DECO 22A01 - History of Economic Thought

TIs usury bad? How are prices set? Why do firms exist? I Is there a need for economic planning? Why are some societies richer than others? Why is there a tragedy of the common? Why does public spending increase through time?

This seminar aims to address all these issues through the first-hand reading of influential texts of economists from the 18th Century to the present day. Throughout the sessions, students will investigate the origins of economic thought, delve into the foundational principles of key economic schools, and critically assess the contributions of renowned economists, such as Smith, Marx, Keynes, Hayek or Acemoglu. The aim is to give students intellectual tools to be able to master the main economic debates that were engaged by famous authors, but that are still relevant today. The course will help students develop critical thinking, written and oral skills and apply economic theory to current issues.

At the end of the course, the student is expected to:

1°) Have a comprehensive understanding of the main debates within economic thoughts at the Modern and Contemporary era through the readings and the lectures. He is expected to be able to master the important ideas theorized by economists from the past that are still relevant to understanding our time.

2°) Have a good knowledge of the history of ideas related to their social and political contexts through the lectures. The student should be able to know the “political power” of economic ideas and how it shaped economic policymaking. On the other hand, he should put the authors in their historical and discursive contexts to have a better understanding of their writings.

3°) Have good skill in critically engaging the thesis of different schools of thoughts through the presentation and debates organized in class.

• Develop the ability to analyze current events based on economic theory in order to write high-quality texts through the written assignment and the final exam.

To validate the course, the student is expected to pass the following assignments:

1°) Participation (15 % of the final grade): the students will have to answer a quick reading test (quizz) every week. The participation grade will also be based on attendance and active participation in debates in class.

2°) Presentation in class (25 % of the final grade): All students will be required to present once during the term based on assigned compulsory and additional readings. They will have to mobilize the thoughts of the authors to analyze a recent economic or politic fact.

3°) Final Exam (35% of final grade): Students will be assigned 10 questions, choose 2 of them, and develop a reasoned essay (there is no methodological requirement, i.e., the dissertation methodology is not compulsory).

• Written assignment (25% of final grade): Students will be asked to submit a 1,500-2,000 word final essay on a theme or a book.