Hist Econ (Coursework)

COURSE PLAN FOR HISTORY OF ECONOMICS

– WINTER 2016 –

SCHOOL OF BUSINESS MANAGEMENT “SILK ROAD”

Course Outlines

Course             : Professional core courses

Course credit/hours      : 32 hours

Class time/room       : TBA on 1 week ahead of commencement

Name/title            :

Teacher contact        : 3233707094@qq.com

Office hours/Place        : 16:00pm – 18:00pm, Wednesday, 4th Floor, School of Business

Used textbooks         : All references are listed in the Section Teaching Material

Course Requirements   : All detailed information are abundantly explained in the Section Course Preface

Reading list               : All references are listed in the Section Teaching Material

Material (material)               : The IT supporting equipment used for teaching are the Multimedia Projector, the PC station in class, video sources, web links, and on-line research

Learning (student)        : All details are abundantly explained in the Section Lessons Plan

Course Preface

The course will be delivered, exclusively, in English as the recognized language of the international global business world.

This course and the book aim to provide the students with the fundamental notions needed for the achievement of the required educational standard of comprehension and competency in history of economics.

The additional material offered has the scope to further complement and support the overall learning and educational goals the student is expected to possess at the end of the course.

One thing that is clearly paramount for the course’s success is the need to deliver quality education through interactive participation and relaxing class environment where positive environment stimulates learning initiative and teamwork.

The teaching will reflect and promote the interpersonal communication and social skills needed to prepare the student for the future occupational life.

Teamwork, peer interaction, social responsibility and leadership development are encouraged throughout the course together with study planning and organizational and time management skills.

Furthermore, an appreciation of economics’ culture and thoughts – and the importance of language knowledge in particular – is a strong, and hopefully, novel feature for a course of this nature.

In attempting to understand the importance of history of economics and English language, this course also aims to be international in its focus and its use of sources and examples.

Teaching Philosophy

Teamwork

Each class is divided in teams and composed by maximum 3 members depending on the total students in the class.

Each team will have to choose a name from categories of names decided by the teacher, like the followings: names of animals, Chinese horoscope; Chinese cities or province or traditional dishes; European or American or African or Asian Countries or Capital Cities: Fashion brands: flowers, fruits, vegetables or animals, football teams or basketball teams.

Each team must have a leader. The role of the leader is to ensure the team performs at her best all the time by practicing good behavior in class, actively interacts with the teacher, punctually hands over home assignments and projects as per assessing requirements, and collaborates in promoting a motivating learning environment by increasing the enthusiasm and team spirit among the members.

The team is successful or otherwise depending upon the performance of the members. SUCCESS AND FAILURES ARE SHARED EQUALLY AND FAIRLY. Therefore, Close Collaboration and Trust among the members are vividly encouraged and expected.

The attendance and discipline in class for the team is carried by the leader and the final marks on class participation, attendance, teamwork, project is evenly distributed among all members.

Each team will have a shared mark for class attendance based on the total presences recorded by the team during the semester. Example; if a team has 3 members and the total weeks of the semester is 16 then a team scoring 48 attendances will have achieved 100% or 5% for each member. If the team scores 44 presences then the total attendance percentage will be 90% or 4.5% for each member.

The same criteria will be used to allocate marks for class participation, midterm project and teamwork.

Ladies and Gentlemen

The students are not considered students but young adults entering and starting their college life and, as such, considered mature enough to be responsible for their own actions and approach to learning and living independently and away from the comforts of their homes.

As ladies and gentlemen, students will not be called by their names but the will be addressed by the teacher with the title of Mr. and Miss. followed by their first name or preferred English name. This is to create in the student the feeling to be in the adulthood phase and not a late adolescence. In this way, the student will feel that respect is received and given at equal proportion and same quality in life in the way it is enjoyed by others and one’s self.

Based on this principle, no behavior contrary to respect and honor will be entertained or accepted and the highest regard for such titles (Lady or Gentleman) and the manners in which they are carried out do constitute a point of merit in the final evaluation.

This philosophy of teaching is based on the most effective training methods used by the Ritz Carlton Hotel Group where everyone is important and essential for the betterment, development and success of the company through a very exciting, motivating and enticing learning and working environment.

As adults, the students will feel the responsibility rested on their shoulders and behave respectfully and diligently by searching the best ways to outperform themselves and take up various challenges during their time spent in college.

Furthermore, the students will develop the understanding and comprehension of the importance of trust, friendship, teamwork, give and receive help and support, as well as responsibility, and commitment. Simultaneously, the students will be able to learn the intrinsic meaning of hardworking and determination and soft skills as interpersonal communication and social interaction, acceptance of diversity and celebration of individual uniqueness.

Class Code of Disciplinary Conduct

Each student will be given 1 mark for each attendance in class and the team will be given the total attendance of each member divided by 5% as final attendance mark. If a student is late for class not beyond ten minutes then he/she will be allowed in class upon asking permission toward the teacher and the class. If the lateness is beyond ten minutes but not more than 30 minutes, the student will be allowed in class but his attendance will be marked as 0.5. If the lateness is beyond 30 minutes then the student will be allowed in class but an absence from class will be recorded, even though the student is seating in class.

Use of phone or any electronic device is not allowed in class unless it is authorized by the teacher. Cell phones can be used to record the lesson if prior permission has been granted by the teacher. Sometimes, phones can be used during class time if required by the teacher for surfing web sites or looking up for sources of information or even for QQ group communication and information.

In each class, the teacher may choose two or three assistants who are required to assist in the effective management of the class and oriented to improve class behavior and performance.

Chatting or any form of class disruptions, including unauthorized use of cell phones or any other electronic devices, will be awarded a penalties of mark subtracted from the overall final mark in the following way:

1)     The first offence will be awarded a 5% cut from the overall final mark

2)     The second offence will be awarded a further 10% mark from the final mark

3)     The third offence will be awarded another 15% cur from the final overall mark

4)     The 4th offence will be awarded a further 20% cut from the final overall mark meaning that the highest mark achievable by the student is just passing mark

5)     Any further offence will grant an immediate failure from the course with no further chance of being reinstated into the class.

All these penalties are personal and do not affect other members of the teams but be disruptive to the team effectiveness and team work

If the student needs to answer a very urgent call then he/she must raise the hand and ask to be allowed to temporarily exit the class and, after terminating the call, return in class.

Any student leaving the class earlier then the regular hours will be considered absent for the whole class and, with him/her, the entire team to which he/she belongs. If a student must leave the class because of any urgent reason, early dismissal from class can be authorized only by the teacher who will then record time and reason of leaving.

The reading of other books related to any topic or subject not related to the current topic discussed by the teacher will be regarded and treated as the rules and regulations governing the unauthorized use of cell phones.

Projects, assignments and home works are to be handed over on a timely and punctual manner without exceptions. A delay of a minute but within same day will be awarded a cut of 10% of the possible mark. A delay of one day after the due deadline will be awarded a cut of 20% of the possible mark. Any further delay will only receive a passing mark when and if considered fitting the teaching standard requirements.

Students must not insist about being given chances and no reason will be entertained. The principle of Ladies and Gentlemen is applied overall the teaching, learning and class management.

Teacher’s Assistants (TAS)

The teacher selects in each class two or three teacher’s assistants. The TA will be helping, supporting and assisting the teacher in the management of the class covering areas like discipline, homework, project completion, attendance, student counselling, peers’ support and social and group activities suggested by the class.

The TAs have a monthly meeting with the teacher every second week of the month (in case of Holiday or unforeseen events the TA Monthly Meeting is postponed to the following week). During the meeting the TAs are expected to be present to represent their class. Eventually, in case of urgent matters, at least one TA out of two shall be present to the TA Monthly Meeting.

Each TA is responsible to ensure that all teams in the class do attend the semester’s office meeting with the teacher to be awarded the 5% as part of the final assessment.

TA is also charged with supervising the booking of the meetings between the teacher and the teams or students and to update the excel sheet for the purpose in the QQ group Teacher Assistant TIANFU.

Each TA is also in charge of the class QQ group and, as such, it is the duty of the TA to ensure the class members do make use of it in a very proficient way. Uploading and downloading files, and using, as much as possible, English language, stopping any sort of advertisement in the group in any forms and shapes, keeping the content of the group chats within the criteria conforming to the College’s directives and disciplinary conduct.

The TA shall also be considered a class leader and team leader and as such he shall conduct him or herself in a highly distinguished manner and be seen as role model by all the classes.

The TA is also considered an assistant manager to the teacher and, in such role, he/she represents and speaks on behalf of the teacher as instructed by the teacher and be the carrier of class feedback and suggestions to the teacher.

General Conduct and Behavior

The teacher will not implement any harsh ways of class management. The role of a teacher does not require the establishment of a despotic or authoritarian regime. As before mentioned, the class members will all be considered Ladies and Gentlemen and treated with, spoken to and addressed by respectful ways.

As such, adult behavior shall be the norm and not exception. High integrity and moral uphold with purely moral and ethical conduct shall not an expectation but rather a habit to be cultivated for the overall benefit and a fully rounded personal and educational growth.

A class member, fully conscious of possibilities in self-growth and development, will certainly express the inner and outer self in the best possible manner aiming at becoming a well admired and appreciated young mind.

The teacher shall support and advice the class member in any case or situation where the teacher shall be able to suggest solutions and, if none can be found, then the teacher shall find support and advice from external sources or higher levels in order to provide the most effective and efficient educational experience to the class member.

Course Assessment

The course assessment shall provide a complete evaluation of the student’s comprehensions of the fundamental concepts and methods of history of economics, with local and global analysis, and English language knowledge.

The student shall be assessed over two levels of participation: as personal interest and active participation to the class time and as member of a team in which he needs to perform with responsible academic behavior towards the members.

The assessment criteria of the course are as follows:

1)     Participation 10%

  1. a) Class participation is the assessment criteria based on class attendance, participation, note taking, homework, active dynamism in the learning process, and team work.

2)     Week 8 Mid Term Written Test Quiz 20% (Covering academic program covered from Week 1 to 7)

  1. a) The student will be given an in class test with a set of four objective questions (25% mark each complete answer) and the test will last 90 minutes. The student on the exam day will need to register 10 minutes in advance and be seated at the numbered seat allocated by the teacher. The student will need to bring two black ink pens, personal ID card and student card. Paper will be given by the teacher on the day together with the set of questions. The student will be allowed to bring water or any other non-intoxicating drink in class. Any form of cheating will not be tolerated and the student will be invited to leave the class and be given a failure mark

3)     Week 3       16 Classroom Random Oral Test 20% (any week)

  1. a) Every student will be randomly asked to answer four questions orally during the semester. Each valid answer will be marked 25%. The only language used is English and the student needs to be aware that the Random Oral Test will be randomly asked during the weekly lecturing time at the sole discretion to the lecturer

4)     Week 14 Pre Final Exam Written Test 20% (Covering academic program covered from Week 8 to 12)

  1. a) The student will be given an in-class test with a set of four objective questions (25% mark each complete answer) and the test will last 90 minutes. The student on the exam day will need to register 10 minutes in advance and be seated at the numbered seat allocated by the teacher. The student will need to bring two black ink pens, personal ID card and student card. Paper will be given by the teacher on the day together with the set of questions. The student will be allowed to bring water or any other non-intoxicating drink in class. Any form of cheating will not be tolerated and the student will be invited to leave the class and be given a failure mark

5)     Week 16 Homework and research 10% (Homework 5% + Research 5%)

  1. a) Homework is related to the homework which needs to be done on specific weeks as determined by the lecturer 5%
  2. b) Research is related to the consulting of reference material the lecturer will suggest for reading to the student and used for the project 5%

6)     Week 17 Pre Final Exam Written Test 20% (Covering academic program covering from Week 13 to 16)

  1. a) The student will be given an in class test with a set of four objective questions (25% mark each complete answer) and the test will last 90 minutes. The student on the exam day will need to register 10 minutes in advance and be seated at the numbered seat allocated by the teacher. The student will need to bring two black ink pens, personal ID card and student card. Paper will be given by the teacher on the day together with the set of questions. The student will be allowed to bring water or any other non-intoxicating drink in class. Any form of cheating will not be tolerated and the student will be invited to leave the class and be given a failure mark

All teaching material, complementary reading and lectures are delivered in English and English is the sole medium of learning, studying and communication in class. Students lacking the necessary language skills are sincerely encouraged to find time and resources to dedicate towards the improvement of their language skills and knowledge in order of being able to successfully pass the exams.

The lecturer shall provide the students with office time and weekly fixed quantity of available hours in order to further enhance and encourage the students in learning and asking questions and seeking answers.

The Semester Calendar

Week Topic Pages – Homework – Reference Material
1 Introduction Of Teaching Methods And Performance’s Expectations, Rules Of Discipline And Training Philosophy
2 Prologue To Economics

·        What Is Economics, The History Of Economics

·        View The Past Through The Lens Of The Present

·        The Story Told Here

And

The Ancient World

·        Homer And Hesiod, Xenophon’s Oiknomikos

·        Plato’s Ideal State, Aristotle On Justice And Exchange, Aristotle And The Acquisition Of Wealth, Rome, Conclusions

Page 3 – 27 Study The Questions Of The PPT And Answer Them Correctly
3 The Middle Ages

·        The Decline Of Rome, Judaism, Early Chritisanity

·        Islam, From Charles Martel To The Black Death

·        The 12th Century Renaissance And Economics In The Universities

·        Nicolas Oresme And The theory Of Money, Conclusions

Page 29  – 49 Study The Questions Of The PPT And Answer Them Correctly
4 The Emergence Of The Modern World View – The 16th Century

·        The Renaissance And The Emergence Of The Modern View, The Reformation, The Rise Of The European Nation State, Mercantilism, Machiavelli

·        The School Of Salamanca And American Treasure

·        England Under The Tutors, Economics In The 16th Century

Pages 51 – 64 Study The Questions Of The PPT And Answer Them Correctly
      5 Sciences, Politics And Trade In The 17th Century England

·        Background, Science And The Science Of The Royal Society, Political Ferment

·        Economic Problems – Dutch Commercial Power And The Crisis Of The 1620s, The Balance Of Trade Doctrine, The Rate Of Interest And The Case For Free Trade, The Recoinage Crisis Of The 1960s

·        Economics In The 17th Century

Pages 66 – 87 Study The Questions Of The PPT And Answer Them Correctly
6 Absolutism And Enlightenment In The 18th Century France

·        Problems Of The Absolute State, Early 18th Century Critics Of Mercantilism, Cantillion On The Nature Of Commerce In General

·        The Enlightenment, Physiocracy, Turgot

·        Economic Thought Under The Ancient Regime

Pages 89 – 109 Study The Questions Of The PPT And Answer Them Correctly
7 The Scottish Enlightenment Of The 18th Century

