- Lecture: Introduction
- Perspectives on economic thought
- Economic theory and economic history
- History and the history of economic thought
- The economy
2. Economic thought in Ancient Greece
This module explores the contribution to economic thought of Aristotle and Plato.
- Lecture: Greek economic thought
- Plato and the division of labour
- Economic history and economic analysis
- Aristotle’s value theory
- Xenophon and the division of labour
3. Indian economic thought from Kautilya to Gandhi
This module explores the contribution to Indian economic thought of Kautilya, Ranade and Gandhi.
- Lecture: Indian economic thought
- Ranade’s economics
- Indian theory of development
- Gandhian economics
4. Chinese economic thought
This module explores Chinese economic thought with respect to Confucianism, Taoism, Moists and the Legalists.
- Lecture: Chinese economic thought
- Schools of economic thought in China
- Money in ancient China
- Confucian and Legalist perspective
- The values of Confucius
5. Adam Smith, David Ricardo and classical European economic thought
This module explores the classical European economic thought especially with regards to the elucidation of a theory of value and a labour theory of value. The focus of classical European economic thought is on the accumulation of wealth and the economic mechanisms by which this occurs.
- Lecture: Classical European economic thought
- Economic growth and the division of labour
- The theory of value
- Adam Smith, division of labour, mercantilism and physiocracy
- Malthus and Ricardo
- First assignment
6. The economic thought of Karl Marx
The focus of analysis in this module is the economic thought of Karl Marx with an emphasis on the relationship between Capitalism and the worker.
- Lecture: The economic thought of Karl Marx
- Das Kapital
- Marx’s labour theory of value
- Marx and the business cycle
- The demise of Marx’s labour theory of value
7. Rise of neoclassical economics
This module evaluates the shift of economic thought from a qualitative perspective to a quantitative one. The emphasis is no longer the accumulation of wealth by society but a shift of focus to the individual.
- Lecture: The rise of neoclassical economics
- Price determination
8. Keynes and the Keynesian revolution
This module focuses on Keynes contribution to economic thought. Keynes challenged the orthodoxy of the day for its failure to adequately account for the mass unemployment which Keynes encountered in the 1930's.
- Lecture: The economic thought of Keynes
- The General Theory of Employment, Interest and Money
- Keynes on employment and demand
- Money and the economy
- The market economy in the long run
- The role of government
- Second assignment
9. Milton Friedman and Monetarism
The Golden Age from 1945 to 1973 during which Keynesian economic policies led to high levels of economic growth and low levels of inflation and unemployment in many countries failed abruptly in the mid to late 1970's with stagflation. This was rising inflation coupled with low levels of economic growth. Policymakers turned their attention to Friedman and Monetarism.
- New classical economics and monetarism
- Keynesianism and monetarism
- Monetarists and the transmission mechanism
- Central bank independence and monetarism
10. Alternative approaches to economic thought
Neo-Classical economics with its Mathematics and Physics background has dominated European economic thought for 100 years. However, now the focus of research is shifting towards the biological aspects of economic activity.
- Lecture: Current economic thought and conclusion
- The foundations of traditional economic theory
- Inconsistencies of the neoclassical model
- Psychology and economics
- Evolutionary approach to economics
- Perspectives on the today’s world
We strongly recommend that you try to find a little time each week to engage in the online conversations (at times that are convenient to you) as the forums are an integral, and very rewarding, part of the course and the online learning experience.