This course covers the key developments of economics that shaped the current state of economics as a science and the evolution of the views on what shall be considered as an appropriate economic policy and to what extent the governments shall interfere with the markets. The lectures are based on critical discussion of book chapters and papers written by Smith, Keynes, Marx, Friedman, Popper, Lucas, Blanchard, Alesina, Thaler, Chetty, and others. Changes in economics after the Great Recession and after the COVID-19 pandemic are discussed during the lectures at the end of the semester. Therefore, the course provides knowledge not just about the past but also about the present state of economics.
We analyze the evolution of economics from two perspectives: a) the evolution of economic theory and b) the philosophy of science (legacy of T. Kuhn and I. Lakatos). The class, therefore, combines perspectives from the history of economic thought, philosophy of economics, and current policy debates to present history and philosophy of economics as essential knowledge that helps to understand current policy decisions and the state of economics as a science. Moreover, the investigation of the historical and methodological foundation of economics enables us to debate questions about the intellectual roots of the positions of leading policymakers of the past.
We believe that our course can be beneficial and useful both for undergraduate and graduate students. The course does not have any formal prerequisites. We aim to explain all the concepts and theories within the course. However, the background in economics is, of course, an advantage, and first-year students might find particularly the readings shaping the developments of macroeconomics in the second half of the 20th century rather difficult. Nevertheless, motivated first-year students are able to pass the course with A or B grades when working consistently throughout the semester.
Our coverage of historical milestones and economic schools fits our primary goal, i.e., to follow the gradual development of economics towards science based on mathematical and statistical analysis. Therefore, students should not expect that we will cover all schools of thought mentioned in numerous textbooks on the history of economic thought. On the other hand, we focus on the main policy debates of the past and of today that will provide an understanding of what economics is and what it can deliver.
Last update: Baxa Jaromír, PhDr., Ph.D. (17.09.2024)
This course covers the key developments of economics that shaped the current state of economics as a science and the evolution of the views on what shall be considered as an appropriate economic policy and to what extent the governments shall interfere with the markets. The lectures are based on critical discussion of book chapters and papers written by Smith, Keynes, Marx, Friedman, Popper, Lucas, Blanchard, Alesina, Thaler, Chetty, and others. Changes in economics after the Great Recession and after the COVID-19 pandemic are discussed during the lectures at the end of the semester. Therefore, the course provides knowledge not just about the past but also about the present state of economics.
We analyze the evolution of economics from two perspectives: a) the evolution of economic theory and b) the philosophy of science (legacy of T. Kuhn and I. Lakatos). The class, therefore, combines perspectives from the history of economic thought, philosophy of economics, and current policy debates to present history and philosophy of economics as essential knowledge that helps to understand current policy decisions and the state of economics as a science. Moreover, the investigation of the historical and methodological foundation of economics enables us to debate questions about the intellectual roots of the positions of leading policymakers of the past.
We believe that our course can be beneficial and useful both for undergraduate and graduate students. The course does not have any formal prerequisites. We aim to explain all the concepts and theories within the course. However, the background in economics is, of course, an advantage, and first-year students might find particularly the readings shaping the developments of macroeconomics in the second half of the 20th century rather difficult. Nevertheless, motivated first-year students are able to pass the course with A or B grades when working consistently throughout the semester.
Our coverage of historical milestones and economic schools fits our primary goal, i.e., to follow the gradual development of economics towards science based on mathematical and statistical analysis. Therefore, students should not expect that we will cover all schools of thought mentioned in numerous textbooks on the history of economic thought. On the other hand, we focus on the main policy debates of the past and of today that will provide an understanding of what economics is and what it can deliver.
Last update: Baxa Jaromír, PhDr., Ph.D. (17.09.2024)
Course completion requirements -
Exam 40 points
Essay 40 points
Essay proposal 8 points
Regular self-assessments 12 points
Bonus points for class activity
The main requirements are the final exam and the essay. The student can gain a maximum of 40 points from the essay and 40 points from the final exam. Even though the limit for the grade E is 50.5 points, each student must write the final exam and deliver an essay to pass the class. In addition, each student must get at least 50 % of the points from an essay and at least 50 % of the points from the final exam. Without those conditions met, a student cannot pass the course.
Additionally, students can obtain 12 points from regular self-assessments and 8 points for submission of the proposal of the essay.
Besides, any student can get additional extra points for a class activity. These points can improve the grade significantly.
The final grade will be determined by the following formula: (exam + essay proposal + essay + self assessment tests +2*bonus points)/(100 + bonus points). The grading scale is the following:
A = 100- 91
B = 90-81
C = 80-71
D = 70-61
E = 60-51
F = 50-0
Last update: Baxa Jaromír, PhDr., Ph.D. (03.10.2023)
Exam 40 points
Essay 40 points
Essay proposal 8 points
Regular self-assessments 12 points
Bonus points for class activity
The main requirements are the final exam and the essay. The student can gain a maximum of 40 points from the essay and 40 points from the final exam. Even though the limit for the grade E is 50.5 points, each student must write the final exam and deliver an essay to pass the class. In addition, each student must get at least 50 % of the points from an essay and at least 50 % of the points from the final exam.Without those conditions met, a student cannot pass the course.
Additionally, students can obtain 12 points from regular self-assessments and 8 points for submission of the proposal of the essay.
Besides, any student can get additional extra points for a class activity. These points can improve the grade significantly.
The final grade will be determined by the following formula: (exam + essay proposal + essay + self assessment tests +2*bonus points)/(100 + bonus points). The grading scale is the following:
A = 100- 91
B = 90-81
C = 80-71
D = 70-61
E = 60-51
F = 50-0
Last update: Baxa Jaromír, PhDr., Ph.D. (03.10.2023)
Literature -
We provide several readings for each lecture: the original texts of discussed authors and secondary literature. Students are expected to read compulsory papers.