·        Background, Hutchenson, Hume, Sir James Stuart

·        Adam Smith, Division Of Labor And The Market

·        Capital Accumulation, Smith And Laissez Faire

·        Economic Thought At The End Of The 18th Century

Classic Political Economy, 1790 – 1870

·         From Moral Philosophy To Political Economy, Utilitarism And The Philosophic Radicals

·        Ricardian Economics, Alternatives To Ricardian Economics, Government Policy And The Role Of The State, Money

Pages 110 – 164 Study The Questions Of The PPT And Answer Them Correctly
8 Week 8 Mid Term Written Test Quiz 20% (Covering academic program covered from Week 1 to 7)
9 The Split Between History And Theory In Europe, 1870 – 1914

·        The Professionalization Of Economics, Jevons, Walras And Mathematical Economics, Economics In Germany And Austria, Historical Economics And The Marshallian School In Britain

·        European Economic Theory, 1900 – 1914

Pages 166 – 182 Study The Questions Of The PPT And Answer Them Correctly
10 The Rise Of American Economic, 1870- 1939

·        US Economics In The Late 19th Century,  John Bates Clark, Mathematical Economics

·        Thornstein Veblen, John R. Commons

·        Inter War Pluralism, Inter War Studies Of Competition, The Migration Of European Academics

·        US Economics In The Mid-20th Century

Pages 185 – 209 Study The Questions Of The PPT And Answer Them Correctly
11 Money And The Business Cycle, 1898 – 1939

·        Wicksells’s Cumulative Process, The Changed Economic Environment

·        Austrian And Swedish Theories Of The Business Cycle, Britain: From Marshall To Keynes

·        The American Tradition , Keynes’s General Theory

·        The Keynesian Revolution, The Transition From Inter War To Post Second World War Macroeconomics

Pages 211 – 235 Study The Questions Of The PPT And Answer Them Correctly
12 Econometrics And Mathematical Economics, 1930 To Present

·        The Mathematization Of Economics, The Revolution In National Income Accounting, The Professionalization Of Economics, Jevons, Walras And Mathematical Economics

·        Economics In Germany And Austria, Historical Economics And The Marshallian School In Britain

·        European Economic Theory, 1900 – 1914

Pages 237 – 265 Study The Questions Of The PPT And Answer Them Correctly
13 Welfare Economics And Socialism, 1870 To The Present

·        Socialism And Marginalism, The State And Social Welfare, The Lausanne School

·        The Socialist Calculation Debate, Welfare Economist 1930 – 1960, Market Failure And Government Failure

·        Conclusions

Pages 269 – 284 Study The Questions Of The PPT And Answer Them Correctly
14 7)     Week 14 Pre Final Exam Written Test 20% (Covering academic program covered from Week 8 to 12)

 

15 Economists and Policy, 1939 To The Present

·        The Expanding Role Of The Economics Profession

·        Keynesian Economics And Macroeconomic Planning

·        Inflation And Monetarism, The New Classical Macroeconomics, Development Economics

·        Conclusions

Pages 288 – 306 Study The Questions Of The PPT And Answer Them Correctly
16 Expanding The Discipline, 1960 To The Present

·        Applied Economics, Economic Imperialism

·        Heterodox Economics, New Concepts And New Techniques, Economics In The 20th Century

Epilogue : Economists And Their History

Pages 309 – 325 Study The Questions Of The PPT And Answer Them Correctly
Week 16 Homework and research 10% (Homework 5% + Research 5%)

 

      17 Week 17 Pre Final Exam Written Test 20% (Covering academic program covering from Week 13 to 16)

 

18 END OF SEMESTER

COURSE GOALS AND OBJECTIVES

Week TOPIC LEARNING GOALS AND STUDYING OBJECTIVES
1 Introduction Of Teaching Methods And Performance’s Expectations, Rules Of Discipline And Training Philosophy
2 Prologue To Economics

·        What Is Economics, The History Of Economics

·        View The Past Through The Lens Of The Present

·        The Story Told Here

And

The Ancient World

·        Homer And Hesiod, Xenophon’s Oiknomikos

·        Plato’s Ideal State, Aristotle On Justice And Exchange, Aristotle And The Acquisition Of Wealth, Rome, Conclusions

·        Understand the basic meaning of economics and the background of history of economics

·        Analyze the past through the lens of the present and differentiate the concepts

·        Compare Homer and Hesiod

·        Assess the importance of Xenophon

·        Comprehend Plato and Aristotle

·        Discuss the rise of Rome and the economics of the Empire

3 The Middle Ages

·        The Decline Of Rome, Judaism, Early Chritisanity

·        Islam, From Charles Martel To The Black Death

·        The 12th Century Renaissance And Economics In The Universities

·        Nicolas Oresme And The theory Of Money, Conclusions

·        Understand the causes forcing the fall of Rome

·        Comprehend the rise of the Judaism and compare it with Early Christianity

·        Analyze Islam and the concept of economics of the Muslims

·        Interpret the development of Economics from Charles Martel to the Black Death

·        Assess the importance of economics as science in universities since the 12th century

·        Appreciate the contribute of Nicolas Oresme to the thoughts of economics

4 The Emergence Of The Modern World View – The 16th Century

·        The Renaissance And The Emergence Of The Modern View, The Reformation, The Rise Of The European Nation State, Mercantilism, Machiavelli

·        The School Of Salamanca And American Treasure

·        England Under The Tutors, Economics In The 16th Century

·        Understand the renaissance and the emergence of a modern view of economics

·        Analyze the economics during the reformation era until the rise of the concept of European Nation State

·        Comprehend the importance of mercantilism in Europe as trade between nation gain importance

·        Comprehend the thoughts of Machiavelli

·        Have a clear concept of the school of Salamanca and the establishment of the American treasure

·        Evaluate the economics in England under the Tudors and during the 16th Century

      5 Sciences, Politics And Trade In The 17th Century England

·        Background, Science And The Science Of The Royal Society, Political Ferment

·        Economic Problems – Dutch Commercial Power And The Crisis Of The 1620s, The Balance Of Trade Doctrine, The Rate Of Interest And The Case For Free Trade, The Recoinage Crisis Of The 1960s

·        Economics In The 17th Century

·        Understand the rise of science as fundamental method of knowledge

·        Comprehend the political ferment in Europe while the Dutch gain commercial power

·        Assess what caused the crises of the 1620s

·        Analyze the Trade Doctrine, the rate of interest and the case for free trade

·        Conceptualize the recoinage crisis of the 1960s and the economics in the 17th century

6 Absolutism And Enlightenment In The 18th Century France

·        Problems Of The Absolute State, Early 18th Century Critics Of Mercantilism, Cantillion On The Nature Of Commerce In General

·        The Enlightenment, Physiocracy, Turgot

·        Economic Thought Under The Ancient Regime

·        Understand the Problems Of The Absolute State and the Early 18th Century Critics Of Mercantilism

·        Study Cantillion On The Nature Of Commerce In General

·        Differentiate between The Enlightenment and the movement of the physiocrats

·        Comprehend Turgot and

·        Economic Thought Under The Ancient Regime

7 The Scottish Enlightenment Of The 18th Century

·        Background, Hutchenson, Hume, Sir James Stuart

·        Adam Smith, Division Of Labor And The Market

·        Capital Accumulation, Smith And Laissez Faire

·        Economic Thought At The End Of The 18th Century

Classic Political Economy, 1790 – 1870

·         From Moral Philosophy To Political Economy, Utilitarism And The Philosophic Radicals

·        Ricardian Economics, Alternatives To Ricardian Economics, Government Policy And The Role Of The State, Money

·        Understand and differentiate amongst Hutchenson, Hume, Stuart and Adam Smith

·        Be able to comprehend the interaction between division of labor and the market

·        Analyze the concept of capital accumulation

·        Assess the important of Smith’s theory of Laisses faire and the economic thought at the end of the 18th century

·        Differentiate between Moral Philosophy and Political Economy

·        Compare Utilitarism And The Philosophic Radicals

·        View the arrival of the Ricardian Economics and the alternatives To Ricardian Economics

·        Evaluate the Government Policy And The Role Of The State while comprehend the concept of Money

·        Assimilate the different ideas and concepts between Stuart Mill and Karl Marx

8 Week 8 Mid Term Written Test Quiz 20% (Covering academic program covered from Week 1 to 7)
9 The Split Between History And Theory In Europe, 1870 – 1914

·        The Professionalization Of Economics, Jevons, Walras And Mathematical Economics, Economics In Germany And Austria, Historical Economics And The Marshallian School In Britain

·        European Economic Theory, 1900 – 1914

·        Understand the rise of the need of The Professionalization Of Economics

·        Analyze the concepts of Jevons, Walras And Mathematical Economics

·        Study the European schools of Economics In Germany And Austria

·        Comprehend the Historical Economics And The Marshallian School In Britain

·        Assess the European Economic Theory, 1900 – 1914

10 The Rise Of American Economic, 1870- 1939

·        US Economics In The Late 19th Century,  John Bates Clark, Mathematical Economics

·        Thornstein Veblen, John R. Commons

·        Inter War Pluralism, Inter War Studies Of Competition, The Migration Of European Academics

·        US Economics In The Mid-20th Century

·        Analyze the US Economics In The Late 19th Century

·        Compare John Bates Clark, Mathematical Economics, Thornstein Veblen, and John R. Commons

·        Differentiate between Inter War Pluralism and Inter War Studies Of Competition

·        Comprehend  The Migration Of European Academics and the links with the US Economics In The Mid-20th Century

11 Money And The Business Cycle, 1898 – 1939

·        Wicksells’s Cumulative Process, The Changed Economic Environment

·        Austrian And Swedish Theories Of The Business Cycle, Britain: From Marshall To Keynes

·        The American Tradition , Keynes’s General Theory

·        The Keynesian Revolution, The Transition From Inter War To Post Second World War Macroeconomics

·        Know Wicksells’s Cumulative Process and The Changed Economic Environment

·        Differentiate between the Austrian And the Swedish Theories Of The Business Cycle

·        Be able to discuss the theories from Marshall to Keynes

·        Discover The American Tradition

·        Explore Keynes’s General Theory and the Keynesian Revolution

·        Elaborate on The Transition From Inter War To Post Second World War Macroeconomics

      12 Econometrics And Mathematical Economics, 1930 To Present

·        The Mathematization Of Economics, The Revolution In National Income Accounting, The Professionalization Of Economics, Jevons, Walras And Mathematical Economics

·        Economics In Germany And Austria, Historical Economics And The Marshallian School In Britain

·        European Economic Theory, 1900 – 1914

·        Discover The Mathematization Of Economics

·        Be able to discuss The Revolution In National Income Accounting

·        Understand the birth of The Professionalization Of Economics

·        Compare Jevons, Walras And Mathematical Economics

·        Differentiate the Economics In Germany And Austria

·        Analyze the Historical Economics And The Marshallian School In Britain

·        European Economic Theory, 1900 – 1914

13 Welfare Economics And Socialism, 1870 To The Present

·        Socialism And Marginalism, The State And Social Welfare, The Lausanne School

·        The Socialist Calculation Debate, Welfare Economist 1930 – 1960, Market Failure And Government Failure

·        Conclusions

·        Differentiate between Socialism And Marginalism

·        Define The State And Social Welfare

·        Describe The Lausanne School

·        Understand The Socialist Calculation Debate

·        Comprehend Welfare Economist 1930 – 1960

·        Analyze Market Failure And Government Failure

14 Week 14 Pre Final Exam Written Test 20% (Covering academic program covered from Week 8 to 12)

 

15 Economists and Policy, 1939 To The Present

·        The Expanding Role Of The Economics Profession

·        Keynesian Economics And Macroeconomic Planning

·        Inflation And Monetarism, The New Classical Macroeconomics, Development Economics

·        Conclusions

·        Introduce The Expanding Role Of The Economics Profession

·        Differentiate between Keynesian Economics And Macroeconomic Planning

·        Distinguish among Inflation And Monetarism

·        Understand The New Classical Macroeconomics

·        List the so called Development Economics

16 Expanding The Discipline, 1960 To The Present

·        Applied Economics, Economic Imperialism

·        Heterodox Economics, New Concepts And New Techniques, Economics In The 20th Century

Epilogue : Economists And Their History

·        Know the Applied Economics

·        Define what is the Economic Imperialism

·        Understand what is Heterodox Economics

·        Comprehend New Concepts And New Techniques

·        Determine the challenges for Economics In The 20th Century

Week 16 Homework and research 10% (Homework 5% + Research 5%)
      17 Week 17 Pre Final Exam Written Test 20% (Covering academic program covering from Week 13 to 16)

 

18 END OF SEMESTER

COURSE HOMEWORKS AND HOMEWORK

WEEK TOPIC SUMMARY QUESTIONS
2 Prologue To Economics

·        What Is Economics, The History Of Economics

·        View The Past Through The Lens Of The Present

·        The Story Told Here

And

The Ancient World

·        Homer And Hesiod, Xenophon’s Oiknomikos

·        Plato’s Ideal State, Aristotle On Justice And Exchange, Aristotle And The Acquisition Of Wealth, Rome, Conclusions

· What is Economics and how can you define it? And what is the difference between Macroeconomics and Microeconomics? What is the difference between Positive and Normative Economics?

· Who is Homer and what is his idea of economics? And how do you compare him to Hesiod?

· Xenophon is considered one of the early economists? Can you explain why?

· What is Plato’s concept of Ideal State?

· Can you explain the concepts of Justice and Exchange in Aristotle?

· While Aristotle was not so convinced that acquisition of wealth was not good for the economy?

· Tell me about the economics of the Roman Empire

3 The Middle Ages

·        The Decline Of Rome, Judaism, Early Chritisanity

·        Islam, From Charles Martel To The Black Death

·        The 12th Century Renaissance And Economics In The Universities

·        Nicolas Oresme And The theory Of Money, Conclusions

· Can you tell me what were the causes determining the decline and final fall of the Roman Empire

· Why the Judaism, basically a religion, became a powerful economic lobby after the fall of the Roman Empire?

· Can you tell me something about the concept of economics in the Early Christianity

· Why for Islam good economics was fundamental for expansion?

· What happen in the period going from Charles Martel to the Black Death?

· Can you tell about the Renaissance period? And why economics started to be considered a discipline at universities?

· Who was Nicolas Oresme and what is the theory of Money

4 The Emergence Of The Modern World View – The 16th Century

·        The Renaissance And The Emergence Of The Modern View, The Reformation, The Rise Of The European Nation State, Mercantilism, Machiavelli

·        The School Of Salamanca And American Treasure

·        England Under The Tutors, Economics In The 16th Century

· What is the importance of the Renaissance? And what we intend with Modern View?

· Tell me about the reformation. What do you know?

· What we intend with the concept of European Nation State?

· What is Mercantilism?

· Can you introduce to me Machiavelli?

