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Republic of the Philippines
PANGASINAN STATE UNIVERSITY
LINGAYEN CAMPUS
Lingayen, Pangasinan
COURSE SYLLABUS
Second Semester, S.Y 2014 – 2015
Course Code
Course Title
Time Frame
Unit Credit
Pre- requisite
I.
: Econ 126
: HISTORY OF ECONOMIC THOUGHT
: 3 hours / week (54 Hours)
:3
: Soc Sci 104 (Basic Economics w/ TAR)
VISION, MISSION, GOALS AND OBJECTIVES
A. The University Vision
The Pangasinan State University envisions to become an apex of academic excellence that
produces globally competitive and morally upright professionals in Pangasinan and the Ilocos Region.
B. The University Mission
The Pangasinan State University shall provide better service in the professional and technical
training in the arts, sciences, humanities and technology and in the conduct of scientific research,
technological studies and community services. (P.D. No. 1497)
C. The College Mission
The College provides quality education in the arts, sciences and technology geared towards the
development of the individuals as an integral instrument of change and takes leadership role in
research, extension and production to ensure the development and transformation to a decent way of
life for the people and the community it serves.
D. The Goals of the College
The provide substance and directions to its mission, the college shall pursue the following goals:
1. Promote quality and relevant education designed to fully exploit individual potentials
commensurate to the needs of the industry, economy and global competitiveness;
2. Evaluate and design relevant and responsive science and technology – based curricular programs
that develop intellectual competence, civic and moral responsibility, cultural integrity, economic
acuity, and scientific perspective.
3. Enhance and strengthen faculty and staff capability and development on a continuing basis.
4. Protect and promote the welfare and interest of Faculty members and administrative staff in terms
of a continuing program for salary increments and other pecuniary benefits, social welfare and
tenure.
5. Expand the conduct of research that generate new perspectives and insights and new
technologies and process appropriate to the needs and aspirations of a developing society and
those which the community enjoys distinctive and comparative advantages.
6. Expand educational opportunities of poor but exceptionally talented students through various
scholarship grants and financial assistance.
7. Provide a conductive leanings atmosphere through the provisions of various student development
services.
8. Expand and establish network of linkages with other institutions both public and private to generate
and complement resources support, intensify impact and strengthen academe – industry relations.
9. Develop, test, evaluate and rationalize institutional structures and management systems and
processes to enhance the efficiency, cost – effectiveness and responsive of the college‘s
programs and projects.
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E. The Objectives of the Bachelor of Arts in Economics
The Bachelor of Arts in Economics Program is designed to:
1. Provide the necessary concepts and theories, which could be used in economic analysis and
interpretation of data in the field of research which are useful index in socio-economic
development.
2. Instill in the students the value of undergoing production as one of the major economic activities
leading to economic growth.
3. Expose the students to various analytical and statistical tools in economic analysis.
4. Spearhead the students to participate in governance so as to achieve political mobility towards
better economy and social progress.
5. Prepare the students to become globally competitive in the field of economics, particularly along
entrepreneurship and be able to have comparative advantage relative to others.
II.
COURSE DESCRIPTION
This course deals with the economic theories, ideologies and concepts of thinkers and economists
who formulated them. It is a study of the major figures and trends in the history of economic ideas,
how these ideas were formulated, utilized and transmitted, the character and scope of economic
ideas in their relationship to other areas of human experience and study.
III.
COURSE OBJECTIVES
A. General Objectives:
At the end of the course, the students are expected to:
1. Gain a comprehensive understanding of the history of economic thought.
2. Build awareness on the relevance of studying history of economic thought and be
motivated and inspired in the various works and theories of different economists.
B. Specific Objectives
As a result of this course, the students will specifically be able to:
1. Describe the definitions of economics provided by different economists and understand
economics as a distinct social science.
2. Grasp the evolution of economic theory and development of economic thought from ancient
to contemporary times.
