History of Economic Ideas

Unit 1 – History of Economic Ideas: Introduction

Unit 2 – Ancient Economic Thought

Unit 3 – Medieval Economic Thought

Unit 4 – Mercantilism to Capitalism: Economic Shift

Unit 5 – Physiocracy: French Enlightenment Economics

Unit 6 – Classical Economics: Smith & Ricardo

Unit 7 – Classical Critics: Malthus and Marx

Unit 8 – Marginalism and Neoclassical Economics

Unit 9 – Historical & Institutional Economics

Unit 10 – Keynesian Revolution in Macroeconomics

Unit 11 – The Chicago School & Monetarism

Unit 12 – Austrian School: Market Process Theory

Unit 13 – Behavioral Economics: Challenging Rationality

Unit 14 – Contemporary Economic Thought & Debates

## What do you learn in History of Economic Ideas

You'll explore the evolution of economic thought from ancient times to the present. The course covers major economic theories, key thinkers like Adam Smith and Karl Marx, and how different schools of thought have shaped our understanding of markets, trade, and economic systems. You'll also dive into the historical context behind various economic ideas and their impact on policy-making.

## Is History of Economic Ideas hard?

It's not the easiest course, but it's definitely manageable. The toughest part is wrapping your head around all the different economic theories and remembering who came up with what. There's a fair bit of reading involved, and you'll need to connect historical events with economic ideas. But if you're into economics or history, you'll probably find it pretty interesting.

## Tips for taking History of Economic Ideas in college

1. Use [Fiveable Study Guides](https://fiveable.me/cram-mode) to help you cram 🌶️
2. Create a timeline of economic thinkers and their main ideas
3. Read original texts by key economists like Adam Smith's "Wealth of Nations"
4. Watch documentaries on economic history (e.g., "The Ascent of Money" by Niall Ferguson)
5. Join a study group to discuss and debate different economic theories
6. Use mnemonic devices to remember key concepts (e.g., "LTV" for Labor Theory of Value)
7. Practice explaining complex ideas in simple terms to test your understanding

## Common pre-requisites for History of Economic Ideas

1. Principles of Microeconomics: This course introduces you to basic economic concepts like supply and demand, market structures, and consumer behavior. It's the foundation for understanding more complex economic ideas.

2. Principles of Macroeconomics: Here, you'll learn about big-picture economic issues like inflation, unemployment, and economic growth. It's crucial for grasping how different economic theories address national and global economic problems.

## Classes similar to History of Economic Ideas

1. Economic Thought and Methodology: This course dives deeper into the philosophy behind economic theories and how economists approach problem-solving. You'll explore different schools of economic thought in more detail.

2. Comparative Economic Systems: Here, you'll compare and contrast different economic systems like capitalism, socialism, and mixed economies. It's a great way to see how economic ideas play out in the real world.

3. History of Capitalism: This class focuses specifically on the development of capitalist economic systems. You'll learn about the rise of market economies and how they've evolved over time.

4. Political Economy: This course explores the intersection of economics and politics. You'll study how political systems influence economic policies and vice versa.

## Majors related to History of Economic Ideas

1. Economics: Students study how societies allocate resources and make decisions about production and consumption. Economics majors learn to analyze data, understand market trends, and predict economic outcomes.

2. History: History majors explore past events, societies, and cultures to understand how they've shaped the present. They develop critical thinking skills and learn to analyze primary sources.

3. Philosophy: Philosophy students examine fundamental questions about existence, knowledge, and ethics. They learn to construct logical arguments and critically analyze complex ideas.

4. Political Science: Political Science majors study government systems, political behavior, and public policy. They learn about different political ideologies and how they relate to economic theories.

## What can you do with a degree in History of Economic Ideas?

1. Economic Policy Analyst: These professionals analyze economic trends and policies to advise governments and organizations. They use their knowledge of economic history to provide context for current economic issues.

2. Financial Historian: Financial historians study the evolution of financial systems and institutions. They might work for museums, universities, or financial firms to provide historical context for economic decisions.

3. Economics Professor: Economics professors teach courses on economic theory and history at colleges and universities. They also conduct research and publish papers on various aspects of economic thought.

4. Economic Journalist: These writers report on economic news and trends for newspapers, magazines, or online publications. They use their understanding of economic history to provide context for current events.

## History of Economic Ideas FAQs

1. How is this course different from a regular economics course? This course focuses more on the development of economic theories over time, rather than just current economic principles. You'll learn about the historical context of different ideas and how they've evolved.

2. Do I need to be good at math for this course? While some basic math skills are helpful, this course is more focused on concepts and theories rather than complex calculations. You'll need strong reading and critical thinking skills more than advanced math abilities.

3. Will this course help me understand current economic issues? Absolutely! Understanding the history of economic ideas gives you a broader perspective on current economic debates. You'll be able to recognize the origins of different economic arguments and policies.

Economics

1.1 The nature and scope of economic thought

1.3 The relationship between economic theory and practice

1.2 Methods of studying economic ideas

2.2 Greek economic thought: Plato and Aristotle

2.3 Roman economic practices and ideas

2.1 Economic ideas in ancient civilizations

3.1 Scholastic economic doctrine

3.3 The economic impact of feudalism

3.2 Islamic economic thought

4.1 Mercantilist economic policies and theories

4.2 The emergence of capitalism and market economies

4.3 Early critics of mercantilism

5.1 The Physiocratic school of thought

5.2 Key Physiocratic concepts and the Tableau Économique

5.3 Influence of Physiocracy on later economic thought

6.2 David Ricardo's contributions to classical economics

6.1 Adam Smith's economic philosophy and "The Wealth of Nations"

6.3 The development of classical economic theories

7.2 Karl Marx's critique of capitalism

7.3 The influence of Malthus and Marx on economic thought

7.1 Thomas Malthus and population theory

8.1 The marginal revolution: Jevons, Menger, and Walras

8.2 The development of neoclassical economic theory

8.3 Alfred Marshall and the Cambridge school

9.1 The German Historical School

9.2 American Institutionalism

9.3 The impact of historical and institutional approaches on economics

10.3 Post-Keynesian economics

10.2 The development of macroeconomic theory

10.1 John Maynard Keynes and "The General Theory"

11.3 Critiques and influence of monetarism

11.1 Milton Friedman and monetarist theory

11.2 The Chicago School's approach to economic policy

12.1 The foundations of Austrian economics

12.2 Hayek and the knowledge problem

12.3 Austrian business cycle theory

13.3 Implications for economic theory and policy

13.1 The emergence of behavioral economics

13.2 Key concepts and experiments in behavioral economics

14.1 New classical and new Keynesian economics

14.4 The future of economic thought

14.3 Environmental economics and sustainability

14.2 Development economics and globalization

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