· Can you tell me about the School of Salamanca?

· Why English economy improved and developed under the Tudors?

· Can you discuss about economics in the 16th Century?

5 Sciences, Politics And Trade In The 17th Century England

·        Background, Science And The Science Of The Royal Society, Political Ferment

·        Economic Problems – Dutch Commercial Power And The Crisis Of The 1620s, The Balance Of Trade Doctrine, The Rate Of Interest And The Case For Free Trade, The Recoinage Crisis Of The 1960s

·        Economics In The 17th Century

· Can you describe to me the new concept of Science in the 17th century in England?

· What was the political ferment of that time?

· Tell me about the rise of the Dutch commercial power?

· What caused the crisis of the 1620s?

· Can you explain the Balance of the Trade Doctrine?

· What was the idea behind rate of interest and free trade?

· Tell me what do you know about 1690s?

6 Absolutism And Enlightenment In The 18th Century France

·        Problems Of The Absolute State, Early 18th Century Critics Of Mercantilism, Cantillion On The Nature Of Commerce In General

·        The Enlightenment, Physiocracy, Turgot

·        Economic Thought Under The Ancient Regime

· What was the idea of Absolute State?

· Why suddenly people criticized the concept of Mercantilism in the 18th century?

· Who was and what was the thought of Cantillion?

· Tell me something about the Enlightenment?

· Who were the Physiocrats?

· What was thinking Turgot?

· What happened under the Ancient Regime?

7 The Scottish Enlightenment Of The 18th Century

·        Background, Hutchenson, Hume, Sir James Stuart

·        Adam Smith, Division Of Labor And The Market

·        Capital Accumulation, Smith And Laissez Faire

·        Economic Thought At The End Of The 18th Century

Classic Political Economy, 1790 – 1870

·         From Moral Philosophy To Political Economy, Utilitarism And The Philosophic Radicals

·        Ricardian Economics, Alternatives To Ricardian Economics, Government Policy And The Role Of The State, Money

· What do you know about Hutchenson?

· What was the thought of Hume?

· What were the main ideas of Sir James Stuart?

· What was the thought of Adam Smith?

· How Divison of Labor and Market were actually understood?

· What was the main idea of capital accumulation?

· What does it means in Economics laissez faire?

· What was the Economic thought at the end of the 18th Century?

· Can you define Moral Philosophy? Can you compare with Political Economy?

· What is Utilitarism?

· How can you describe the Philosophic Radicals?

· Can you tell me about Ricardian Economics?

· What is the Government Policy and the role of the State?

· What is the role of Money?

· What’s the difference between John Stuart Mill and Karl Marx?

9 The Split Between History And Theory In Europe, 1870 – 1914

·        The Professionalization Of Economics, Jevons, Walras And Mathematical Economics, Economics In Germany And Austria, Historical Economics And The Marshallian School In Britain

·        European Economic Theory, 1900 – 1914

·  Why suddenly there was need of professionalization of Economics?

·  Can you tell something about Jevons? Walras? And define Mathematical economics?

·  Can you differentiate between the German School and the AustrianSchool of economics?

·  What is Historical Economics?

·  Why was important the Marshallian School in Britain?

·  Can you discuss the European Economic Theorybetween 1900 and 1914

10 The Rise Of American Economic, 1870- 1939

·        US Economics In The Late 19th Century,  John Bates Clark, Mathematical Economics

·        Thornstein Veblen, John R. Commons

·        Inter War Pluralism, Inter War Studies Of Competition, The Migration Of European Academics

·        US Economics In The Mid-20th Century

·  What was the situation in the US economics in the late 19th Century

·  What was the main idea of John Bates Clark?

·  Can you illustrate Mathematical Economics?

·  What is the main economic theory of Thornstein Vebler?

·  Who was John R. Commons? And why he is considered an important economist?

·  What we intend with Inter War Pluralism?

·  Whar are the Inter War Studies of Competition?

·  Why there was Migration of European Academics to US?

·  Can you describe US economics in the Middle of the 20th Century?

11 Money And The Business Cycle, 1898 – 1939

·        Wicksells’s Cumulative Process, The Changed Economic Environment

·        Austrian And Swedish Theories Of The Business Cycle, Britain: From Marshall To Keynes

·        The American Tradition , Keynes’s General Theory

·        The Keynesian Revolution, The Transition From Inter War To Post Second World War Macroeconomics

·  What is Wicksells Cumulative Process?

·  Can you describe The Changed Economic Environment from 1898 to 1939?

·  Can you compare the Austrian and Swedish Theories of the Business Cycle?

·  What happened in Britain with Marshall and Keynes?

·  What we intend with The American Tradition?

·  Can you explain the Keynes’s General Theory?

·  Can you explain The Keynesian Revolution?

·  How changed the idea of Macroeconomics in between the wars?

12 Econometrics And Mathematical Economics, 1930 To Present

·        The Mathematization Of Economics, The Revolution In National Income Accounting, The Professionalization Of Economics, Jevons, Walras And Mathematical Economics

·        Economics In Germany And Austria, Historical Economics And The Marshallian School In Britain

·        European Economic Theory, 1900 – 1914

·  Can you describe The Mathematization of Economics?

·  What is the meaning of The Revolution in National Income Accounting?

·  Can you describe The Professionalization of Economics?

·  Can you describe Jevons?

·  Can you introduce Walras and Mathematical Economics?

·  What is the difference in Economics in Germany and Austria?

·  What is Historical Economics?

·  How can you describe The Marshallian School in Britain?

·  What is the European Economic Theory during the period from 1900 to 1914?

13 Welfare Economics And Socialism, 1870 To The Present

·        Socialism And Marginalism, The State And Social Welfare, The Lausanne School

·        The Socialist Calculation Debate, Welfare Economist 1930 – 1960, Market Failure And Government Failure

·        Conclusions

·  Socialism And Marginalism

·  The State And Social Welfare

·  The Lausanne School

·  The Socialist Calculation Debate

·  Welfare Economist 1930 – 1960

·  Market Failure And Government Failure

·  Conclusions

15 Economists and Policy, 1939 To The Present

·        The Expanding Role Of The Economics Profession

·        Keynesian Economics And Macroeconomic Planning

·        Inflation And Monetarism, The New Classical Macroeconomics, Development Economics

·        Conclusions

·  Can you explain The Expanding Role of the Economics Profession?

·  Can you define Keynesian Economics and Macroeconomic Planning?

·  What is Inflation?

·  What is Deflation?

·  What is Stagflation?

·  What is monetarism?

·  Can you describe the basic ideas of the New Classical Macroeconomics?

·  What are the development economics?

16 Expanding The Discipline, 1960 To The Present

·        Applied Economics, Economic Imperialism

·        Heterodox Economics, New Concepts And New Techniques, Economics In The 20th Century

Epilogue : Economists And Their History

·  What is Applied Economics?

·  Can you give your opinion about Economic Imperialism? It is a positive or negative doctrine? And why?

·  Can you define Heterodox Economics?

·  What are the New Concepts and New Techniques of Contemporary Economics?

·  Can yu discuss some of the issues of Economics in The 20th Century?

 

TIMETABLE, CLASSES, CODES, WEEKS DURATION AND TOTAL HOURS

DAY TIME CLASS TOTAL STUDENTS CLASS CODES TOTAL WEEKS TOTAL HOURS
TOT STUDENTS
LESSON PLAN W1L1
Week 1 Day Tuesday Lecture Room 403
Lesson 1 Date   Class Code 1601
Duration 90’ Time 3-4 Students Total 45

TOPIC

Week Topic Pages – Homework – Reference Material
1 Introduction Of Teaching Methods And Performance’s Expectations, Rules Of Discipline And Training Philosophy

LEARNING GOALS

  1. To illustrate the fundamentals of the subject
  2. To familiarize the student with the course’s requirements
  3. To explain the rules and regulations of the class which may differ from the University’s disciplinary code of conduct
  4. To clarify what are the teacher’s expectations in terms of academic performance, personal behavior, individual conduct and professional attitude
  5. To motivate the student in making full use of all the main teaching materials for a more effective learning
  6. To demonstrate the importance to widen the scope of learning through the use of all or part of the reference materials provided during the course
  7. To emphasize team spirit, trust and cooperation with all course mates and to instill self-discipline
  8. To encourage and facilitate lecture to student and student to student interactive communication
  9. To ensure student comprehend, accept and value the teaching methodology, academic material, rules and regulations and learning environment provided by the School
  10. To highlight the importance of conducting an exemplary college life through the acceptance of personal responsibility and accepted ethical behavior within the disciplinary guidelines provided by the University, the School, the Management and the Teachers

 Teaching Material

 D:\Economics Office Admin\PDF\Welcome to History of Economics.pdf

 Teaching Goals and Tasks

  1. To meet the class monitor and ask the name list of the students organized with the following criteria:
  2. Chinese Name in Chinese characters
  3. Chinese Name in Pinyin
  4. English Name
  5. Student Number
  6. Gender
  7. Province of Origin
  8. Major
  9. To organize the students in Teams of 3 People Each and to give each team the name of an important economic figure in the History of Economics
  10. Each Team should prepare a PPT on Team Profile as per D:\Economics Office Admin\DOC\memoT02 0130092016 How to form a team.docx
  11. To collect all team profile by Sunday 17:00pm Week 1 through qq
  12. To open a QQ group for the class and ask all students to join within Week 1 and to open a WeChat room for the class and inviting all students to join within Week 1
  13. To highlight the importance of the exclusive use of English language in both chatting group
  14. To stress the importance of the use of polite and respectful communication and strict adherence to ethical principles
  15. To ensure the students understand the importance to continuously monitor the online chatting groups for downloading and sharing all teaching materials and communication posted from time to time but on a constant basis by the lecturer
  16. To require the class monitor to facilitate the observance of discipline and good behavior of the class and to report any untoward cases
  17. To share the full semester coursework (lessons, topics, LEARNING GOALS, homework, textbook, reference material) with the students

 

LESSON PLAN W2L2
Week 2 Day Tuesday Lecture Room 403
Lesson 2 Date   Class Code 1601
Duration 90’ Time 3-4 Students Total 45

TOPIC

Week Topic Pages – Homework – Reference Material
2 Prologue To Economics

·        What Is Economics

·        The History Of Economics

·        View The Past Through The Lens Of The Present

·        The Story Told Here

And

The Ancient World

·        Homer And Hesiod

·        Xenophon’s Oiknomikos

·        Plato’s Ideal State

·        Aristotle On Justice And Exchange

·        Aristotle And The Acquisition Of Wealth

·        Rome

·        Conclusions

Page 3 – 27 Study The Questions Of The PPT And Answer Them Correctly

LEARNING GOALS

Week LEARNING GOALS AND STUDYING OBJECTIVES
2 ·        Understand the basic meaning of economics and the background of history of economics

·        Analyze the past through the lens of the present and differentiate the concepts

·        Compare Homer and Hesiod

·        Assess the importance of Xenophon

·        Comprehend Plato and Aristotle

·        Discuss the rise of Rome and the economics of the Empire

HOMEWORK

(All homework to be replaced with the newly

Provided teaching material below)

WEEK SUMMARY QUESTIONS
2 ·  What is Economics and how can you define it? And what is the difference between Macroeconomics and Microeconomics? What is the difference between Positive and Normative Economics?

·  Who is Homer and what is his idea of economics? And how do you compare him to Hesiod?

·  Xenophon is considered one of the early economists? Can you explain why?

·  What is Plato’s concept of Ideal State?

·  Can you explain the concepts of Justice and Exchange in Aristotle?

·  While Aristotle was not so convinced that acquisition of wealth was not good for the economy?

·  Tell me about the economics of the Roman Empire

Teaching Material

From neoclassic to today economics.pptx

hits econ week 2 lesson 2\history of economics week 2 lesson 2.pptx

hist econ week 3 lesson 3\history of economics week 3 lesson 3 bis.pptx

prefinal questions and answers for the week 14.docx

FINAL questions and answers for the week 17.pdf

 Teaching Goals and Tasks

The following topics should be covered or touched or referred to during the class. Due to time limit constraints, the lecturer may opt to provide further reading to the students and motivate the importance of widening the academic notions shared during the lecturing time.

1)     Prologue To Economics

2)     Definition of Economics and Importance of history of economics

3)     Homer And Hesiod

4)     Xenophon’s Oiknomikos

5)     Plato’s Ideal State

6)     Aristotle On Justice And Exchange

7)     Aristotle And The Acquisition Of Wealth

8)     Rome


LESSON PLAN W3L3
Week 3 Day Tuesday Lecture Room 403
Lesson 3 Date   Class Code 1601
Duration 90’ Time 3-4 Students Total 45

TOPIC

Week Topic Pages – Homework – Reference Material
3 The Middle Ages

1)     The Decline Of Rome

2)     Judaism

3)     Early Chritisanity

4)     Islam

5)     From Charles Martel To The Black Death

6)     The 12th Century Renaissance And Economics In The Universities

7)     Nicolas Oresme And The theory Of Money

8)     Conclusions

Page 29  – 49 Study The Questions Of The PPT And Answer Them Correctly

 LEARNING GOALS

Week LEARNING GOALS AND STUDYING OBJECTIVES
3 1)     Understand the causes forcing the fall of Rome

2)     Comprehend the rise of the Judaism and compare it with Early Christianity

3)     Analyze Islam and the concept of economics of the Muslims

4)     Interpret the development of Economics from Charles Martel to the Black Death

5)     Assess the importance of economics as science in universities since the 12th century

6)     Appreciate the contribute of Nicolas Oresme to the thoughts of economics

 HOMEWORK

(All homework to be replaced with the newly

Provided teaching material below)

WEEK SUMMARY QUESTIONS
3 ·  Can you tell me what were the causes determining the decline and final fall of the Roman Empire

·  Why the Judaism, basically a religion, became a powerful economic lobby after the fall of the Roman Empire?

·  Can you tell me something about the concept of economics in the Early Christianity

·  Why for Islam good economics was fundamental for expansion?

·  What happen in the period going from Charles Martel to the Black Death?

·  Can you tell about the Renaissance period? And why economics started to be considered a discipline at universities?

·  Who was Nicolas Oresme and what is the theory of Money

Teaching Material

From neoclassic to today economics.pptx

Hist econ week 2 lesson 2\history of economics week 2 lesson 2.pptx

Hist econ week 3 lesson 3\history of economics week 3 lesson 3 bis.pptx

Retinal questions and answers for the week 14.docx

FINAL questions and answers for the week 17.pdf

Teaching Goals and Tasks

The following topics should be covered or touched or referred to during the class. Due to time limit constraints, the lecturer may opt to provide further reading to the students and motivate the importance of widening the academic notions shared during the lecturing time.

