EC401 History of Economic Thought

for U1T 2012

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Vision Statement: Park University, a pioneering institution of higher learning since 1875, will provide leadership in quality, innovative education for a diversity of learners who will excel in their professional and personal service to the global community.


EC 401 History of Economic Thought


U1T 2012 DL


Boor, Randall L.


Senior Instructor


B.A.: (Economics) Moorhead State University, Moorhead, MN
M.S.: (Economics) North Dakota State University, Fargo, ND

Office Location

1905 12th Ave S.E. Mandan, ND  58554

Office Hours

M, T, W, Th, F 6:00 - 9:00 PM CST and by appointment

Daytime Phone



Semester Dates

06/04/12 - 07/29/12

Class Days


Class Time




Credit Hours



The Evolution of Economic Thought, 7th Edition
Stanley L. Brue: Pacific Lutheran University
Randy R. Grant: Linfield College

Publisher: Thomson South-Western
Copyright: 2007
ISBN: 0-324-53666-6

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Textbooks can be purchased through the Parkville Bookstore

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Course Description:

EC401 History of Economic Thought: The History of Economic Thought covers the evolution of economic ideas from the pre-classical mercantilists to modern day economists. Their contributions and relevance to contemporary economic polices and issues will be discussed. Readings incorporating the original writings of the great economists will be a major component of this course. 3:0:3

Educational Philosophy:
My educational philosophy emphasizes interactivity based on readings, lectures, discussion threads, homework assignments and exams. Web-based activities are used as a research tool that allows students to analyze contemporary topics of interest from the economic perspective.

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.

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 course related 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:4/29/2012 4:51:27 AM