3. Discuss the economic thinking of some of the greatest minds of the modern era, such as
Adam Smith, John Stuart Mill, David Ricardo, Karl Marx, Thomas Malthus, and John
Maynard Keynes.
4. Know the contributions of other philosopher and economists of different schools of
economic thought who developed economic reasoning, the modeling, and descriptions of
economic activity.
5. Understand the systems of economic thought in the theoretical analysis of the economic
problems.
6. Explain how economic theories developed by different thinkers evolved in response to
changes in technology, market institutions, and political structures.
IV.
COURSE OUTLINE
Time Allotment
A.
COURSE ORIENTATION
1. Vision, Mission, Goals & Objectives of the University
Campus & AB Economics Program
2. Course Overview
3. Course Requirements
4. Bases for Evaluation
B.
CHAPTER 1 : INTRODUCTION TO HISTORY OF ECONOMIC THOUGHT
1 hour
3 hours
1.
2.
3.
4.
5.
6.
Definition of History of Economic Thought
Why Study the History of Economic Thought?
Economic History versus History of Economic Thought
Chronology of Main Events in the History of Economic Thought
Schools of Economic Thought
Etymology of Economics
2
7. Definition of Economics
a. Wealth definitions (Adam Smith’s Definition)
b. Material welfare definitions (Alfred Marshall’s Definition)
c. Scarcity definitions (Lionel Robbins’ Definition)
d. Growth-centered definitions (Paul Samuelson)
8. Other Definitions of Economics
C. CHAPTER 2 : EARLY ECONOMIC THOUGHT
1. Early Economic Thought
a. Ancient Times
b. Middle Ages
2. Ancient Economic Thought
a. Hesiod
b. Xenophon (Ancient Greece) (430 - 354 BC)
c. Plato (Greece) (424 - 348 BC)
d. Aristotle (Greece) (384 - 322 BC)
e. Chanakya (370 BC - 283 BC)
f. Fan Li (Ancient China)
g. Wang Anshi (China)
h. Qin Shi Huang (259 - 2010BC)
3. Medieval Economic Thought (Islamic and Scholasticism)
a. Abu Yusuf (731-798)
b. Al-Ghazali (1058-1111)
c. Ibn Khaldun (1332 - 1406)
d. Thomas Aquinas (1225 -1274)
e. Duns Scotus (1265 - 1308)
f. Nicole Oresme (1320 - 1382)
4 hours
D. CHAPTER 3 : MERCANTILISM AND PHYSIOCRACY
1. What is Mercantilism?
2. Origin of Mercantilism
3. Economic Policies of Mercantilists
4. Legacy and Criticisms of Mercantilism
5. Economic Thought of Mercantilists
a. Jean Bodin (1530–1596)
b. Barthélemy de Laffemas (1545–1612)
c. Leonardus Lessius (1554–1623)
d. Edward Misselden (1608–1654)
e. Gerald de Malynes (1586–1626)
f. Thomas Mun (1571–1641)
g. William Petty (1623–1687)
h. Philipp von Hornick (1640–1714)
i. Jean-Baptiste Colbert (1619–1683)
j. Josiah Child (1630–1699)
k. Pierre Le Pesant, sieur de Boisguilbert (1646–1714)
l. Charles Davenant (1656–1714) (English)
m. James Steuart (1713–1780)
n. Richard Cantillon (1680–1734)
o. John Locke (1632–1704) English
p. Dudley North (1641–1691)
q. David Hume (1711–1776)
6. Economic Thought of Physiocrats
a. Pierre le Pesant de Boisguilbert (1646–1714)
b. Francois Quesnay (1694–1774)
c. Jacques Turgot (1727–1781)
d. John Law 1671 – 1729)
e. Bernard Mandeville (1670 -1733)
f. Richard Cantillon (1680–1734)
g. Victor de Riquetti 1715 - 1789)