1)     The Decline Of Rome, Judaism, Early Chritisanity, Islam

2)     From Charles Martel To The Black Death

3)     The 12th Century Renaissance And Economics In The Universities

4)     Nicolas Oresme And The theory Of Money and The Decline Of Rome

5)     From Charles Martel To The Black Death

6)     The 12th Century Renaissance And Economics In The Universities

7)     Nicolas Oresme And The theory Of Money

LESSON PLAN W4L4
Week 4 Day Tuesday Lecture Room 403
Lesson 4 Date   Class Code 1601
Duration 90’ Time 3-4 Students Total 45

TOPIC

Week Topic Pages – Homework – Reference Material
4 1)     The Emergence Of The Modern World View – The 16th Century

2)     The Renaissance And The Emergence Of The Modern View

3)     The Reformation

4)     The Rise Of The European Nation State

5)     Mercantilism

6)     Machiavelli

7)     The School Of Salamanca And American Treasure

8)     England Under The Tutors

9)     Economics In The 16th Century

Pages 51 – 64 Study The Questions Of The PPT And Answer Them Correctly

 LEARNING GOALS

Week LEARNING GOALS AND STUDYING OBJECTIVES
4 1)     Understand the renaissance and the emergence of a modern view of economics

2)     Analyze the economics during the reformation era until the rise of the concept of European Nation State

3)     Comprehend the importance of mercantilism in Europe as trade between nation gain importance

4)     Comprehend the thoughts of Machiavelli

5)     Have a clear concept of the school of Salamanca and the establishment of the American treasure

6)     Evaluate the economics in England under the Tudors and during the 16th Century

HOMEWORK

(All homework to be replaced with the newly

Provided teaching material below)

WEEK SUMMARY QUESTIONS
4 ·  What is the importance of the Renaissance? And what we intend with Modern View?

·  Tell me about the reformation. What do you know?

·  What we intend with the concept of European Nation State?

·  What is Mercantilism?

·  Can you introduce to me Machiavelli?

·  Can you tell me about the School of Salamanca?

·  Why English economy improved and developed under the Tudors?

·  Can you discuss about economics in the 16th Century?

 Teaching Material

From neoclassic to today economics.pptx

Hist econ week 2 lesson 2\history of economics week 2 lesson 2.pptx

Hist econ week 3 lesson 3\history of economics week 3 lesson 3 bis.pptx

Retinal questions and answers for the week 14.docx

FINAL questions and answers for the week 17.pdf

 Teaching Goals and Tasks

The following topics should be covered or touched or referred to during the class. Due to time limit constraints, the lecturer may opt to provide further reading to the students and motivate the importance of widening the academic notions shared during the lecturing time.

1)     The Emergence Of The Modern World View – The 16th Century

2)     The Renaissance And The Emergence Of The Modern View

3)     The Reformation and The Rise Of The European Nation State

4)     Mercantilism and Machiavelli

5)     The School Of Salamanca And American Treasure

6)     England Under The Tutors and Economics In The 16th Century

 


LESSON PLAN W5L5
Week 5 Day Tuesday Lecture Room 403
Lesson 5 Date   Class Code 1601
Duration 90’ Time 3-4 Students Total 45

TOPIC

Week Topic Pages – Homework – Reference Material
     5 1)     Sciences, Politics And Trade In The 17th Century England

2)     Background

3)     Science And The Science Of The Royal Society

4)     Political Ferment

5)     Economic Problems – Dutch Commercial Power And The Crisis Of The 1620s

6)     The Balance Of Trade Doctrine

7)     The Rate Of Interest And The Case For Free Trade

8)     The Recoinage Crisis Of The 1960s

9)     Economics In The 17th Century

Pages 66 – 87 Study The Questions Of The PPT And Answer Them Correctly

LEARNING GOALS

Week LEARNING GOALS AND STUDYING OBJECTIVES
     5 1)     Understand the rise of science as fundamental method of knowledge

2)     Comprehend the political ferment in Europe while the Dutch gain commercial power

3)     Assess what caused the crises of the 1620s

4)     Analyze the Trade Doctrine, the rate of interest and the case for free trade

5)     Conceptualize the recoinage crisis of the 1960s and the economics in the 17th century

HOMEWORK

(All homework to be replaced with the newly

Provided teaching material below)

WEEK SUMMARY QUESTIONS
5 ·  Can you describe to me the new concept of Science in the 17th century in England?

·  What was the political ferment of that time?

·  Tell me about the rise of the Dutch commercial power?

·  What caused the crisis of the 1620s?

·  Can you explain the Balance of the Trade Doctrine?

·  What was the idea behind rate of interest and free trade?

·  Tell me what do you know about 1690s?

 Teaching Material

From neoclassic to today economics.pptx

Hist econ week 2 lesson 2\history of economics week 2 lesson 2.pptx

Hist econ week 3 lesson 3\history of economics week 3 lesson 3 bis.pptx

Retinal questions and answers for the week 14.docx

FINAL questions and answers for the week 17.pdf

 Teaching Goals and Tasks

The following topics should be covered or touched or referred to during the class. Due to time limit constraints, the lecturer may opt to provide further reading to the students and motivate the importance of widening the academic notions shared during the lecturing time.

1)     Sciences, Politics And Trade In The 17th Century England

2)     Science And The Science Of The Royal Society

3)     Political Ferment

4)     Economic Problems – Dutch Commercial Power And The Crisis Of The 1620s

5)     The Balance Of Trade Doctrine and The Rate Of Interest And The Case For Free Trade

6)     The Recoinage Crisis Of The 1960s and Economics In The 17th Century

 

LESSON PLAN W6L6
Week 6 Day Tuesday Lecture Room 403
Lesson 6 Date   Class Code 1601
Duration 90’ Time 3-4 Students Total 45

TOPIC

Week Topic Pages – Homework – Reference Material
6 1)     Absolutism And Enlightenment In The 18th Century France

2)     Problems Of The Absolute State

3)     Early 18th Century Critics Of Mercantilism

4)     Cantillion On The Nature Of Commerce In General

5)     The Enlightenment

6)     Physiocracy

7)     Turgot

8)     Economic Thought Under The Ancient Regime

Pages 89 – 109 Study The Questions Of The PPT And Answer Them Correctly

 LEARNING GOALS

Week LEARNING GOALS AND STUDYING OBJECTIVES
6 1)     Understand the Problems Of The Absolute State and the Early 18th Century Critics Of Mercantilism

2)     Study Cantillion On The Nature Of Commerce In General

3)     Differentiate between The Enlightenment and the movement of the physiocrats

4)     Comprehend Turgot and

5)     Economic Thought Under The Ancient Regime

HOMEWORK

(All homework to be replaced with the newly

Provided teaching material below)

WEEK SUMMARY QUESTIONS
6 ·  What was the idea of Absolute State?

·  Why suddenly people criticized the concept of Mercantilism in the 18th century?

·  Who was and what was the thought of Cantillion?

·  Tell me something about the Enlightenment?

·  Who were the Physiocrats?

·  What was thinking Turgot?

·  What happened under the Ancient Regime?

 Teaching Material

From neoclassic to today economics.pptx

Hist econ week 2 lesson 2\history of economics week 2 lesson 2.pptx

Hist econ week 3 lesson 3\history of economics week 3 lesson 3 bis.pptx

Retinal questions and answers for the week 14.docx

FINAL questions and answers for the week 17.pdf

Teaching Goals and Tasks

The following topics should be covered or touched or referred to during the class. Due to time limit constraints, the lecturer may opt to provide further reading to the students and motivate the importance of widening the academic notions shared during the lecturing time.

1)     Absolutism And Enlightenment In The 18th Century France

2)     Problems Of The Absolute State

3)     Early 18th Century Critics Of Mercantilism

4)     Cantillion On The Nature Of Commerce In General

5)     The Enlightenment and Physiocracy

6)     Turgot

7)     Economic Thought Under The Ancient Regime

 


LESSON PLAN W7L7
Week 7 Day Tuesday Lecture Room 403
Lesson 7 Date   Class Code 1601
Duration 90’ Time 3-4 Students Total 45

TOPIC

Week Topic Pages – Homework – Reference Material
7 1)     The Scottish Enlightenment Of The 18th Century

2)     Background

3)     Hutchenson

4)     Hume

5)     Sir James Stuart

6)     Adam Smith

7)     Division Of Labor And The Market

8)     Capital Accumulation

9)     Smith And Laissez Faire

10)  Economic Thought At The End Of The 18th Century

11)  Classic Political Economy, 1790 – 1870

12)   From Moral Philosophy To Political Economy

13)  Utilitarism And The Philosophic Radicals

14)  Ricardian Economics

15)  Alternatives To Ricardian Economics

16)  Government Policy And The Role Of The State

17)  Money

18)  John Stuart Mill

19)  Karl Marx

20)  Conclusions

Pages 110 – 130 Study The Questions Of The PPT And Answer Them Correctly

Pages 131 – 164 Study The Questions Of The PPT And Answer Them Correctly

 LEARNING GOALS

Week LEARNING GOALS AND STUDYING OBJECTIVES
7 1)     Understand and differentiate amongst Hutchenson, Hume, Stuart and Adam Smith

2)     Be able to comprehend the interaction between division of labor and the market

3)     Analyze the concept of capital accumulation

4)     Assess the important of Smith’s theory of Laisses faire and the economic thought at the end of the 18th century

5)     Differentiate between Moral Philosophy and Political Economy

6)     Compare Utilitarism And The Philosophic Radicals

7)     View the arrival of the Ricardian Economics and the alternatives To Ricardian Economics

8)     Evaluate the Government Policy And The Role Of The State while comprehend the concept of Money

9)     Assimilate the different ideas and concepts between Stuart Mill and Karl Marx

 HOMEWORK

(All homework to be replaced with the newly

Provided teaching material below)

WEEK SUMMARY QUESTIONS
7 · What do you know about Hutchenson?

· What was the thought of Hume?

· What were the main ideas of Sir James Stuart?

· What was the thought of Adam Smith?

· How Divison of Labor and Market were actually understood?

· What was the main idea of capital accumulation?

· What does it means in Economics laissez faire?

· What was the Economic thought at the end of the 18th Century?

· Can you define Moral Philosophy? Can you compare with Political Economy?

· What is Utilitarism?

· How can you describe the Philosophic Radicals?

· Can you tell me about Ricardian Economics?

· What is the Government Policy and the role of the State?

· What is the role of Money?

· What’s the difference between John Stuart Mill and Karl Marx?

 Teaching Material

From neoclassic to today economics.pptx

Hist econ week 2 lesson 2\history of economics week 2 lesson 2.pptx

Hist econ week 3 lesson 3\history of economics week 3 lesson 3 bis.pptx

Retinal questions and answers for the week 14.docx

FINAL questions and answers for the week 17.pdf

 Teaching Goals and Tasks

The following topics should be covered or touched or referred to during the class. Due to time limit constraints, the lecturer may opt to provide further reading to the students and motivate the importance of widening the academic notions shared during the lecturing time.

1)     The Scottish Enlightenment Of The 18th Century

2)     Hutchenson, Hume, Sir James Stuart, Adam Smith

3)     Division Of Labor And The Market

4)     Capital Accumulation and Smith And Laissez Faire

5)     Economic Thought At The End Of The 18th Century

6)     Classic Political Economy, 1790 – 1870

7)      From Moral Philosophy To Political Economy

8)     Utilitarism And The Philosophic Radicals

9)     Ricardian Economics and Alternatives To Ricardian Economics

10)  Government Policy And The Role Of The State

11)  Money, John Stuart Mill, Karl Marx

LESSON PLAN W8L8
Week 8 Day Tuesday Lecture Room 403
Lesson 8 Date   Class Code 1601
Duration 90’ Time 3-4 Students Total 45

TOPIC

Week Topic Pages – Homework – Reference Material
8 Week 8 Mid Term Written Test Quiz 20% (Covering academic program covered from Week 1 to 7)

 LEARNING GOALS

Week LEARNING GOALS AND STUDYING OBJECTIVES
8 a)      The student will be given an in class test with a set of four objective questions (25% mark each complete answer) and the test will last 90 minutes.

b)     The student on the exam day will need to register 10 minutes in advance and be seated at the numbered seat allocated by the teacher.

c)      The student will need to bring two black ink pens, personal ID card and student card.

d)     Paper will be given by the teacher on the day together with the set of questions.

e)      The student will be allowed to bring water or any other non-intoxicating drink in class. Any form of cheating will not be tolerated and the student will be invited to leave the class and be given a failure mark


LESSON PLAN W9L9
Week 9 Day Tuesday Lecture Room 403
Lesson 9 Date   Class Code 1601
Duration 90’ Time 3-4 Students Total 45

TOPIC

Week Topic Pages – Homework – Reference Material
9 1)     The Split Between History And Theory In Europe, 1870 – 1914

2)     The Professionalization Of Economics

3)     Jevons, Walras And Mathematical Economics

4)     Economics In Germany And Austria

5)     Historical Economics And The Marshallian School In Britain

6)     European Economic Theory, 1900 – 1914

Pages 166 – 182 Study The Questions Of The PPT And Answer Them Correctly
9 Mid Term Project – PRESENTATION OF TEAM ASSIGNMENT

D:\TEACHING MATERIAL\PPT\midterm project.pptx

 LEARNING GOALS

Week LEARNING GOALS AND STUDYING OBJECTIVES
9 1)     Understand the rise of the need of The Professionalization Of Economics

2)     Analyze the concepts of Jevons, Walras And Mathematical Economics

3)     Study the European schools of Economics In Germany And Austria

4)     Comprehend the Historical Economics And The Marshallian School In Britain

5)     Assess the European Economic Theory, 1900 – 1914

HOMEWORK

(All homework to be replaced with the newly

Provided teaching material below)

WEEK SUMMARY QUESTIONS
9 ·  Why suddenly there was need of professionalization of Economics?

·  Can you tell something about Jevons? Walras? And define Mathematical economics?

·  Can you differentiate between the German School and the AustrianSchool of economics?

·  What is Historical Economics?

·  Why was important the Marshallian School in Britain?

·  Can you discuss the European Economic Theorybetween 1900 and 1914

 Teaching Material

From neoclassic to today economics.pptx

Hist econ week 2 lesson 2\history of economics week 2 lesson 2.pptx

Hist econ week 3 lesson 3\history of economics week 3 lesson 3 bis.pptx

Retinal questions and answers for the week 14.docx

FINAL questions and answers for the week 17.pdf

D:\TEACHING MATERIAL\PPT\midterm project.pptx

 Teaching Goals and Tasks

The following topics should be covered or touched or referred to during the class. Due to time limit constraints, the lecturer may opt to provide further reading to the students and motivate the importance of widening the academic notions shared during the lecturing time.

