History of Economic Thought
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Level: Undergraduate
Division: Eugene Lang College The New School for Liberal Arts
Department: Economics
Course Number: LECO 3101
Course Format: Seminar
Location: NYC campus
Permission Required: Yes
The aim of the course is to read the classics, the Great Economists, or as Heilbroner calls them, the Worldly Philosophers. We will begin in the middle of the 18th C with Quesnay and the Physiocrats; this is the first instance of a model being used to study and recommend policy. Their approach will be compared to that of Adam Smith. Smith in turn is criticized and developed by Ricardo, who presents an analytically superior treatment of value, and extends the argument to long-run growth. Malthus adds another dimension to this, While J S Mill clarifies many points and adds a sophisticated discussion of money and credit. Then the entire project is criticized and taken in another direction by Marx. The next stage will be to study the rise of ‘marginalism’. We will read Alfred Marshall. The final stage will be Keynes and aggregate demand.
Course Open to: Degree Students