History of Economic Thought

1. Explain the evolution of economic thought from ancient times to the present.
2. Analyze the contributions of key figures in the history of economics.
3. Compare and contrast different schools of economic thought.
4. Apply historical economic theories to contemporary economic issues.
5. Critically evaluate the strengths and weaknesses of various economic theories.
6. Understand the social and political context in which economic ideas develop.

13 weeks, about 30 hours in total. Yours will differ.

1. Week 1Module 1:

   • Unit 1: Nature and Significance of History of Economic Thought · 2 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..

2. Week 2Module 1:

   • Unit 2: The Evolution of Societies · 2 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..

3. Week 3Module 1:

   • Unit 3: The Sociology of Knowledge and Economic Thought · 2 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..

4. Week 4Module 1:

   • Unit 4: Ancient Economic Thought · 2 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..

5. Week 5Module 1:

   • Unit 5: Medieval Economic Thought · 2 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..

6. Week 6Module 2:

   • Unit 1: The Founders of Economic Thought (Plato, Aristotle, Etc. · 2 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..

7. Week 7Module 2:

   • Unit 2: Mercantilism · 2 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..

8. Week 8Module 2:

   • Unit 3: Mercantilist Policies and Factors Shaping Mercantilism · 2 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..

9. Week 9Module 2:

   • Unit 4: Pre-Classical Economists · 2 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..

10. Week 10Module 2:

    • Unit 5: Physiocracy · 2 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..

11. Week 11Module 2:

    • Unit 6: Commercial Capitalism and The Classical Schools · 2 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..

12. Week 12Module 3:

    • Unit 1: The Rise of Socialist Thought and The Marxian School of Economic Thought · 2 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 hours

      Explain Marx's Primitive Communism.. Describe Marx's Slave society.. Discuss Marx's Feudalism.. Enlighten on Marx's Capitalism..

13. Week 13Module 3:

    • Unit 3: The Marxian Economic Theories · 2 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 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..