1)     The Split Between History And Theory In Europe, 1870 – 1914 and The Professionalization Of Economics

2)     Jevons, Walras And Mathematical Economics

3)     Economics In Germany And Austria

4)     Historical Economics And The Marshallian School In Britain

5)     European Economic Theory, 1900 – 1914

 

LESSON PLAN W10L10
Week 10 Day Tuesday Lecture Room 403
Lesson 10 Date   Class Code 1601
Duration 90’ Time 3-4 Students Total 45

TOPIC

Week Topic Pages – Homework – Reference Material
10 1)     The Rise Of American Economic, 1870- 1939

2)     US Economics In The Late 19th Century

3)      John Bates Clark

4)     Mathematical Economics

5)     Thornstein Veblen

6)     John R. Commons

7)     Inter War Pluralism

8)     Inter War Studies Of Competition

9)     The Migration Of European Academics

10)  US Economics In The Mid-20th Century

Pages 185 – 209 Study The Questions Of The PPT And Answer Them Correctly

 LEARNING GOALS

Week LEARNING GOALS AND STUDYING OBJECTIVES
10 1)     Analyze the US Economics In The Late 19th Century

2)     Compare John Bates Clark, Mathematical Economics, Thornstein Veblen, and John R. Commons

3)     Differentiate between Inter War Pluralism and Inter War Studies Of Competition

4)     Comprehend  The Migration Of European Academics and the links with the US Economics In The Mid-20th Century

HOMEWORK

(All homework to be replaced with the newly

Provided teaching material below)

WEEK SUMMARY QUESTIONS
10 1)     What was the situation in the US economics in the late 19th Century

2)     What was the main idea of John Bates Clark?

3)     Can you illustrate Mathematical Economics?

4)     What is the main economic theory of Thornstein Vebler?

5)     Who was John R. Commons? And why he is considered an important economist?

6)     What we intend with Inter War Pluralism?

7)     Whar are the Inter War Studies of Competition?

8)     Why there was Migration of European Academics to US?

9)     Can you describe US economics in the Middle of the 20th Century?

 Teaching Material

From neoclassic to today economics.pptx

Hist econ week 2 lesson 2\history of economics week 2 lesson 2.pptx

Hist econ week 3 lesson 3\history of economics week 3 lesson 3 bis.pptx

Retinal questions and answers for the week 14.docx

FINAL questions and answers for the week 17.pdf

 Teaching Goals and Tasks

The following topics should be covered or touched or referred to during the class. Due to time limit constraints, the lecturer may opt to provide further reading to the students and motivate the importance of widening the academic notions shared during the lecturing time.

1)     The Rise Of American Economic, 1870- 1939 and US Economics In The Late 19th Century

2)      John Bates Clark, Mathematical Economics, Thornstein Veblen, John R. Commons

3)     Inter War Pluralism and Inter War Studies Of Competition

4)     The Migration Of European Academics

5)     US Economics In The Mid-20th Century

  


LESSON PLAN W11L11
Week 11 Day Tuesday Lecture Room 403
Lesson 11 Date   Class Code 1601
Duration 90’ Time 3-4 Students Total 45

TOPIC

Week Topic Pages – Homework – Reference Material
11 1)     Money And The Business Cycle, 1898 – 1939

2)     Wicksells’s Cumulative Process

3)     The Changed Economic Environment

4)     Austrian And Swedish Theories Of The Business Cycle

5)     Britain: From Marshall To Keynes

6)     The American Tradition

7)     Keynes’s General Theory

8)     The Keynesian Revolution

9)     The Transition From Inter War To Post Second World War Macroeconomics

Pages 211 – 235 Study The Questions Of The PPT And Answer Them Correctly

 LEARNING GOALS

Week LEARNING GOALS AND STUDYING OBJECTIVES
11 1)     Know Wicksells’s Cumulative Process and The Changed Economic Environment

2)     Differentiate between the Austrian And the Swedish Theories Of The Business Cycle

3)     Be able to discuss the theories from Marshall to Keynes

4)     Discover The American Tradition

5)     Explore Keynes’s General Theory and the Keynesian Revolution

6)     Elaborate on The Transition From Inter War To Post Second World War Macroeconomics

HOMEWORK

(All homework to be replaced with the newly

Provided teaching material below)

WEEK SUMMARY QUESTIONS
11 1)     What is Wicksells Cumulative Process?

2)     Can you describe The Changed Economic Environment from 1898 to 1939?

3)     Can you compare the Austrian and Swedish Theories of the Business Cycle?

4)     What happened in Britain with Marshall and Keynes?

5)     What we intend with The American Tradition?

6)     Can you explain the Keynes’s General Theory?

7)     Can you explain The Keynesian Revolution?

8)     How changed the idea of Macroeconomics in between the wars?

 Teaching Material

From neoclassic to today economics.pptx

Hist econ week 2 lesson 2\history of economics week 2 lesson 2.pptx

Hist econ week 3 lesson 3\history of economics week 3 lesson 3 bis.pptx

Retinal questions and answers for the week 14.docx

FINAL questions and answers for the week 17.pdf

 Teaching Goals and Tasks

The following topics should be covered or touched or referred to during the class. Due to time limit constraints, the lecturer may opt to provide further reading to the students and motivate the importance of widening the academic notions shared during the lecturing time.

1)     Money And The Business Cycle, 1898 – 1939 and Wicksells’s Cumulative Process

2)     The Changed Economic Environment and Austrian And Swedish Theories Of The Business Cycle

3)     Britain: From Marshall To Keynes and The American Tradition

4)     Keynes’s General Theory and The Keynesian Revolution

5)     The Transition From Inter War To Post Second World War Macroeconomics

 

LESSON PLAN W12L12
Week 12 Day Tuesday Lecture Room 403
Lesson 12 Date   Class Code 1601
Duration 90’ Time 3-4 Students Total 45

TOPIC

Week Topic Pages – Homework – Reference Material
12 1)     Econometrics And Mathematical Economics, 1930 To Present

2)     The Mathematization Of Economics

3)     The Revolution In National Income Accounting

4)     The Professionalization Of Economics

5)     Jevons, Walras And Mathematical Economics

6)     Economics In Germany And Austria

7)     Historical Economics And The Marshallian School In Britain

8)     European Economic Theory, 1900 – 1914

Pages 237 – 265 Study The Questions Of The PPT And Answer Them Correctly

 LEARNING GOALS

Week LEARNING GOALS AND STUDYING OBJECTIVES
     12 1)     Discover The Mathematization Of Economics

2)     Be able to discuss The Revolution In National Income Accounting

3)     Understand the birth of The Professionalization Of Economics

4)     Compare Jevons, Walras And Mathematical Economics

5)     Differentiate the Economics In Germany And Austria

6)     Analyze the Historical Economics And The Marshallian School In Britain

7)     European Economic Theory, 1900 – 1914

HOMEWORK

(All homework to be replaced with the newly

Provided teaching material below)

WEEK SUMMARY QUESTIONS
12 1)     Can you describe The Mathematization of Economics?

2)     What is the meaning of The Revolution in National Income Accounting?

3)     Can you describe The Professionalization of Economics?

4)     Can you describe Jevons?

5)     Can you introduce Walras and Mathematical Economics?

6)     What is the difference in Economics in Germany and Austria?

7)     What is Historical Economics?

8)     How can you describe The Marshallian School in Britain?

9)     What is the European Economic Theory during the period from 1900 to 1914?

 Teaching Material

From neoclassic to today economics.pptx

Hist econ week 2 lesson 2\history of economics week 2 lesson 2.pptx

Hist econ week 3 lesson 3\history of economics week 3 lesson 3 bis.pptx

Retinal questions and answers for the week 14.docx

FINAL questions and answers for the week 17.pdf

 Teaching Goals and Tasks

The following topics should be covered or touched or referred to during the class. Due to time limit constraints, the lecturer may opt to provide further reading to the students and motivate the importance of widening the academic notions shared during the lecturing time.

1)     Econometrics And Mathematical Economics, 1930 To Present

2)     The Mathematization Of Economics

3)     The Revolution In National Income Accounting

4)     The Professionalization Of Economics

5)     Jevons, Walras And Mathematical Economics

6)     Economics In Germany And Austria

7)     Historical Economics And The Marshallian School In Britain

8)     European Economic Theory, 1900 – 1914

 

LESSON PLAN W13L13
Week 13 Day Tuesday Lecture Room 403
Lesson 13 Date   Class Code 1601
Duration 90’ Time 3-4 Students Total 45

TOPIC

Week Topic Pages – Homework – Reference Material
13 1)     Welfare Economics And Socialism, 1870 To The Present

2)     Socialism And Marginalism

3)     The State And Social Welfare

4)     The Lausanne School

5)     The Socialist Calculation Debate

6)     Welfare Economist 1930 – 1960

7)     Market Failure And Government Failure

8)     Conclusions

Pages 269 – 284 Study The Questions Of The PPT And Answer Them Correctly

 LEARNING GOALS

Week LEARNING GOALS AND STUDYING OBJECTIVES
13 1)     Differentiate between Socialism And Marginalism

2)     Define The State And Social Welfare

3)     Describe The Lausanne School

4)     Understand The Socialist Calculation Debate

5)     Comprehend Welfare Economist 1930 – 1960

6)     Analyze Market Failure And Government Failure

HOMEWORK

(All homework to be replaced with the newly

Provided teaching material below)

WEEK SUMMARY QUESTIONS
13 1)     Socialism And Marginalism

2)     The State And Social Welfare

3)     The Lausanne School

4)     The Socialist Calculation Debate

5)     Welfare Economist 1930 – 1960

6)     Market Failure And Government Failure

7)     Conclusions

 Teaching Material

From neoclassic to today economics.pptx

Hist econ week 2 lesson 2\history of economics week 2 lesson 2.pptx

Hist econ week 3 lesson 3\history of economics week 3 lesson 3 bis.pptx

Retinal questions and answers for the week 14.docx

FINAL questions and answers for the week 17.pdf

 eaching Goals and Tasks

The following topics should be covered or touched or referred to during the class. Due to time limit constraints, the lecturer may opt to provide further reading to the students and motivate the importance of widening the academic notions shared during the lecturing time.

1)     Welfare Economics And Socialism, 1870 To The Present

2)     Socialism And Marginalism

3)     The State And Social Welfare

4)     The Lausanne School

5)     The Socialist Calculation Debate

6)     Welfare Economist 1930 – 1960

7)     Market Failure And Government Failure

8)     Conclusions

 

PREFINAL EXAM W14L14
Week 14 Day Tuesday Lecture Room 403
Lesson 14 Date   Class Code 1601
Duration 90’ Time 3-4 Students Total 45

TOPIC

Week Topic Pages – Homework – Reference Material
14 Week 14 Pre Final Exam Written Test 20% (Covering academic program covered from Week 8 to 12)

 LEARNING GOALS

Week TOPIC LEARNING GOALS AND STUDYING OBJECTIVES
14 a)      The student will be given an in class test with a set of four objective questions (25% mark each complete answer) and the test will last 90 minutes.

b)     The student on the exam day will need to register 10 minutes in advance and be seated at the numbered seat allocated by the teacher.

c)      The student will need to bring two black ink pens, personal ID card and student card.

d)     Paper will be given by the teacher on the day together with the set of questions.

e)      The student will be allowed to bring water or any other non-intoxicating drink in class. Any form of cheating will not be tolerated and the student will be invited to leave the class and be given a failure mark

HOMEWORK

(All homework to be replaced with the newly

Provided teaching material below)

WEEK SUMMARY QUESTIONS
14 ALL QUESTIONS AND ANSWERS AS PER FILE

 D:\TEACHING MATERIAL\Chapters History of Economics\retinal questions and answers for the week 14.docx

Teaching Material

D:\TEACHING MATERIAL\PPT\Grading System History of Economics.pptx

LESSON PLAN W15L15
Week 15 Day Tuesday Lecture Room 403
Lesson 15 Date   Class Code 1601
Duration 90’ Time 3-4 Students Total 45

TOPIC

Week Topic Pages – Homework – Reference Material
15 1)     Economists and Policy, 1939 To The Present

2)     The Expanding Role Of The Economics Profession

3)     Keynesian Economics And Macroeconomic Planning

4)     Inflation And Monetarism

5)     The New Classical Macroeconomics

6)     Development Economics

7)     Conclusions

Pages 288 – 306 Study The Questions Of The PPT And Answer Them Correctly

 LEARNING GOALS

Week LEARNING GOALS AND STUDYING OBJECTIVES
15 1)     Introduce The Expanding Role Of The Economics Profession

2)     Differentiate between Keynesian Economics And Macroeconomic Planning

3)     Distinguish among Inflation And Monetarism

4)     Understand The New Classical Macroeconomics

5)     List the so called Development Economics

HOMEWORK

(All homework to be replaced with the newly

Provided teaching material below)

WEEK SUMMARY QUESTIONS
15 ·  Can you explain The Expanding Role of the Economics Profession?

·  Can you define Keynesian Economics and Macroeconomic Planning?

·  What is Inflation?

·  What is Deflation?

·  What is Stagflation?

·  What is monetarism?

·  Can you describe the basic ideas of the New Classical Macroeconomics?

·  What are the development economics?

 Teaching Material

From neoclassic to today economics.pptx

Hist econ week 2 lesson 2\history of economics week 2 lesson 2.pptx

Hist econ week 3 lesson 3\history of economics week 3 lesson 3 bis.pptx

Retinal questions and answers for the week 14.docx

FINAL questions and answers for the week 17.pdf

 Teaching Goals and Tasks

The following topics should be covered or touched or referred to during the class. Due to time limit constraints, the lecturer may opt to provide further reading to the students and motivate the importance of widening the academic notions shared during the lecturing time.

1)     Economists and Policy, 1939 To The Present

2)     The Expanding Role Of The Economics Profession

3)     Keynesian Economics And Macroeconomic Planning

4)     Inflation And Monetarism and The New Classical Macroeconomics

5)     Development Economics

 

LESSON PLAN W16L16
Week 16 Day Tuesday Lecture Room 403
Lesson 16 Date   Class Code 1601
Duration 90’ Time 3-4 Students Total 45

TOPIC

Week Topic Pages – Homework – Reference Material
16 1)     Expanding The Discipline, 1960 To The Present

2)     Applied Economics

3)     Economic Imperialism

4)     Heterodox Economics

5)     New Concepts And New Techniques

6)     Economics In The 20th Century

7)     Epilogue : Economists And Their History

Pages 309 – 325 Study The Questions Of The PPT And Answer Them Correctly

 LEARNING GOALS

Week LEARNING GOALS AND STUDYING OBJECTIVES
16 1)     Know the Applied Economics

2)     Define what is the Economic Imperialism

3)     Understand what is Heterodox Economics

4)     Comprehend New Concepts And New Techniques

5)     Determine the challenges for Economics In The 20th Century

HOMEWORK

(All homework to be replaced with the newly

Provided teaching material below)

WEEK SUMMARY QUESTIONS
16 1)     What is Applied Economics?

