ECO1202 History of Economics

A course in History of Economic Thought is designed to provide an introduction to the evolution of economic theory from its earliest formation to the present day. The focus of the course will be on developing an understanding of the interrelationships that exist between the historical environment and the economic theories used to understand the contemporary social reality. Primarily, the course examines how economic theories evolved in response to changes in technology, market institutions, and political structures. Beginning with ancient civilizations the course progresses historically to the present day, taking a broad view of what constitutes “economic thought,” a mixture of institutional, philosophical, policy-oriented, and “purely” theoretical, put into the general historical context of human affairs (political, religious, social, and scientific), noting major ideas and thinkers, emphasizing some thinkers central to the development of Economic theory. 

Course Objectives
The course is designed with following objectives as guiding posts; 

• To highlight the contribution by the medieval and ancient time scholars to economics thought. 
• To study the role of mercantilism and classical political economy in development of economics. 
• To evaluate John Maynard Keynes and the “Keynesian” revolutionary impact on the discipline.
• To Study how revival of classical economics occurred in form of neoliberal ideology. 

Course Learning Outcomes
At the end of the semester, students are expected to be articulate in following; 

• Identification of economic issues raised by medieval philosophers like Socrates, Pluto, Aristotle   
• Comparison between Mercantilists ideas on one hand with Adam Smith and Ricardo’s approach while explaining the growth and development of nations 
• Explanation of Keynes and his followers’ contribution to development of Macroeconomics.
• Appreciation of the return of “old” classical economics during the 1960s through to early 1980.