EC401 History of Economic Thought

for S1T 2012

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EC 401 History of Economic Thought


S1T 2012 DL


Lewis, Leslie Hugh


Senior Instructor/Lecturer


MBA Management/Psychology University of North Texas
MEd HRD, Adult Ed,, & Leadership University of Texas at Austin
BBA Baylor University Economics/Finance & HR Management                BS Social Psychology Park University at Austin    ACC  AAS Electronic Technology  

Office Location

Austin, Texas

Office Hours


Daytime Phone

512-251-4061 home


Semester Dates

Jan. 16 to Mar.11, 2012

Class Days


Class Time




Credit Hours



  • Author(s)Brue, Stanley / Grant, Randy
  • Edition/Copyright7TH 07
  • PublisherSouth-Western Publishing Co.
  • TypePaperback
  • ISBN-100-324-32145-7
  • ISBN-13978-0-324-32145-6
  • The Seventh Edition of THE EVOLUTION OF ECONOMIC THOUGHT presents the history of economics and the philosophies that drive the economic way of thinking. It stresses the importance of understanding contemporary economics, by grasping new ideas, evidence, problems and values that call for reconsideration of basic disputes and major contributions of the past. The textbook explains the ideas of the great economic thinkers and their logical connections to the world of today and tomorrow. Updated pedagogical features provide clear insight into issues like antitrust perspectives and game theory. Introducing ideas like Robert Solow's pioneering model to discuss recent renewed emphasis on growth theory and technological change, the author sheds historical light on modern debates and thoughts. Stanley Brue and Randy Grant carry on the legacy of Jacob Oser, the book's creator, by offering a scholarly and timely presentation of the history of economic thought.


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    FAQ's for Online Students - You might find the answer to your questions here.

    Course Description:
    EC401 History of Economic Thought(LL): This course provides an overview of the historical development of economic doctrines from ancient times to the mid 20th century. Included in the discussion are the Greek and Roman slave society, the feudal society, mercantilism and the historical transition to socialism and capitalism. 3:0:3

    Educational Philosophy:
    My educational philosophy is one of interactiveness based on lectures, readings, quizzes, dialogues, examinations, internet, videos, web sites and writings. I will engage each learner in what is referred to as disputatious learning to encourage the lively exploration of ideas, issues and contradictions.

    Learning Outcomes:
      Core Learning Outcomes

    1. Compare and contrast the major tenets of the economic schools of the thought.
    2. Analyze the development of each school of economic thought as a favorable extension to a previous school or a negative reaction to its ideas.
    3. Critically assess the contributions of past economists, both orthodox and heterodox, and their influences on contemporary economic policies.
    4. Synthesize the major advantages of each school of thought.
    5. Evaluate present-day fiscal and monetary policies in reaching the goals of full employment, stable prices and economic growth.

    Core Assessment:

    Write a paper that evaluates the impact of an economy guided by the institutions embodied in a socialistic form of economic organization andone guided by the institutions embodied in a capitalistic form of economicorganization. After examining the components of each approach contrast and compare the two types of systems in terms of their impact on economicdevelopment and specific economic outcomes. Propose your own solutions to anyweaknesses in the two systems and explain how your system might promote economic development and economic outcomes more effectively.


    Link to Class Rubric

    Class Assessment:
    Weekly Quizzes
    Exam: Final
    Term Paper


    The work you do in this class is valued as follows:



    160 points

    Weekly Quizzes


    120 points



    120 points

    Final Exam


    300 points

    Term Paper


    300 points

    Total Points Possible


    1000 points

    Grading scale:
    The following percentages will be used to assign course grades:
    90% - 100% = 900 - 1000 points = A
    80% - 89% = 800 - 899 points = B
    70% - 79% = 700 - 799 points = C
    60% - 69% = 600 - 699 points = D
    Below 60% = 599 points or less = F

    The course grade for students will be based on the overall average of homework and tests taken during the course in accordance with the weighting of the various requirements as stated in the syllabus.

    All final exams in all School of Business courses will be comprehensive and will be closed book and closed notes. They will constitute 30% of the total course grade and will not be a take-home exam. They will be completed during the test week in the period designated by the registrar or by the Proctor in the case online courses. If calculators are allowed, they will not be multifunctional electronic devices that include features such as: phones, cameras, instant messaging, pagers, and so forth. Electronic Computers will not be allowed on final exams unless an exception is made by the Dean of the School of Business.