6 hours
E. CHAPTER 4 : CLASSICAL ECONOMICS
1. What is Classical Economics?
2. Origin and Timeline of Classical Economic Thought
3. Classical Theories of Growth and Development
4. Adam Smith (1723–1790)
a. Biography, Personality and Beliefs
b. Legacy and Published Works (Wealth of Nations)
c. Smith’s Economic Thought
8 hours
3
5. David Ricardo (1772–1823)
a. Biography, Personality and Beliefs
b. Legacy and Published Works (Principles of Political Economy and Taxation)
c. Ricardian Economics
6. Thomas Malthus (1766–1834)
a. Profile of Thomas Malthus
b. An Essay on the Principle of Population
c. Legacy, Criticisms and Influence
7. Legacy and Criticisms of Classical Economic Thought
8. Economic Thought of Other Classical Economists
a. Edmund Burke (1729–1797)
b. Jeremy Bentham (1748–1832)
c. Henry Thornton (1760–1815)
d. Jean-Baptiste Say (1767–1832),
e. Charles Hall (1740-1825)
f. William Godwin (1756-1836)
g. Henry Thornton (1760–11815)
h. James Mill 1773–1836)
i. Jean Charles Léonard de Sismondi (1773–1842)
j. Robert Owen (1771–1858)
k. David Ricardo (1772–1823)
l. Alexander Hamilton (1755–1804)
m. Henry Clay (1777–1852)
n. Mathew Carey (1760–1839)
o. Thomas Tooke 1774–1858)
p. Henry Charles Carey (1793–1879)
q. Johann Heinrich von Thünen (1783–1850)
r. Wilhelm Roscher (1817–1894)
s. Charles Gide (1847–1932)
t. Pierre-Joseph Proudhon (1809–1865)
u. John Stuart Mill (1806–1873
v. Frederic Bastiat (1801–1850)
w. George Wilhelm Friedrich Hegel (1770–1831)
x. Friedrich Engels (1820–1895)
F. CHAPTER 5 : MARXIAN AND SOCIALIST ECONOMICS
1. What is Marxian Economics
2. Karl Marx and Socialism
3. Marx’s Response to Classical Economics
4. The Das Capital
5. Karl’s Marx’s Theory and Economic Thought
a. Human Nature
b. Commodities and Money
c. Labor and Production
d. Effect of Technical Progress
6. Legacy and Criticisms of Marxian Economics
7. Current Theorizing in Marxian Economics
8. Economic Thought of Other Marxian and Socialist Economists
a. Friedrich Engels (1820–1895)
b. Eduard Bernstein (1850–1932)
c. Ferdinand Lassalle (1825–1864
5 hours
G. CHAPTER 6 : NEOCLASSICAL ECONOMICS
1. Meaning, Origin and Scope of Neoclassical Economics
5 hours
2. The Marginal Revolution
a. William Stanley Jevons and his Theory of Political Economy (1835–1882)
b. Carl Menger and his Principles of Economics (1840–1921)
c. Leon Walras and his Elements of Pure Economics (1834–1910)
d. Alfred Marshall and his Principles of Economics (1842–1924)
3. Legacy and Criticisms of Neoclassical Economics
4. Economic Thought of Other Marxian and Socialist Economists
a. John Bates Clark (1847–1938)
b. Eduard Bernstein (1850–1932)
c. Francis Ysidro Edgeworth (1845–1926)
d. Irving Fisher (1867–1947)
e. Knut Wicksell (1851–1926)
f. Joseph Louis Francois Bertrand (1822–1900)
g. Vilfredo Pareto (1848–1923)
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H. CHAPTER 7 : INSTITUTIONAL ECONOMICS
5 hours
1. Meaning, Origin and Scope of Institutional Economics
2. New Institutional Economics
3. Legacy and Criticisms of Institutional Economics
4. Economic Thought of Institutional Economists
a. Gunnar Myrdal (1898–1987)
b. Thorstein Bunde Veblen, born Torsten Bunde Veblen (1857–1929)
c. Francis Ysidro Edgeworth (1845–1926)
d. John Rogers Commons (1862–1945)
e. Wesley Clair Mitchell (1874–1948)
f. John Maurice Clark (1884–1963)
g. Robert Alexander Brady (1901–1963)
h. Clarence Edwin Ayres (1891–1972)
i. Adolf Augustus Berle, Jr. (1895–1971)
I.