2)     Can you give your opinion about Economic Imperialism? It is a positive or negative doctrine? And why?

3)     Can you define Heterodox Economics?

4)     What are the New Concepts and New Techniques of Contemporary Economics?

5)     Can yu discuss some of the issues of Economics in The 20th Century?

 

Week 16 Homework and research 10% (Homework 5% + Research 5%)

 

 Teaching Material

From neoclassic to today economics.pptx

Hist econ week 2 lesson 2\history of economics week 2 lesson 2.pptx

Hist econ week 3 lesson 3\history of economics week 3 lesson 3 bis.pptx

Retinal questions and answers for the week 14.docx

FINAL questions and answers for the week 17.pdf

 Teaching Goals and Tasks

The following topics should be covered or touched or referred to during the class. Due to time limit constraints, the lecturer may opt to provide further reading to the students and motivate the importance of widening the academic notions shared during the lecturing time.

 1)     Expanding The Discipline, 1960 To The Present

2)     Applied Economics

3)     Economic Imperialism

4)     Heterodox Economics

5)     New Concepts And New Techniques

6)     Economics In The 20th Century

7)     Epilogue : Economists And Their History

 

FINAL EXAM W17L17
Week 17 Day Tuesday Lecture Room 403
Lesson 17 Date   Class Code 1601
Duration 90’ Time 3-4 Students Total 45
     17 FINAL EXAMS

Week 17 Pre Final Exam Written Test 20% (Covering academic program covering from Week 13 to 16)

 

 LEARNING GOALS

Week TOPIC LEARNING GOALS AND STUDYING OBJECTIVES
     17 a)      The student will be given an in class test with a set of four objective questions (25% mark each complete answer) and the test will last 90 minutes.

b)     The student on the exam day will need to register 10 minutes in advance and be seated at the numbered seat allocated by the teacher.

c)      The student will need to bring two black ink pens, personal ID card and student card.

d)     Paper will be given by the teacher on the day together with the set of questions.

e)      The student will be allowed to bring water or any other non-intoxicating drink in class. Any form of cheating will not be tolerated and the student will be invited to leave the class and be given a failure mark

D:\TEACHING MATERIAL\Chapters History of Economics\FINAL questions and answers for the week 17.docx

 Teaching Material

D:\TEACHING MATERIAL\PPT\Grading System History of Economics.pptx

Bibliography

Bibliographic References

BOOKS

  • “The Penguin History of Economics”, by Roger E. Backhouse, Published by Penguin Books, 2002, UK, pp 369 (Textbook)

REFERENCE BOOKS

FOR ECONOMICS

  • “Economics”, by Campbell R. Mc Connell and Stanley L. Brue, Published by McGraw-Hill Irwin, 2005, 16th Ed., USA, pp. 732 (Reference Book, Sanya University Library, Room 304)
  • “Economics”, by Paul Krugman and Robin Wells, Published by Palgrave MacMIllan, 2009, 2nd Ed., USA, pp 940 (Reference Book, Sanya University Library, Room 304)
  • “The Economics of Tourism”, by M.J. Stabler, A. Papatheodorou and M.T. Sinclair, Published by Routledge UK, 2010, 2nd Ed., UK, pp. 444 (Reference Book, Sanya University Library, Room 304)
  • “International Economics”, by J. Gerber, Published by Pearson International Edition, a company by Pearson Prentice Hall, 2005, 3rd Ed., USA pp 390 (Reference Book, Sanya University Library, Room 304)
  • “Principles of Financial Economics”, by S. F. Le Roy and J. Werner, Published by Cambridge University Press, 2008, 7th Ed., USA pp 276 Reference Book, Sanya University Library, Room 304)
  • “International Economics”, by R. C. Feenstra and A. M. Taylor, published by Worth Publisher, 2008, 2nd Ed., USA,  pp 980 (Reference Book, Sanya University Library, Room 304)
  • “Fron classical economics to development economics”, by Gerald M. Meier, published by MacMIllan Press Ltd., 1999, UK pp. 262

FOR MACROECONOMICS

  • “Macroeconomics”, by Boyes and Melvin, Published by Houghton Mifflin Company, 6th Ed., USA, 2005, pp 555 (Reference Book, Sanya University Library, Room 304)
  • “Macroeconomics”, by Paul Krugman, Robin Wells and Anthony Myatt, Published by Worth Publisher, 2007, Canadian Edition, USA,  pp 536 (Reference Book, Sanya University Library, Room 304)
  • “Principles of Macroeconomics”, John E. Sayre and Alan J Morris, Published by McGraw-Hill Irwin, 2005, 5th Ed., USA, pp 467 (Reference Book, Sanya University Library, Room 304)
  • “Macroeconomics”, by N. G.Mankiw and W. Scarth, Published by Worth Publisher, 2006, Canadian Edition, USA pp 626 (Reference Book, Sanya University Library, Room 304)
  • “Macroeconomics”, by Charles I. Jones, Published by W.W Norton & Company, 2010, USA  pp 496 (Reference Book, Sanya University Library, Room 304)
  • “Macroeconomics”, by J. Bradford Delong and Martha L. Olney, Published by  McGraw-Hill Irwin, 2006, 2nd Ed., USA, pp. 540 (Reference Book, Sanya University Library, Room 304)
  • “Macroeconomics”, by Olivier Blanchard, Published by Pearson International Edition, a company by Pearson Prentice Hall, 2006, 4th Ed., USA pp 587 (Reference Book, Sanya University Library, Room 304)
  • “Macroeconomics”, by R. E. Hall and D.H. Papell, Published by W.W Norton & Company, 2005, USA  pp 516 (Reference Book, Sanya University Library, Room 304)
  • “Principles of Macroeconomics”, by R.H. Frank and B. S. Bernanke, Published by McGraw-Hill Irwin, 2007, 3rd Ed., USA, pp. 562 (Reference Book, Sanya University Library, Room 304)
  • “Macroeconomics. Explore and Apply”, by D. M. Ayers and R.A. Collinge, Published by Pearson International Edition, a company by Pearson Prentice Hall, 2005, Enhanced Ed., USA pp 487 (Reference Book, Sanya University Library, Room 304)
  • “International Macroeconomics”, by R.C. Feenstra and A.M. Taylor, Published by Worth Publisher, 2008, 3rd Ed., USA,  pp 548 (Reference Book, Sanya University Library, Room 304)

FOR MICROECONOMICS

  • “Microeconomics”, by McEachern, Published by Thomson Southwestern, 2006, 7th Ed., Singapore, pp 452 (Reference Book, Sanya University Library, Room 304)

FOR GLOBALIZATION

  • “Globalization and competition. Why some emergent countries succeed while others fall behind”, by L. C. Bresser Pereira, published by Cambridge University Press, 2010, 1st Ed., USA pp 236 (Reference Book, Sanya University Library, Room 304)
  • “Globalization at risk. Challenges to finance and trade.” By G.C. Hufbauer and Kati Suominen, published by Yale University, 2010, UK, pp. 312 (Reference Book, Sanya University Library, Room 304)
  • “Globalization and its discontents”, by J. E. Stiglitz, published by W. W. Norton and Company Inc., 2003, USA, pp. 288 (Reference Book, Sanya University Library, Room 304)

FOR SPECIFIC ECONOMIC TOPICS

  • “Natural Capitalism”, by P. Hawken, A.B. Lovins and L.H. Lovins, Published by Earth Scan UK, 2010, Rev. Ed., UK, pp 416 (Reference Book, Sanya University Library, Room 304)
  • “Deflation. How to survive and thrive in the coming wave of Deflation”, by A. G. Shilling, Published by McGraw-Hill Irwin, 1999, 1st Ed., USA, pp. 339 (Reference Book, Sanya University Library, Room 304)
  • “The Great Turning. From empire to earth community”, by D. C. Korten, Published by People Centered Development Forum, 2006, USA, pp. 399 (Reference Book, Sanya University Library, Room 304)
  • “East Asian Visions Perspective on economic development, Various Authors, Published by The World Bank and the Institute of Policy Studies, 2007, USA, pp. 358
  • “The distribution and Redistribution of Income”, by P.J. Lambert, published by Blackwell, 2001, USA, pp.315 (Reference Book, Sanya University Library, Room 304)
  • “Free Market Madness. Why human nature is at odds with economics and why it matters”, by P. A. Ubel, published by Harvard Press University, 2009, USA, pp. 256 (Reference Book, Sanya University Library, Room 304)
  • ‘Development and the Private Sector”, by D. Eade and J.Sayer, published by Kumarian Press Inc., 2006, USA pp. 312 (Reference Book, Sanya University Library, Room 304)
  • “Emerging markets”, by Various Authors, published by Harvard Business Review, 2008, USA, pp. 202 (Reference Book, Sanya University Library, Room 304)
  • “Where Keynes went wrong and why world governments keep creating inflation, bubbles and busts”, by H. Lewis, published by Axion Press, 2009, USA, pp. 384 (Reference Book, Sanya University Library, Room 304)
  • “Turbo Capitalism. Winners and Losers in the global economy”, by Edward Luttwak, published by Harper Perennial, 1999, UK, pp. 290 (Reference Book, Sanya University Library, Room 304)

 FOR CHINA’S ECONOMICS STUDIES

  • “Interpreting China’s Economy”, by G. C. Chow, published by World Scientific Co. Pte. Ltd, 2010, Singapore, pp. 288 (Reference Book, Sanya University Library, Room 304)
  • “The Chinese economy. Transition and growth”, by Barry Naughton, published by 216216 Institute of Technology, 2010, USA, pp. 528  (Reference Book, Sanya University Library, Room 304)

EBOOKS (PDF) FOR FURTHER READING

  • Austrian Perspective on the History of Economic Thought_1_Economic Thought Before Adam Smith
  • Fan-Li
  • Friedrich von Hayek’s The Road to Serfdom
  • Jeremy Bentham’s An Introduction to the Principles of Morals and Legislation
  • Kautilya’s The Arthashastra (PDF)
  • Of the Sin of Usury
  • Principles of Political Economy and Taxation
  • Second Treatise of Government Chapter V Of Property
  • Sir William Petty’s Essays on Mankind and Political Arithmetic
  • Smith and the Contemporary World
  • Summa Theologica Of Cheating, Which Is Committed in Buying and Selling
  • The Saylor Foundation’s “Guide to Responding to Unit 1 Reading Questions”
  • The-Ancient-Egyptian-Economy
  • Jeremy Bentham’s An Introduction to the Principles of Morals and Legislation
  • Kautilya’s The Arthashastra (PDF)
  • Of the Sin of Usury
  • Principles of Political Economy and Taxation
  • Second Treatise of Government Chapter V Of Property
  • Sir William Petty’s Essays on Mankind and Political Arithmetic
  • Smith and the Contemporary World
  • Summa Theologica Of Cheating, Which Is Committed in Buying and Selling
  • The Saylor Foundation’s “Guide to Responding to Unit 1 Reading Questions”
  • The-Ancient-Egyptian-Economy

EBOOKS (HTML) FOR FURTHER READING

  • Adam Smith’s An Inquiry into the Nature and Causes of the Wealth of Nations, Book IV
  • Adam Smith’s An Inquiry into the Nature and Causes of the Wealth of Nations
  • Alfred Marshall’s Principles of Economics
  • Aristotle’s Politics, Book VII
  • Aristotle’s Politics
  • Austrian-perspective-history-economic-thought
  • Cement to Our Union Hamilton Economic Vision
  • Contribution to the Critique of Political Economy Preface
  • Critique of the Gotha Programme Part IV
  • David Ricardo’s Principles of Political Economy and Taxation
  • Economic Thought b4 A. Smith Chap 2 The Christian Middle Ages and Chapter 4 The Late Spanish Scholastics
  • John Maynard Keynes’s The General Theory of Employment, Interest, and Money
  • Karl Marx A Contribution to the Critique of Political Economy Part 1 The Commodity
  • Karl Marx Capital volume III part III Chapter 14 Counteracting Influences
  • Of the Demand or Market for Products
  • Of the Right of Property
  • Richard_Cantillon
  • The Federalist

References

 Appendix I

Questions and Answers For Course Exams Teaching Material

SUMMARY QUESTIONS

What is Economics and how can you define it?

Economics is the study of the use of scarce resources that have alternative uses. Basically there are people and people need resources to fulfill their desires (wants and needs). These resources cannot be infinite but the desires can be limitless. So people have to make choices how to use these resources to satisfy what needs and wants they have by making choices based on priority.

And what is the difference between Macroeconomics and Microeconomics?

Macroeconomics studies the behavior and functioning of the entire economy. Microeconomics studies the behavior of individual agents and markets.

What is the difference between Positive and Normative Economics?

Positive economic studies and analyze WHAT IS in an economic environment. Normative Economics studies WHAT OUGHT TO BE. For example, A Positive Question is “Why do people use money?”, while a Normative Questions is “Should people use money?”

Who is Homer and what is his idea of economics?

The economic society, for Homer, was led by the hero warriors because they had higher moral values and their riches were obtained through acts of valor while merchants were more guided by greed and profit.

And how do you compare him to Hesiod?

Hesiod was convinced that men must work hard the land because the gods would only reward those who dedicated their time to work. Work was considered an act of devotion to gods because the gods gave the land as gift to the men so that they would find sustainment from its cultivation. Men had to choose between work and leisure but a life indulging in leisure whould have offended the gods. Resources were scarce so men had to exchange and compete to ensure good life.

Xenophon is considered one of the early economists? Can you explain why?

He wrote the Oiknomikos or Household Management. In this writing, he claimed that leaders of the society had to be knowledgeable, fanatic of discipline and order, and efficient administrators. Effective production meant the efficient use of resources and disciplined division of labor

What is Plato’s concept of Ideal State?

He thought that nor democracy or tyranny or oligarchy were good forms of government. Philosopher Kings were the best alternative for the betterment of a just society. Men were supposed to specialize according to their natural talents because the prosperity of an economy lies in interdependence. Good rules and fair law must be applied fairly to everyone

Can you explain the concepts of Justice and Exchange in Aristotle?

Aristotle was certain that any legal system was supposed to be fair but righteous. He believed in various levels of justice, the last being the High Court of Justice. Many of today’s Law System or Justice System are based on Aristotle’s concept of Justice. Distributive justice = good or honors or sentences must be divided equally between men according to their merit. Rectificatory Justice = putting right previous injustices by compensating who has lost out. Reciprocal justice = justice based in exchange between two part

While Aristotle was not so convinced that acquisition of wealth was not good for the economy?

Aristotle like Plato, Socrates, Xenophon, believed in good life. Natural ways of acquiring wealth were ones that increases the stock of goods necessary to live a good life. The search or accumulation of wealth had to have limits. When a man had reached finally enough wealth to live a good life he had no reason to become greedy.

Commerce was considered morally not as good as estate management but necessary because exchange was important for the acquisition of goods not available in the polis.