    Late Submission of Course Materials:
    Any work submitted late will not receive full credit. All late assignments are subject to a 10 point late deduction each week. Discussion area inputs can not be made up after the end of each week.


    Classroom Rules of Conduct:
    In this course, some people may have different opinions which you do not agree with. Be objective and respectful when responding to different points of view. Working online may make communication more difficult since you don't see each other's body language.

    1. Online communications need to be composed with fairness, honesty, and tact. Spelling and grammar are very important in an online class. What you put into an online course reflects on your level of professionalism.
    2. It is important not to take disagreement personally.
    3. Responses to different ideas and observations need to be objective. Being objective means maintaining boundaries and not making personal attacks on the ability of others or making statements that have the potential to be taken personally.
    4. An important part of online learning is discussion. Differences in thinking are good because our knowledge is broadened.
    5. Because we have differences, we will have conflict. The important thing is to handle conflict in a way that does not create defensiveness, which does not promote learning.

    Course Topic/Dates/Assignments:

    Our course follows the general schedule in the table below. You will want to follow the specific weekly instructions in each weekly module to ensure that you meet all of the weekly requirements.

    See the Grading Rubrics button below for the breakdown of course points and the weight for each activity.


    Reading Assignment



    Week 1

    Text: Chapter 1: Introduction and Overview, Appendix not required

    Text: Chapter 2: The Mercantilist School (Pages 13-23, 27-30)

    Text: Chapter 3: The Physiocratic School (Pages 33-41)

    Homework, Quiz, Discussion, Term Paper Topic Selection

    Week 2

    Text: Chapter 4: The Classical School - Forerunners (Pages 45-49)

    Text: Chapter 5 (Pages 61-82)

    Internet: David Hume: "David Hume." The Concise Encyclopedia of Economics. 2008. Library of Economics and Liberty. Retrieved June 26, 2009 from the World Wide Web:

    Homework, Quiz, Discussion

    Week 3

    Text: Chapter 6: The Classical School - Thomas Robert Malthus

    Text: Chapter 8: The Classical School - Bentham, Say, Senior, and Mill

    Internet: "David Ricardo" The Concise Encyclopedia of Economics. 2008. Library of Economics and Liberty."

    Homework, Quiz, Discussion, Term Paper Proposal

    Week 4

    Text: Chapter 10: Marxian Socialism

    Homework, Quiz, Discussion

    Week 5

    Text: Chapter 12: The Marginalist School – Forerunners (211-215)

    Text: Chapter 13: The Marginalist School – Jevons, Menger, von Wieser, and von Bohm-Bawerk (231-244)

    Text: Chapter 14: The Marginalist School – Edgeworth and Clark (262-273)

    Homework, Quiz, Discussion, Initial Term Paper

    Week 6

    Text: Chapter 15: The Neoclassical School: Alfred Marshall

    Text: Chapter 16: The Neoclassical School: Monetary Economics (Pages 308-311)

    Homework, Quiz, Discussion

    Week 7

    Text: Chapter 17: The Neoclassical School (pages 325-330)

    Internet: Edwin H. Chamberlin:
    Source: ©2008 Author: Ralph Byrns (If this website is unavailable, refer to the lecture material on Chamberlin.)

    Internet: Joan Robinson:
    Source: ©2008 Author: Ralph Byrns (If this website is unavailable, refer to the lecture material on Robinson.)

    Text: Chapter 19: The Institutionalist School (369-374), Wesley Clair Mitchell (384-388), John Kenneth Galbraith, (388-392)

    Text: Chapter 20: Welfare Economics, Arthur Cecil Pigou, (401-407)

    Homework, Quiz, Discussion, Term Paper Final

    Week 8

    Text: Chapter 21: The Keynesian School – John Maynard Keynes, 427-433

    Text: Chapter 22: The Keynesian School – Developments Since Keynes, pages 456-457, Past as Prologue

    Internet: Keynesian Economics by Alan S. Blinder. Alan S. Blinder. "Keynesian Economics." The Concise Encyclopedia of Economics. 2008. Library of Economics and Liberty. Retrieved June 20, 2009 from the World Wide Web:

    Internet: Milton Friedman. "Milton Friedman." The Concise Encyclopedia of Economics. 2008. Library of Economics and Liberty. Retrieved June 20, 2009 from the World Wide Web:

    Podcast from NPR:
    "Obama Gives Keynes His First Real-World Test" by Adam Davidson and Alex Blumberg"
    ... "The Obama Administation is trusting Keynes"

    Homework, Quiz, Discussion

    Academic Honesty:
    Academic integrity is the foundation of the academic community. Because each student has the primary responsibility for being academically honest, students are advised to read and understand all sections of this policy relating to standards of conduct and academic life. Park University students and faculty members are encouraged to take advantage of the University resources available for learning about academic honesty ( or Park University 2011-2012 Undergraduate Catalog Page 93

    Plagiarism involves the use of quotations without quotation marks, the use of quotations without indication of the source, the use of another's idea without acknowledging the source, the submission of a paper, laboratory report, project, or class assignment (any portion of such) prepared by another person, or incorrect paraphrasing. from Park University 2011-2012 Undergraduate Catalog Page 93

    Attendance Policy:
    Instructors are required to maintain attendance records and to report absences via the online attendance reporting system.

    1. The instructor may excuse absences for valid reasons, but missed work must be made up within the semester/term of enrollment.
    2. Work missed through unexcused absences must also be made up within the semester/term of enrollment, but unexcused absences may carry further penalties.
    3. In the event of two consecutive weeks of unexcused absences in a semester/term of enrollment, the student will be administratively withdrawn, resulting in a grade of "F".
    4. A "Contract for Incomplete" will not be issued to a student who has unexcused or excessive absences recorded for a course.
    5. Students receiving Military Tuition Assistance or Veterans Administration educational benefits must not exceed three unexcused absences in the semester/term of enrollment. Excessive absences will be reported to the appropriate agency and may result in a monetary penalty to the student.
    6. Report of a "F" grade (attendance or academic) resulting from excessive absence for those students who are receiving financial assistance from agencies not mentioned in item 5 above will be reported to the appropriate agency.
    ONLINE NOTE: Students must participate in an academically related activity on a weekly basis in order to be marked present in an online class. Examples of academically-related activities include but are not limited to: contributing to an online discussion, completing a quiz or exam, completing an assignment, initiating contact with a faculty member to ask a courserelated question, or using any of the learning management system tools.

    Park University 2011-2012 Undergraduate Catalog Page 96

    Disability Guidelines:
    Park University is committed to meeting the needs of all students that meet the criteria for special assistance. These guidelines are designed to supply directions to students concerning the information necessary to accomplish this goal. It is Park University's policy to comply fully with federal and state law, including Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990, regarding students with disabilities. In the case of any inconsistency between these guidelines and federal and/or state law, the provisions of the law will apply. Additional information concerning Park University's policies and procedures related to disability can be found on the Park University web page: .


    CompetencyExceeds Expectation (3)Meets Expectation (2)Does Not Meet Expectation (1)No Evidence (0)
    Critical Thinking                                                                                                                                                                                                                                          
    Compare and contrast the tenets and economists within the major schools of economic thought.                                                                                                                                                                                                                                                                                                                                                                                                                         
    Nearly all tenets and economists are perfectly identified and stated. Most tenets and economists are correctly identified and stated. Most tenets and economists are incorrectly identified and stated. No tenets and economists are stated clearly. 
    Effective Communication                                                                                                                                                                                                                                    
    Summarize the lasting influence of the major economists on contemporary economic issues. Term Paper: Students are to select an economist for a term paper. The paper should include a brief biography of the selected economist; the economist's important contributions to the field of economics and the influence on current issues.                                                                                                                                                                              
    Nearly all summaries are stated perfectly. Most summaries are stated correctly. Most summaries are not stated correctly. No summaries are stated clearly. 
    Tools and Methods of Economics                                                                                                                                                                                                                             
    This examines the history of economic thought using multiple-choice, true false and short-essay questions.                                                                                                                                                                                                                                                                                                                                                                                                           
    All economists and concepts are stated nearly perfectly. Most economists and concepts are stated correctly. Most economists and concepts are not stated correctly. No economists or concepts are stated clearly. 


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    Last Updated:12/18/2011 4:57:55 PM