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ECO324Social Sciences3 Unitsintermediate

History of Economic Thought

This course, History of Economic Thought, is designed for third-year economics students. It provides an in-depth exploration of the evolution of economic ideas over time. The course covers ancient, medieval, and modern economic thought, examining the contributions of key figures such as Plato, Aristotle, Keynes, Schumpeter, and Friedman. Students will develop a critical understanding of how economic thought has influenced historical and contemporary global economics.

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312h
Study Time
13
Weeks
24h
Per Week
basic
Math Level
Course Keywords
Economic ThoughtHistoryKeynesSchumpeterFriedman

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level
Builds on foundational knowledge
65%
intermediate
➕
Math Level
Basic Math
📖
Learning Type
Theoretical Focus

Course Topics

Key areas covered in this course

1

Ancient Economic Thought

2

Medieval Economic Thought

3

Mercantilism

4

Classical Economics

5

Marxian Economics

6

Marginalism

7

Keynesian Economics

8

Modern Monetary Theory

9

Economic Growth Theories

10

Development Theories

Total Topics10 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

Assignments

Comprehensive evaluation of course material understanding

Written Assessment

Tutor-Marked Assignments

Comprehensive evaluation of course material understanding

Written Assessment

Final Examination

Comprehensive evaluation of course material understanding

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Economist

Apply your skills in this growing field

Policy Analyst

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Financial Analyst

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Market Researcher

Apply your skills in this growing field

Consultant

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

GovernmentFinanceConsultingResearchEducation

Study Schedule Beta

A structured 13-week journey through the course content

Week
1

Module 1:

2h

Unit 1: Nature and Significance of History of Economic Thought

2 study hours
  • •Read the unit introduction to understand the scope and objectives.
  • •Define history of economic thought and its significance.
  • •Identify and describe the different approaches to studying history of economic thought.
  • •Reflect on the importance of understanding the evolution of economic ideas.
Week
2

Module 1:

2h

Unit 2: The Evolution of Societies

2 study hours
  • •Describe the origin of modern human societies and their adaptive mechanisms.
  • •Understand the Darwinian models of cultural evolution and their application to human behavior.
  • •Trace the evolution of institutions in complex societies.
  • •Discuss the tribal social instincts hypothesis and its role in cooperation.
Week
3

Module 1:

2h

Unit 3: The Sociology of Knowledge and Economic Thought

2 study hours
  • •Describe the sociology of knowledge and its impact on economic thought.
  • •Explain the social environment and its influence on individuals.
  • •Understand the concept of social order and its relation to human existence.
  • •Discuss the development of economic thought and its key elements.
Week
4

Module 1:

2h

Unit 4: Ancient Economic Thought

2 study hours
  • •Explain the importance of studying ancient economic thought.
  • •Understand the economic thought of Hebrews, including their ideas on interest, price, and labor.
  • •Discuss Greek economic thought and the contributions of Plato and Aristotle.
  • •Understand Roman economic thought and their views on agriculture and money.
Week
5

Module 1:

2h

Unit 5: Medieval Economic Thought

2 study hours
  • •Explain the Middle Ages period and its economic characteristics.
  • •Describe Germanic contributions to economic thought.
  • •Explain the influence of Christianity and the Church on economic ideas.
  • •Discuss Scholasticism and Canon Law, including the concept of value and just price.
Week
6

Module 2:

2h

Unit 1: The Founders of Economic Thought (Plato, Aristotle, Etc.

2 study hours
  • •Describe Plato and his contributions to economic thought, including his ideas on the state and division of labor.
  • •Explain Aristotle and his contributions to economic thought, including his ideas on private property and money.
  • •Discuss Thomas Aquinas and his contributions to economic thought.
  • •Explain Ibn Khaldun's Islamic Economic Thought.
Week
7

Module 2:

2h

Unit 2: Mercantilism

2 study hours
  • •Explain the meaning of Mercantilism and its historical context.
  • •Analyze the main Economic Assumptions, Ideas, and Economic Policy Proposals of Mercantilism.
  • •Critique Mercantilism and discuss Neo-Mercantilism.
  • •Examine the relevance of Mercantilism to Underdeveloped Countries.
Week
8

Module 2:

2h

Unit 3: Mercantilist Policies and Factors Shaping Mercantilism

2 study hours
  • •Discuss Mercantilist's Policies and their impact on trade and economic development.
  • •Identify the factors shaping Mercantilism, including economic, political, and religious factors.
  • •Explain Mercantilism's demise and its lasting influence.
  • •Discuss the main ideas and characteristics of Mercantilism.
Week
9

Module 2:

2h

Unit 4: Pre-Classical Economists

2 study hours
  • •Explain the quality and nature of the contributions of pre-classical economists.
  • •Discuss Sir William Petty's contributions to history of economic thought.
  • •Discuss John Locke's contributions to history of economic thought.
  • •Clarify Richard Cantillon's contributions to history of economic thought.
Week
10

Module 2:

2h

Unit 5: Physiocracy

2 study hours
  • •Analyze the Origin and meaning of Physiocracy.
  • •Explain the distinguishing features of the Physiocrats.
  • •Discuss the physiocratic concepts of natural order, net product, wealth, etc.
  • •Understand the Physiocratic concept of taxation.
Week
11

Module 2:

2h

Unit 6: Commercial Capitalism and The Classical Schools

2 study hours
  • •Explain the meaning and distinctive features of classical school of economic thought.
  • •Analyze the contributions of Adam Smith (1723-1790) to economic thought.
  • •Explain Smith's concept of Invisible Hand (Laissez Faire).
  • •Discuss Smith's Economic Law of a Free Enterprise Society.
Week
12

Module 3:

4h

Unit 1: The Rise of Socialist Thought and The Marxian School of Economic Thought

2 study hours
  • •Trace the origin of socialist thought.
  • •Discuss Karl Heinrich Marx (1818-1883).
  • •Analyze Marxism or Scientific Socialism.
  • •Explain the main characteristics of Marxism.

Unit 2: The Marxian Stages of Societal Development

2 study hours
  • •Explain Marx's Primitive Communism.
  • •Describe Marx's Slave society.
  • •Discuss Marx's Feudalism.
  • •Enlighten on Marx's Capitalism.
Week
13

Module 3:

4h

Unit 3: The Marxian Economic Theories

2 study hours
  • •Explain Marxian labour theory of value.
  • •Analyze Marxian theory of surplus value.
  • •Discuss Marxian theory of capitalist exploitation.
  • •Discuss Marxian law of capitalist accumulation.

Unit 4: Marx's Theories of Capitalist Crisis and The State

2 study hours
  • •Discuss Marx's theory on law of falling tendency of rate of profit.
  • •Explain Marx's theory on crisis arising from disproportionality.
  • •Analyze Marx's theory on crisis arising from under-consumption theory.
  • •Discuss Marx's theories of the State and evaluate Marxism.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

Read the complete course material as provided by NOUN.

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Review all study units and focus on key concepts and theories.

2

Practice with self-assessment exercises and tutor-marked assignments.

3

Create timelines of major economic thinkers and their contributions.

4

Compare and contrast different schools of economic thought.

5

Apply economic theories to current economic events and policy debates.

6

Focus on understanding the historical context in which economic ideas developed.

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