COURSE UNIT TITLE

: HISTORY OF ECONOMIC THOUGHT

Description of Individual Course Units

Course Unit Code Course Unit Title Type Of Course D U L ECTS
ECN 5048 HISTORY OF ECONOMIC THOUGHT ELECTIVE 3 0 0 6

Offered By

Economics (English)

Level of Course Unit

Second Cycle Programmes (Master's Degree)

Course Coordinator

PROFESSOR DOCTOR MUSTAFA ERDEM ÖZGÜR

Offered to

Economics (English)

Course Objective

This course reviews the main schools and thinkers in the history of economic thought beginning with Mercantilism. The Mercantilist system, Classical political economy, challenges to the Classical school in the 19th century, more specifically Marxist economics and German Historical School, Neoclassical economics, challenges to Neoclassical economics, namely, Institutional and Keynesian economics, and finally contemporary developments in economic theory are the subjects that will be covered throughout this course. Although this is not an economic history course, the social and economic environment in which the contemporary economic thought flourished will also be presented.

Learning Outcomes of the Course Unit

1   On successful completion of this course, students will be able to identify the differences between schools of thought.
2   Students will be able to define the economic environment in which different schools of thought flourished.
3   Students will be able to appraise different methods used in the development of history of economic thought.

Mode of Delivery

Face -to- Face

Prerequisites and Co-requisites

None

Recomended Optional Programme Components

None

Course Contents

Week Subject Description
1 Mercantilism and Physiocracy
2 Adam Smith
3 David Ricardo and Thomas Robert Malthus
4 John Stuart Mill and the Decline of Classical Economics
5 Socialist Economic Thought and Karl Marx
6 German Historical School and the Marginalist Revolution
7 Midterm
8 Neoclassical Economics and Alfred Marshall
9 Institutional Economics ans Austrian Economics
10 John Maynard Keynes and Keynesian Economics
11 The Development of Modern Macroeconomic Thought
12 The Development of Modern Microeconomic Thought
13 Modern Heterodox Economic Thought
14 General Overview

Recomended or Required Reading

Required Text: Screpanti, Ernesto and Stefano Zamagni (2005). An Outline of the History of Economic Thought. New York: Oxford University Press.
Supplementary Text: Ekelund Jr., Robert B. and Robert F. Hebert (1997). A History of Economic Theory and Method. Singapore: McGraw-Hill.
In addition to these textbooks weekly required reading list will be provided during the semester.

Planned Learning Activities and Teaching Methods

1. Lectures
2. Readings
3. Paper presentation

Assessment Methods

SORTING NUMBER SHORT CODE LONG CODE FORMULA
1 MTE MIDTERM EXAM
2 STT TERM WORK (SEMESTER)
3 FIN FINAL EXAM
4 FCG FINAL COURSE GRADE MTE * 0.30 + STT * 0.30 + FIN* 0.40
5 RST RESIT
6 FCGR FINAL COURSE GRADE (RESIT) MTE * 0.30 + STT * 0.30 + RST* 0.40


*** Resit Exam is Not Administered in Institutions Where Resit is not Applicable.

Further Notes About Assessment Methods

There will be two in-class examinations and students are expected to write a term paper. Students are expected to come up with a topic by the end of the third week of the semester.

Assessment Criteria

1. Students will demonstrate understanding of basic schools of thought in economic history.
2. Students will be able to demonstrate the relationships between different schools of thought.
3. Students will demonstrate understanding of historical and contemporary approaches of economic thought.
4. Students will be able to demonstrate the origins of their ideas by referencing sources used in their work.

Language of Instruction

English

Course Policies and Rules

1. Attending at least 70 percent of lectures is mandatory.
2. Plagiarism of any type will result in disciplinary action.

Contact Details for the Lecturer(s)

Dr. M. Erdem ÖZGÜR
Faculty of Business
Department of Economics
Office 233
Tel: 232 453 5042 / 18215

Office Hours

Monday 15:30-16:30
Wednesday 11:00-13:00

Work Placement(s)

None

Workload Calculation

Activities Number Time (hours) Total Work Load (hours)
Lectures 13 3 39
Preparations before/after weekly lectures 13 3 39
Preparation for midterm exam 1 20 20
Preparation for final exam 1 20 20
Preparing assignments 1 20 20
Midterm 1 2 2
Final 1 2 2
TOTAL WORKLOAD (hours) 142

Contribution of Learning Outcomes to Programme Outcomes

PO/LOPO.1PO.2PO.3PO.4PO.5PO.6PO.7PO.8PO.9PO.10
LO.154
LO.2542
LO.33554