to major thinkers and to key events their theories were influenced by and contributed to shape. We will therefore reach the contemporary era fully equipped to survey and discuss the theoretical and practical answers to the economic crises of the 1990s and 2000s. This will finally lead to a last session entirely devoted to discussing the course's core issues and the broad debates that link all of its part, with the purpose of discussing “what was it all about and did anybody actually get it right anyway?”.
By the end of the course students will be expected to have developed:
1°) strong knowledge of the currents of economic thought surveyed and of their chronological progression;
2°) a clear understanding of the mutual influence major economic ideas had on key historical events and vice-versa;
3°) appropriate verbal and written skills so as to be able to clearly express themselves both during class debates and in the written assignments.
Giovanni CADIOLI
Séminaire
English
None
Spring 2022-2023
To validate the course, the student is expected to pass the following assignments:
1°) Presentation — students will be asked to present on assigned themes — 1/3 of the final grade
2°) Final take-home open-book exam — students will be tested on the themes discussed during the course — 1/3 of the final grade
3°) Final essay — students will be asked to submit a 1.500-2.000 words final essay which will be critique of an assigned theme — 1/3 of the final grade.
A. Roncaglia, The Wealth of Ideas. A History of Economic Thought (Cambridge University Press; New York, 2005).
E. Screpanti, S. Zamagni, An Outline of the History of Economic Thought, 2nd revised and expanded edition, trans. by D. Field and L. Kirby (Oxford University Press; New York, 2005)