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ECON 308

I. Course Title: The History of Economic Thought

II. Course Number: ECON 308

III. Credit Hours: 3 credits

IV. Prerequisites: ECON 205, ECON 206

V. Course Description: 

This course will trace the evolution of economic thinking throughout history to modern scholars. Students will learn about the history of ideas and the intellectual developments that have shaped the world as we know it.

VI. Detailed Description of Content of the Course:

This course studies the main schools in the history of the development of economic thought and methodology, beginning with the Scholastics in brief. Students will review the Mercantilist period and the response of the Classical school through the works of Smith, Ricardo, J.S. Mill, Thornton, Say, and others. It then reviews challenges to the classical school by Marx, the Marginal Revolution, and other subsequent key schools such as Neoclassical economics. Economic thought associated with the 20th century is also addressed.

Topic Outline

  1. Method and Scope of Course
  2. Importance of Economic Thought
  3. The Beginnings
  4. Commercial Capitalism and Its Theory
  5. The Founders of Political Economy
  6. The Classical Economists
  7. Marx
  8. The Transition from Classicism
  9. Modern Thought

VI. Detailed Description of Conduct of Course:

The following teaching strategies may be employed:

  • Lectures, class discussion, written assignments, oral presentations, exams, or course homework.

VII. Goals and Objectives of the Course:

After successfully completing this course, students will be able to:

  1. Demonstrate knowledge of methodology and philosophy as they relate to economic thought.
  2. Identify differences between a "theoretical perspective" and a "school of thought."
  3. Explain how each school was influenced by the social, political, and economic conditions that preceded its emergence.
  4. Compare and contrast the various theoretical perspectives discussed.
  5. Improve oral and writing skills.
  6. Analyze the effects of stabilization policies, including fiscal and monetary policy. (SLO2)
  7. Analyze how markets work to allocate resources. (SLO3)

Review and Approval

Date Action Reviewed by
December 2004 Made alterations to syllabus N. Hashemzadeh, Chair
Revised 4/13/09 Charles Vehorn
April 16, 2012 Revised
December 2018

August 2020

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