History of Economic Thought
Where do current theories of modern economics come from?
What schools of thoughts did they originate from and what theories got left behind in their wake? Are there alternative views that exist alongside mainstream economics in the twentieth century? This course will give you an overview the development of economic theories –the theories of value and distribution, theories of output and growth – from the seventeenth century to the twentieth century. You will look at the early economic thought of Kautilya and Ibn Khaldun, followed by Aristotle, the Scholastics, Mercantilists and Physiocrats. Look at how Adam Smith laid the foundations for what can be called the ‘science of wealth’, David Ricardo’s theory of income distribution, and Karl Marx’s theories on accumulation. Learn how Alfred Marshall contributed to the origins of modern economics all the way to the radical economics of JM Keynes. Finally, what is the significance of HET or History as Theory?