CHAPTER 8 : AUSTRIAN SCHOOL OF ECONOMIC THOUGHT
1. Meaning and Origin of Austrian School of Economic Thought
2. Differences with Neoclassical Economics
3. Methodology and Economic Theories
4. Criticisms of Austrian School of Economic Thought
5. Economic Thought of Austrian School of Economic Thought
a. Ludwig von Mises (1881–1973)
b. Eugen von Böhm-Bawerk (1851–1914)
c. Friedrich August Hayek (1899–1992)
d. Henry Stuart Hazlitt (1894–1993)
e. Murray Rothbard (1926–1995)
J.
CHAPTER 9 : KEYNESIAN ECONOMICS
7 hours
1. Overview of Keynesian Economics
2. Precursors of Keynesian Economics
3. Criticism of the assumptions of Classical Economics
4. Macroeconomics of unemployment: Keynesian revolution
5. John Maynard Keynes and the General Theory of Employment, Interest and Money
a. The Principle of Effective Demand
b. Consumption Function
c. The Multiplier and Marginal Efficiency of Capital
d. Liquidity Preference and Liquidity Trap
e. The Theory of Employment and Unemployment Equlibrium
f. The Principles of Economic Policy: Fiscal and Monetary Policy
6. Legacy and Criticisms of Austrian School of Economic Thought
7. Economic Thought of Other Keynesian Economics
a. Joan Robinson (1903–1983)
b. Paul Robin Krugman (1953)
c. Peter Bofinger (1954)
d. Joseph Eugene Stiglitz (1943)
K. CHAPTER 10 : OTHER SCHOOLS OF ECONOMIC THOUGHT
1. Mainstream Economics versus Heterodox Economics
2. Public Choice School
3. Post-Keynesian Economics
4. Neo-Ricardianism
5. Neo-Marxist Economics
6. Chicago School
7. School of Lausanne
8. Stockholm School
9. Evolutionary Economics
10. Constitutional Economics
11. Welfare Economics
12. Theories of Economic Development and Growth
13. Development of Empirical methods in Modern economics
14. Mathematical Economics
15. The Rise of Econometrics and Experimental Economics
16. Other Issues in Modern Economics
5 hours
5 hours
5
V.
LEARNING / ENRICHMENT ACTIVITIES
A. Lecture / Discussion
Three-hour lecture will be spent each week. You are encouraged to ask questions at any
time in lectures. For each lecture, there will be provided powerpoint slides covering the main
points, which will be published on the course web page. Should there be queries you wish to
raise in lectures, whether about the course organization or about materials covered, you are
welcome to come to see me during office hours or email me at [email protected].
B. Website Interaction
Online materials for this course including syllabus, homework, class notes, worktext
exercises, lecture slides, online tests and links to suggested reading materials can be seen on
the website at www.jamesonestrada.com. You are encouraged to register or subscribe to gain
full access to all the website materials.
C. Supplemental Readings
Skousen, Mark, THE BIG THREE IN ECONOMICS, CM.E. Sharpe, London, 2012
Landreth, Harry, HISTORY OF ECONOMIC THOUGHT, Houghton Mifflin Company, Boston,
USA, 2012
Kishtainy, Niall, et. al. THE ECONOMICS BOOK, DK Publishing, New York, 2012
D. Video Showing (Economists and their Economic Thought)
E. Term Paper on Economic Thought and Economists
VI.
BASES FOR EVALUATION
A. Quizzes (30%)
B. Midterm / Final Exams (40%)
C. Participation (30%)
1. Recitation
2. Attendance / Assignment
3. Term Paper / Research Work
VII.
