History of Economic Theory

Course Description

This syllabus consists of a study of the History of Economic Theory from a perspective of the History of Economy, Society and Ideas. The perspective is that the world of ideas is grounded in the socio-economic mileu, and that economic ideas are a part of such world of ideas.

Course Objective

In Part A, we first outline the relationship between the two central issues of scarcity and uncertainty, with different forms of socio economic organization, such as hunting-gathering, pastoral and agrarian socio economic organization.
We then outline the role of uncertainty in the emergence of faith based universals in the social construction of knowledge. This is contrasted with the role of experience in the social construction of knowledge. The tension between these two approaches is highlighted.

Ancient Greek thought is discussed from the perspective of this tension, and the the existence of the two approaches is detailed from the point of view of ancient Greek thought. We also discuss The historical emergence of Christianity and its effect in the complete domination of faith in the construction of knowledge in the western world, until the end of the middle age. 

Part B:
The next historical epoch consists of decline of feudalism, the emergence of the nation state, the mercantile revolution, the Reformation of the Church, the new philosophy and the birth of reason as a driving force in human thought.

Our discussion of ideas in this epoch, commences with Scholasticism, and goes through the emergence of Humanism and renaissance. 

The birth of economics in its modern form at this time is discussed, along with the rise o mercantilist ideas. The debate over mercantilism follows. The Hume-Stewart debate is highlighted in this context. 

This is followed by a discussion of the emergence of the idea of ‘natural order’ in European thought. The works of the Physiocrats and of Galiani have been taken to show how the market economy was increasingly thought of as the ‘natural order’

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