The merchants had to be taxed by the rulers because the rulers had to build walls and protection for the merchants and organize an army for defense.

But trade and exchange just for the sake of making money were not allowed. The goods exchanged had to have a purpose and being demanded by the market and merchants were to offer what was demanded not goods of no use.

Tell me about the economics of the Roman Empire

The Roman Empire was the post-Roman Republic period of the ancient Roman civilization, characterized by government headed by emperors and large territorial holdings around the Mediterranean Sea in Europe, Africa and Asia. The city of Rome was the largest city in the world c. 100 BC – c. 400 AD, with Constantinople (New Rome) becoming the largest around 500 AD,[5] and the Empire’s populace grew to an estimated 50 to 90 million inhabitants (roughly 21% of the world’s population at the time).[6]

The Roman Empire held sway over an estimated 70 million people, at that time 21% of the world’s entire population.

The Roman Empire was among the most powerful economic, cultural, political and military forces in the world of its time. It was one of the largest empires in world history.

The Roman Empire was remarkably multicultural, with “a rather astonishing cohesive capacity” called “Romanness”.[80] Personal relationships—patronage, friendship (amicitia), family, marriage—continued to influence the workings of politics and government, as they had in the Republic.[84]

Women, freedmen, and slaves had opportunities to profit and exercise influence in ways previously less available to them.[88] Social life in the Empire, particularly for those whose personal resources were limited, was further fostered by a proliferation of voluntary associations and confraternities (collegia and sodalitates) formed for various purposes: professional and trade guilds, veterans’ groups, religious sodalities, drinking and dining clubs,[89] performing arts troupes,[90] and burial societies.[91]

The concept of natural laws provided the foundation for the field where the Romans made perhaps their greatest contributions: jurisprudence. Roman law exerted a major influence over subsequent legal systems. More important, many significant economic ideas were articulated in Roman commercial law

The idea of corporation as guarantor of professionalism and efficient production was essential for the stability and proliferation of excellent manufacturing of products and goods which made Roman quality known all over the Empire.

Can you tell me what were the causes determining the decline and final fall of the Roman Empire

No more expansionism and conquer of new nations, no currency policy to protect the Roman currency from market speculation, inefficient tax collection system, high corruption at every level of the bureaucratic imperial system, decrease of army inscription because also decadent finance for the development and upgrade of the army in view of the mounting rebellious colonies of Northern Europe

Why the Judaism, basically a religion, became a powerful economic lobby after the fall of the Roman Empire?

Because it was not in contrast with the Roman religion and never doubted the authority of the Empire. Judaism did never try to subvert the system of law and administration of Rome. Rather Judaism used the Roman system to develop and spread throughout the Empire.

Can you tell me something about the concept of economics in the Early Christianity

 In the Old Testament:

Man must be righteous and honest to God before being to fellow men,

Only the poor will find the heaven,

Money is corrupting the soul.

With the New Testament, the economic idea of the Old Testament is pushed aside. According to St Paul, the rich people should not count in keeping riches because when the end of times will arrive no money will protect from the divine justice.

However, when the Church notices that the prophecy was not going to happen then there was a change of economic idea in the Church. We must remember that the thinkers of economics of the Church were all fathers, priests and monks not businessmen. For them, detachment from money and riches was the best choice in life.

However, the Church preferred if people worked and made money then do nothing. Laziness was considered a sin and a way to corruption.

Why for Islam good economics was fundamental for expansion?

Because economics based on trade and commerce was needed in order to develop the country and keep dominance in the Mediterranean.

Furthermore, the development of economy and the expansion of trade had to be carried out with focus on the social justice and charity towards the poor and the needy

What happen in the period going from Charles Martel to the Black Death?

Charles Martel was the savior of Christianity and the creator of the Feudalism. Feudalism is a term originated from Feuds or the land zone given to the Warlord as reward or as sign of alliance from the King.

The feudal lord could sub-rent his land to master farmer who could also work for neighboring feudal lords.

The master farmer would later sub-rent the land to farmers in exchange of money or an established quantity of produce that the master farmer could sell for raising money to pay the feudal lord.

Feudalism created a very unequal and unjust society and encouraged slavery. The Black Death or Black Plague was one of the most devastating pandemics in human history, resulting in the deaths of an estimated 75 to 200 million people and peaking in Europe in the years 1346–53.

Spreading throughout the Mediterranean and Europe, the Black Death is estimated to have killed 30–60% of Europe’s total population.[7] In total, the plague reduced the world population from an estimated 450 million down to 350–375 million in the 14th century.

The world population as a whole did not recover to pre-plague levels until the 17th century.

Can you tell about the Renaissance period? And why economics started to be considered a discipline at universities?

The increased contact with the Islamic world in Muslim-dominated Spain and Sicily, the Crusades, the Reconquista, as well as increased contact with Byzantium, allowed Europeans to seek and translate the works of Hellenic and Islamic philosophers and scientists, especially the works of Aristotle.

Several translations were made of Euclid but no true commentary was written until the middle of the 13th century.

The development of medieval universities allowed them to aid materially in the translation and propagation of these texts and started a new infrastructure which was needed for scientific communities.

In fact, the European university put many of these texts at the center of its curriculum, with the result that the “medieval university laid far greater emphasis on science than does its modern counterpart and descendent.”

  • At the beginning of the 13th century there were reasonably accurate Latin translations of the main ancient Greek scientific works.

Who was Nicolas Oresme and what is the theory of Money

With his Treatise on the origin, nature, law, and alterations of money (De origine, natura, jure et mutationibus monetarum), one of the earliest manuscripts devoted to an economic matter,

Oresme brings an interesting insight on the medieval conception of money. Money is basically a mean of exchange and cannot have a stock value because value of goods and products and economic situations evolve over the time causing money to gain or lose value.

Debasement or coining money by reducing the content of gold and silver is considered totally dishonest. And because the only person with the authority to do so was the King then he was creating mistrust in the currency and market crisis.

The King had the responsibility to defend the currency and to keep the market’s trust on the value of the currency. By reducing the content of precious metal in the coins the value of the currency was considered lower.

The King could not pass a law claiming that a clipped coin had the same value of pure original coin because the market operator would not value it the same.

Traders and merchants would export undervalued money to other countries causing the failure of the reasons why the King debased the currency which was to create profit for the internal economy.

What is the importance of the Renaissance? And what we intend with Modern View?

The Renaissance is a period in European history, from the 14th to the 17th century, regarded as the cultural bridge between the middle Ages and modern history.

It started as a cultural movement in Italy in the Late Medieval period and later spread to the rest of Europe, marking the beginning of the Early Modern Age.

The intellectual basis of the Renaissance was its own invented version of humanism, derived from the rediscovery of classical Greek philosophy, such as that of Protagoras, who said that “Man is the measure of all things.”

This new thinking became manifest in art, architecture, politics, science and literature.

As a cultural movement, the Renaissance encompassed innovative flowering of Latin and vernacular literatures, beginning with the 14th-century resurgence of learning

Tell me about the reformation. What do you know?

What we intend with the concept of European Nation State?

A significant early use of the term nation, as natio, occurred at mediaeval universities to describe the colleagues in a college or students, above all at the University of Paris, who were all born within a pays, spoke the same language and expected to be ruled by their own familiar law.

The University of Prague adopted the division of students into nationes: from its opening in 1349 the studium generale which consisted of Bohemian, Bavarian, Saxon and Silesian nations.

In a similar way, the nationes were segregated by the Knights Hospitaller of Jerusalem, who maintained at Rhodes the hostels from which they took their name “where foreigners eat and have their places of meeting, each nation apart from the others, and a Knight has charge of each one of these hostels, and provides for the necessities of the inmates according to their religion”, as the Spanish traveler Pedro Tafur noted in 1436.

What is Mercantilism?

The Mercantilism was not a real and pure economic science in the proper meaning of the term. It consisted, merely, of a wide range of philosophical ideas focused to the study of economics and related matters.

What is power politics during Mercantilism

First of all, Mercantilism is based on Power Politics, which established that a nation, with economic or political or military supremacy, had the right to control or rule any other inferior nation. In the 15th century, the wealth of a nation was measured on gold reserve and gold coins, militarism and politics of hegemony.

What does it mean for the Mercantilists that the wealth of a nation is a given stock?

For the theorists of the Mercantilism, the wealthof a nation is like a given stock as value. In other words, the wealth of a nation is limited by the economic resources within the territorial and political borders of a nation. However, the wealth of a nation could be increased through exports or foreign trade. Logically, if a country exports more than what it does import then the trade produces a plus value which generates wealth and prosperity.

What is the concept of trade balance during the mercantilism?

It is necessary to keep the trade balanceon the positive side in order to ensure constant plus value. In other words, it was important to keep imports lower against the exports.

Positive trade balance, which means keeping the volume of exports higher than imports, generates external demands for home made products, creates and stimulates greater production, higher employment and ensure constant trade and higher currency value.

What is protectionism for the Mercantilists?

In order to protect export and internal production, the theorists of Mercantilismsuggested the implementation of a protective system of trade able to decrease or limit the export duties on home made products for international trade and an increase on tariffs for all imported products. The purpose was to protect the internal

What are the main critics of David Hume to the Mercantilism?

Trade surplus means intense flows of precious metals into the internal economy

Increase of prices of common goods of consumption (what we call today CPI or Consumer Price Index) causes high inflation

Decrease of exports because when an economy has reached a general wealthy status and there is no urgent need for further growth then there is a general tendency towards a lower production and a reduce of trade volume

Real adjustment of the national commercial banks towards the new needs of the market and foreign trade

Can you explain the Equation of David Hume higher currency value = higher prices?

David Humeis, together with Bodin and Locke, the creator of the relation between currency ration and price ratio

Though the forms of protectionismpractices during the Mercantilism were not as strict as today’s, however, David Hume sustained that a constantly increasing positive trade balance was not beneficial for the internal economy.

The reason was, according to Hume, that a greater incoming quantity of precious metals (gold, silver, bronze and others) will cause an increase of prices in the market.

At every increase of price there is an increase of the point of equilibrium of aggregate demandand aggregate offer upwards.

can you introduce to me Adam Smith?

Adam Smith (1723-1790) was not an economist or a scholar of finance. He was a philosopher mainly concerned with the study of ethics and the concepts of morality and he was professor at the University of Glasgow in Scotland. However, during his studies and teachings, complemented with hundreds of articles and essays, he found himself involved into the analysis of the economic situation of his times

Who are the other important thinkers of the Classic School of Economics?

Adam Smith

David Ricardo

Thomas Malthus

Jean Baptist Say

How can you define the theories of the Classic School of Economics?

All the theories expressed by the classic school of economics, from 1776 to 1870, are called and defined as macroeconomic theories. In other words, to put it simply, the classic economics looks and analyzes the interaction between social classes, the production of the wealth of nations, the capital and use of it for boosting economic development, the socio-political and economic factors determining the prosperity and fortune of a nation compared to others.

Why the approach to Economics of Adam Smith is called Historic Deductive?

Adam Smith is the first thinker able and willing to use an approach to the study of economics that can be defined historic deductive. It means that he does formulate his economic theories after careful observation of historic facts before and during his lifetime. The theories of Adam Smith can be understood only by analyzing England and the European economy of Adam smith’s time period. Adam smith understands that is arrived the moment of using the theory of liberalism in economy.

In some cases, Adam Smith is in favor of the Government’s Hand? Why?

In some cases, Adam Smith is in favor of the “Government Hand” and the input of the Government into the market system. For example, he did agree that the government was responsible for the public education, for the social security and the control over the police and the army, the legislation, the public infrastructure and the support of the trade initiatives.

What is Monetarism or Cartalism for Adam Smith?

Adam Smith can be clearly defined as the pioneer of the theory called “Monetarism’ or also known as “Cartalism”. In his masterpiece, he wrote: “a ruler who has the duty and task to establish that taxes must be paid in a specific currency of his choice will add value to that currency because the terms and conditions of printing that currency belong exclusively to the ruler and his free will….”

Why the lack of Monetarist policies contributed to the decline of the Roman Empire?

One of the causes accelerating the decline of the Roman Empire was that Rome never forced the conquered territories to use only Roman coins and no other currencies. Rome was more interested that traders within the Empire did trade with valuable currencies minted with precious materials. What Rome did not understand was that it was the duty of Rome to print currency for the Empire and that the currency produced had to be charged with interests. The traders, during the Empire, often decided to barter their products and goods to avoid the use of the Imperial currencies. In this way, the Imperial tax collector has difficulties in tax collections.

What are the main ideas of Thomas Malthus?

  • Malthus’s Doctrine Of Population
  • Survival Salary
  • Critics To The Law Of Say

Why Malthus is talking about survival salary?

According to Malthus, a salary cannot increase beyond a certain limit therefore it is called survival salary. In other words, the salary must be fixed or increased in order to be just sufficient and adequate for the primary necessities of life called primary levels

What is the Law of Jean Baptiste Say?

Law of Say or Principle of Say establishes that “The production of goods and services is sufficient and adequate for creating a suitable purchasing power able to absorb all of them in the market to ideal prices”.

In simple words, the Law or Principle of Say backs the theory that it is the offer that creates the demand, Furthermore, this Principle claims that every kind of production generates its own demand and, consequentially, anything that is produced is sold to and bought in the market.

What are the main points of David Ricardo?

Income Distribution Or Resources Allocation

Survival Salary

Theory Of Work Value And Value As Stock

Theory Of Decreasing Profit

Capitalism Tends To A Condition Of Stability Or Permanency

Law Or Principal Of Say

What are the three major social classes according to Ricardo

the capitalists or investors,

the employees or workers

and the land owners

Does Ricardo agree with the Law of Say?

He does a critic to the Law or Principle of Say basically reducing the theory that all produced goods and services are absorbed by the market because when there is an offer there must be a demand. For him, the Law or Principle of Say does work for some products but not for all of them.

Can you explain the theory of Capitalistic stability in Ricardo?

Ricardo launches a new idea that becomes central to the economic analysis which is that Capitalism tends to reach a stage of stability or permanence in the long term. It means that once Capitalism has reached its peak it does not change but settle down and stabilize itself and the economy.

What are the three tools used by Karl Marx to destroy the theory of Capitalism?

The method

The analysis

The politics

What are four main concepts of the Marxist theory?

Social Classes

Capitalism Characterized By Instability And Destined To Disappear

Industrial Army Of Reserves Or Workers And Unemployed Masses

Theory Of Work-value As Theory Of Exploitation

In Marx’s opinion, what are the social classes? And why does he think like that?

In Marx’s opinion, the society is divided in social classes: the class owning the means of production (capitalists, business men, investors) and the class without means of production (or the working class or workers or the masses of workers).

Can you explain the Marxist theory of unemployment of masses?