UTILIZATION OF INSTRUCTIONAL MATERIALS
A.
B.
C.
D.
E.
F.
G.
H.
I.
J.
VIII.
Books and E-books
White board, marker and eraser
Charts
Laptop and Tablet
Worktext
LCD Projector for PowerPoint Lecture Slides
Agribusiness Video Clips for Film Showing
Scientific Calculator
Email and Internet
Learning Website at www.jamesonestrada.com.
REFERENCES
A. BOOKS AND E-BOOKS
Backhaus, Jurgen Georg, HANDBOOK OF THE HISTORY OF ECONOMIC THOUGHT, Springer,
New York, 2012.
Backhouse, Roger E., THE ORDINARY BUSINESS OF LIFE: A HISTORY OF ECONOMICS,
Princeton University Press, New Jersey, USA, 2002
Barber, William J. A HISTORY OF ECONOMIC THOUGHT, Wesleyan University Press, Toronto
Canada, 2007
Colander, David C., HISTORY OF ECONOMIC THOUGHT, 4th Edition, Houghton Mifflin Company,
2002.
Davis, John B., A COMPANION TO THE HISTORY OF ECONOMIC THOUGHT, Blackwell
Publishing, MA, USA, 2003
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Harry Landreth, et. al. HISTORY OF ECONOMIC THOUGHT. South-Western College Publication,
New York, 2011
Heilbrone, Robert, et. al., THE WORLDLY PHILOSOPHERS, Penguin Books, New York, USA
1999
Kurz, Heinz and Salvadori, Neri, CLASSICAL ECONOMICS AND MODERN THEORY, Routledge
Taylor and Francis Group, New York, USA, 2003
Robbins, Lionel, A HISTORY OF ECONOMIC THOUGHT, Princeton University Press, USA, 2000
Robinson, Joan, THE ACCUMULATION OF CAPITAL, Palgrave Macmillan, USA, 2002
Schumpeter, Joseph A., HISTORY OF ECONOMIC ANALYSIS, Taylor & Francis e-Library, Great
Britain, 2006.
Screpante, Ernesto and Zamagni Stefano, AN OUTLINE OF THE HISTORY OF ECONOMIC
THOUGHT, Oxford University Press, Great Britain, 2005
Yaffe, Helen, THE ECONOMICS OF REVOLUTION, Palgrave Macmillan, USA, 2004
B. ELECTRONIC SOURCES
http://digamo.free.fr/backhaus122.pdf
http://economics.uwo.ca/people/laidler_docs/theroleof.pdf
http://en.wikipedia.org/wiki/History_of_economic_thought
http://library.mises.org/books/Gene%20Callahan/Economics%20for%20Real%20People.pdf
http://library.mises.org/books/Israel%20M%20Kirzner/Economic%20Point%20of%20View%20A%
20Essay%20in%20the%20History%20of%20Economic%20Thought.pdf
http://mises.org/Literature/Subject/15/The-History-of-Economic-Thought
http://modernecon.org/wp-content/uploads/2012/12/history-of-thought-Final-print-book-3.pdf
http://snap3.uas.mx/RECURSO1/pensamiento%20economico/TEXTOS/THE%20History%20of
20Economic%20Thoght%20(cepa).pdf
http://www.eatonak.org/EC402/downloads-3/files/Barber.pdf
http://www.wiwi.uni-jena.de/Makro/lehre/AES/hist_pres.
https://is.vsfs.cz/el/6410/zima2012/BA_ETD/um/3872546/46561555-A-History-of-Economic
Thoughts.pdf
https://mises.org/books/histofthought1.pdf
Prepared by:
JAMESON N. ESTRADA
Instructor I
Noted:
JULIE C. LOMIBAO, Ed. D
Chairperson, Social Sciences Department
Recommending Approval:
FE S. SORIANO, Ed. D
Associate Dean
Approved:
NELIA C. RESULTAY, Ed. D
Campus Executive Director
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