Marx feel the presence, in his analysis of the social classes, of an industrial army called masses of reserve workers. With this term, Marx intends the masses of unemployed workers able to contribute to production but desperately looking for job. (See slide 73 from neoclassic to today economics.pptx

For Marx, the higher the unemployment rate the lower the average salary. Therefore, Marx is opposed to the theory of survival salary of Malthus. In other words, Marx affirms that Capitalism has the reason and the goal of creating an army of masses of unemployed workers in order to keep down the average salary of the worker (see slide 74 from neoclassic to today economics.pptx)

What is the equation used by Marx to explain the Capitalistic System?

The theory of work value of Marx is based on the exploitation of the masses of workers. According to Marx, the Capitalist economy can be defined with the following equation:

(see slide 75 from neoclassic to today economics.pptx)

What is the optimal standard of unemployment for industrial economies?

The unemployment rates of the industrial economies, according to the theorists of Capitalism, must be maintained at the optimal standards of around 8-9% of the working population or employable population. The benefits of a controlled unemployment, through socio-economic factors, allows to keep the levels of salary low.

(see slide 77 from neoclassic to today economics.pptx)

Can you explain the relation between Marx’s Equation of Capitalism and the Equation of Plus Value

(see slide 79 from neoclassic to today economics.pptx)

(see slide 80 from neoclassic to today economics.pptx)

What are the other main concepts of Marxism?

Origins Of Economic Crisis

Crisis Of Realization Of Profit

1. Crisis Of Disequilibrium

2. Crisis Of Under Consumption (Scarcity Of AD)

Crisis By Tendential Fall Of Profit (Economic Depression Of 1800)

What are the conclusions of Marx on the Capitalism system?

With the Capitalism model, this equation is completely changed and reformed.

The wealth of a Capitalist, in the Marxist equation is the capital.

The product or good becomes a necessary mean to acquire more money which is the ultimate goal of the trade transaction of the Capitalist.

Thus, the economic system is not anymore based on the good or service as mean of trade but on the money or capital.

What is the crisis of the realization of profit?

The Crisis of Realization of Profit can be defined in two different types of crisis. In the Crisis of Under-Consumption there is a disastrous reduction of the aggregate demand of consumption in relation with the aggregate offer of production. Or in other words, the consumers absorb, generally, the offer of goods and service in a way much below the curve of offer. Therefore, the producers find themselves in a phase of overproduction towards an underperforming aggregate demand.

What is the crisis of under consumption?

The Crisis of Under-Consumption creates and determines the Crisis of Realization of Profit. In other words, the market economy faces a terrible and gigantic imbalance between the amount of capital investments done with the idea of realizing fast and immediate profit and the unexpected low aggregate demand affecting all the production lines.

What is the crisis of disequilibrium?

The Crisis of Disequilibrium causes the increase of the unemployment rate because of the elevated number of job losses. However, the capitalist may opt, the short term, towards a reduction of salary with two main objectives: reduce the direct cost of production by forcing the workforce to accept reduced retribution terms and motivating the unsatisfied employees to voluntary resign.

What is special about Neoclassical Marginalism?

After Marx, there is the arrival of the Neoclassical Marginalists. The Marginalist current of thought born around the 1870 thus just after Marx as answer to the Marxism.

The Neoclassical Marginalists follow a reduced understanding and view of the economy and they are the creator of what it can be called Microeconomics.

With the Neoclassical Marginalists, Macroeconomics loses importance and the interest of most of the economists is focused on the deeper understanding of microeconomics concepts of economy

What are the main points of the Neoclassical Marginalism

No More Social Classes But Economic Agents

Theory Of Utility Value

Compensation And Remuneration Of The Factors Of Production (Labor, Land, Capital) According To The Marginal Productivity

Can you explain the concept of Utility Value in Neoclassical Marginalism?

The value of utility is not the same for everyone. It is very subjective.

Therefore, the subjective definition or perception of utility determines the value of a product and its demand in the market.

The higher the value of perceived utility, the higher its consumption and the higher its offer.

When the demand is higher the prices tends to be higher as a mean to control the demand curve.

Who is Sraffa and what was his main idea on economics?

An Italian economist, Pietro Sraffa (1898-1983) completely destroyed the Neoclassical Theory. Pietro Sraffa served as Professor of Economics at the University of Cambridge and his book Production of Commodities by Means of Commodities is taken as founding stone of the Neo Ricardian School of Economics.

What is the Cambridge Capital Controversy?

See slide 98 of from neoclassic to today economics.pptx

What was the main thinking of Walras?

He sustained that within the market there is an interaction among economic agents able to determine a general equilibrium as a natural factor of stability. In the market, there are no surplus of demand and/or offer because both of them self-regulate themselves through interaction.

What was the main idea of Marshall that after influenced Keynes?

Alfred Marshall (1842 – 1924), who was the teacher of John Maynard Keynes, was convinced about the existence of a general economic equilibrium or balance among the factors of productions (capital, labor, land). But in the market of goods and services, the point of equilibrium is partial because determined by other socio-economic factors impossible to forecast or determine.

What are the main points of Keynes’s economic theory?

Saving Does Not Depends On The Interest Rate

Consumption Depends On The Income

Income Is Determined By The Investments

Investments Are Determined By “Animal Spirits” And By The Marginal Efficiency Of The Capital

Why Keynes thinks that low aggregate demand is very important?

He instead argued that aggregate demand determined the overall level of economic activity and that inadequate aggregate demand could lead to prolonged periods of high unemployment.

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Why for Keynes state intervention is important?

According to Keynesian economics, state intervention was necessary to moderate “boom and bust” cycles of economic activity. Keynes advocated the use of fiscal and monetary and policies to mitigate the adverse effects of economic recessions and depressions

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How Keynes consider the salary’s relation to spending and aggregate demand?

According to Keynes, the consumer spends accordingly to the available income or net income after all tax deductions and basic living expenses are cut from the salary or retribution for their job. Therefore, for Keynes, it was not correct to think that because consumers has good salary then the aggregate demand must also present high levels of consumption.

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Why better technology and knowledge can be linked to salary and general economic development?

The income of the employees depends also from the level of investments of capitals in technology and progress.

The higher the technology used in production the higher the knowledge and professionalism required in the workforce.

A better educated, knowledgeable and trained workforce would have to paid higher salary and offered better contractual terms and conditions

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How the nation’s GDP can be affected by better knowledge and education?

For Keynes, if a country does invest massively in innovation and research, in the professional knowledge, in the quality of education and in scientific and technological development, the workforce generated will be professionally prepared to carry out better jobs requiring better knowledge. When the consumers have higher salary, the also possess higher available income to spend in the market pushing upwards the aggregate demand.

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What is Marginal Efficiency of Capital for Keynes? Give an example

It is important also the marginal efficiency of capital. The higher the efficiency the more prosperous the economy. The marginal efficiency of capital can be defined as level of expectations of the capitalists and investors.

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What are other important points of Keynes?

Other important points of John Maynard Keynes are:

Equilibrium of under employment

Deficit of Aggregate Demand = increase of public expenditure

Keynesian multiplier or factor of multiplication: investment of Capital creates necessary income for the repayment of the credit used for the investment

How salary flexibility can affect employment?

The classical and neoclassical economists agreed, apart Marx, on the concept that salary flexibility creates employment and a marginal voluntary unemployment caused by those employees not agreeable to flexible salary.

In other words, there is demand for employment superior to the job offer. Therefore, there is a deficit between those willing to be employed but unable to find employment because there is not enough job offer from capitalists and investors.

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What are the consequences of high unemployment levels in an economic system?

A higher level of unemployment does contributes towards few changes in the economic system, like the followings:

Reduction of the salary level

Reduction of the available income and the consumption in the market with reduction of the aggregate demand

Increase of unemployment causes also an increase of consumers with zero income

A reduction of consumption causes a decrease of the aggregate demand. With a lower aggregate demand there is a decrease of production because producers decide to cut down the offer to avoid production surplus and increase of cost of production, reduction of profit and financial losses.

The higher the unemployment rate within the employable population the higher will necessarily be the public expenditure in social amortizations in support of low income family groups and social classes.

Therefore, for Keynes, was important that, during an economic crisis, the government entered the economic system with corrective measures and goals for stimulating the recovery of the production and labor markets.

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Can you explain the concept of the Keynesian multiplier?

The concept of the Keynesian multiplier is very simple. If the government (public sector) spends a Dollar (in order to generate production and investment and, directly, generate employment and, thus, aggregate demand) the return of investment will be greater of a Dollar and in this way it is possible to repay the credit of investment.

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What are the main points of the Neoliberalism?

Neoliberalism (neo-liberalism) refers primarily to the 20th century resurgence of 19th century ideas associated with laisse-faire economic liberalization. These include extensive economic liberalization policies such as:

Privatization

Fiscal austerityDeregulation

Free trade

Reduction in government spending in order to enhance in order to enhance the role of the private sector in the economy.

What happened in the 1960s in Chile?

In the 1960s, usage of the term “neoliberal” heavily declined. When the term was reintroduced in the 1980s in connection with Augusto Pinochet’s economic reforms in Chile’s, the usage of the term had shifted. It had not only become a term with negative connotations employed principally by critics of market reform, but it also had shifted in meaning from a moderate form of liberalism to a more radical and laissez-faire capitalist set of ideas.

According to Chilean economist Alejandro Foxley, by the end of Pinochet’s reign around 44% of Chilean families were living below the poverty line. According to Klien, by the late 1980s the economy had stabilized and was growing, but around 45% of the population had fallen into poverty while the wealthiest 10% saw their incomes rise by 83%. In 1990 the military dictatorship ended.

What is the concept of Xiao kang in the recent economic history of China?

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What happened in England with the premierships of Tatcher, Major and Blair?

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What were the different economic neoliberalist policies of Reagan and Bill Clinton? And why these policies have contributed to the loss of the world’s economic leadership of U.S and the shifting on balance from the West to the East?

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What are the main ideas of Neo Monetarism?

The monetarists had the strong opinion that the economic system was stable and balanced.

The government can use the crowding out (increase of public spending) through a bigger fiscal pressure by charging the business sector with higher taxes.

In this way, the business sector sees potential capital investment taken away by the government through tax collection.

With new income from tax collection, the government, theoretically, should increase the public spending to support the economy.

What are the main points of Monetarism?

The Economic System Is Stable And Balanced

Crowding Out (Displacement)

Public Expenditures Can Produce Only Short Term Changes But In The Long Term There Are Inflationary Effects

Minimization Of The State Policies On The Market System

What are the economic differences between Communism, Socialism and Capitalism?

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Why Keynes is not in favor of increased public spending?

Keynes opposes the increase of public spending if that comes as fruit of higher and heavier fiscal pressure on the business sector because

the production of goods and services will decrease for lack or scarcity of capital investments on new technology and research but

will increase unemployment, costs of supplies of production and prices of goods and services:

While there will be a dramatic reduction of the purchasing power of consumers and the aggregate demand with immediate higher rates of inflation.

Logically, with a higher inflation, the purchasing power of consumers is reduced and the business sector suffers while forced to reduce production and cut jobs.

Can you explain with more insight the meaning of Monetarism?

Monetarism is a school of thought in monetary economics that emphasizes the role of governments in controlling the amount of money in circulation. Monetarist theory asserts that variations in the money supply have major influences on national output in the short run and on price levels over longer periods. Monetarists assert that the objectives of monetary policy are best met by targeting the growth rate of the money supply rather than by engaging in discretionary monetary policy

Can you explain Friedman’s Theory?

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What is the value stability of currency in Keynes?

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What is the fixed monetary rule of Friedman?

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How can we define the theories of Monetarism and Neoliberalism?

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Why lark Marx was right?

In other words, Karl Marx was right when, in his stubborn but lucid critics to capitalism, he sustained firmly that capitalism does represent the ultimate economic interests and political dominance of elitarian social classes whose ultimate goals were the submission and exploitation of the masses.

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What are the basic ideas of the New Classical Macroeconomics?

This new school of thought supported the idea that it is perfectly natural to have complete trust in the economic forces or agents of being able to find equilibrium and balance.

The government should not intervene in the market system because any attempt of controlling the market may cause only inflation and various inflationary consequences

What is the neutrality of currency?

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What were the major points of the New Classical Macroeconomics?

Major Trust In The Balancing Forces Of The Economic System

Rational Expectations

State Actions Does Not Cause Changes Not In The Short Or Long Term

Neutralism Of The Currency And Of The Political Economics

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Can you explain the concept of Productivity Wedge?

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Can you explain the concept of Capital Wedge?

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Can you explain the concept of Labor Wedge?

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Can you explain the Eternal Market Balance?

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Why prices and wages go to different speed in the market and in relation to the equilibrium of offer and demand?

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What happen with the arrival of the New Liberalism?

In the 1980s, the public intervention was considered necessary if the purpose was to avoid a terrible global economic crisis (Reagan, Thatcher, and Pinochet).

In the 1990s, the economy is not anymore regulated through the use of fiscal policies, but through the use of monetarist policies based on the flexibility and fluctuation of interest rates.

What are the main concepts of the New Liberalism?

Monetary policies replace fiscal policies

Low interest rates to initiate accumulation of financial capital

Money manager capitalism

Precariat of Labor

Full under employment (not full unemployment)

Households consumption as debt

What did happen in the market system when the banks decreased the interests on capital investment?

See slide 178 of from neoclassic to today economics.pptx

Where is the financial risk in the stock market?

See slide 179 of from neoclassic to today economics.pptx

What is the equation of financial capitalism?

See slide 180 of from neoclassic to today economics.pptx

What is the difference between GDP or real market economy and financial market’s money transactions and volume?

See slide 181-182 of from neoclassic to today economics.pptx

What are derivatives and why they carry high profit but also high risks?

See slide 183-184 of from neoclassic to today economics.pptx

How stock bubbles and financial crisis due to capital investments over flooding the share markets may lead to instability thus originate or cause war conflicts?

See slide 185-192 of from neoclassic to today economics.pptx

What are some important conflicts from 1970s until today which are basically generated by financial crisis?

Other cases to be cited could be the colonialism of Western powers developed during the Mercantilism;

the war in the 1970s between the Arab league and Israel (the War of Sinai) caused by the Oil Crisis of the early 1970s;

the first War to Iraq waged by the U.S. and an International coalition in the 1990s due to the Iraqis invasion of Kuwait;

iii.      and again the War to the Axis of Terror after the 9-11 terroristic attack was conducted for the control over the oil reserves and the precious materials to be mined in Iraq;

The Arab springs and the arrival of ISIS or ISIL are the results of U.S. wrong foreign policies and attempts to control Sub-Saharan and North-African countries.

Can you explain the rise of China in the last twenty years? What are the global economic strategies of China? Why China soft diplomacy and Asian pragmatism has been so successful for the rapid economic development of China?

See slide 196-211 of from neoclassic to today economics.pptx

 

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