Textbook chapters are not mandatory, but they might help to enhance understanding of the discussed topics. Textbook chapters usually go beyond the lecture content: especially Screpanti and Zamagni (1993). Backhouse (2002) much more reflects the level of lectures related to the history of economic thought and is recommended to be read (very interesting book explaining also historical and political context). Screpanti and Zamagni (1993) are recommended to be read after Backhouse (2002), especially for those without any background in economics.
Main books and textbooks
Backhouse, R. (2002). The ordinary business of life: A history of economics from the ancient world to the twenty-first century (No. 330.9 B3.). Princeton, NJ: Princeton University Press.
Blanchard, O., Romer, D., Spence, M., & Stiglitz, J. E. (2012). In the wake of the crisis: Leading economists reassess economic policy. MIT Press.
Akerlof, G. A., Blanchard, O., Romer, D., & Stiglitz, J. E. (Eds.). (2014). What Have We Learned?: Macroeconomic Policy After the Crisis. MIT Press.
Blanchard, O., Rogoff, M. K., & Rajan, R. (Eds.). (2016). Progress and confusion: the state of macroeconomic policy. International Monetary Fund.
Blyth, M. (2013). Austerity: The history of a dangerous idea. Oxford University Press.
Quiggin, J. (2012). Zombie economics: how dead ideas still walk among us. Princeton University Press.
Screpanti, E., & Zamagni, S. (1993). An Outline of the History of Economic. Thought, Oxford: Clarendon Press.
Last update: Baxa Jaromír, PhDr., Ph.D. (10.09.2020)
We provide several readings for each lecture: the original texts of discussed authors and secondary literature. Students are expected to read compulsory papers.
Textbook chapters are not mandatory, but they might help to enhance understanding of the discussed topics. Textbook chapters usually go beyond the lecture content: especially Screpanti and Zamagni (1993). Backhouse (2002) much more reflects the level of lectures related to the history of economic thought and is recommended to be read (very interesting book explaining also historical and political context). Screpanti and Zamagni (1993) are recommended to be read after Backhouse (2002), especially for those without any background in economics.
Main books and textbooks
Backhouse, R. (2002). The ordinary business of life: A history of economics from the ancient world to the twenty-first century (No. 330.9 B3.). Princeton, NJ: Princeton University Press.
Blanchard, O., Romer, D., Spence, M., & Stiglitz, J. E. (2012). In the wake of the crisis: Leading economists reassess economic policy. MIT Press.
Akerlof, G. A., Blanchard, O., Romer, D., & Stiglitz, J. E. (Eds.). (2014). What Have We Learned?: Macroeconomic Policy After the Crisis. MIT Press.
Blanchard, O., Rogoff, M. K., & Rajan, R. (Eds.). (2016). Progress and confusion: the state of macroeconomic policy. International Monetary Fund.
Blyth, M. (2013). Austerity: The history of a dangerous idea. Oxford University Press.
Quiggin, J. (2012). Zombie economics: how dead ideas still walk among us. Princeton University Press.
Screpanti, E., & Zamagni, S. (1993). An Outline of the History of Economic. Thought, Oxford: Clarendon Press.
Last update: Baxa Jaromír, PhDr., Ph.D. (10.09.2020)
Syllabus -
1) The State and the Economy: Liberal Philosophy as a Foundation of Economics. Bernard Mandeville, John Locke, and Adam Smith (2.10., JB)
2) Power and Economic Relations: Karl Marx and his Influence. (9.10., MP)
3) Value-free Economics? Marginal Revolution and Mathematics as a Solution to Ideology. Foundation of Neoclassical Orthodoxy: Jevons, Walras, Menger, Marshall and Methodenstreit. (16.10., MP)
4) Keynesian Revolution and the Neoclassical Synthesis (23.10., JB)
5) Liberals Strike Back: Austrian School and Ordoliberalism – Intellectual Roots of Neoliberalism (30.10., JB)
6) Positive Economics and Influence of Popper (6.11., MP)
7) More Mathematics as a Solution (Again)? Modern Mathematical Economics, Lucas Critique and Foundation of Rational Expectations (13.11., MP)
8) The Great Inflation. Monetarism, Rejection of Interventionist Policies, Efficient Market Hypothesis and Equilibrium Business Cycles (20.11., JB)
9) The New-Keynesian Macroeconomics: The pre-2008 Consensus, the Great Moderation, the Great Recession, and after. (27.11., JB)
10) Reflections of the Great Recession, the Credibility Revolution, and the Recent Challenges. (4.12., JB)
11) Beyond Rationality? Behavioral Economics. Can We Use Idealized Models for Causal Explanations? The Philosophy of Science Perspective. (11.12., MP)
12) Guest lecture: Tomáš Sedláček - Economics of Good and Evil (18.12.)
Last update: Baxa Jaromír, PhDr., Ph.D. (17.09.2024)
1) The State and the Economy: Liberal Philosophy as a Foundation of Economics. Bernard Mandeville, John Locke, and Adam Smith (2.10., JB)
2) Power and Economic Relations: Karl Marx and his Influence. (9.10., MP)
3) Value-free Economics? Marginal Revolution and Mathematics as a Solution to Ideology. Foundation of Neoclassical Orthodoxy: Jevons, Walras, Menger, Marshall and Methodenstreit. (16.10., MP)
4) Keynesian Revolution and the Neoclassical Synthesis (23.10., JB)
5) Liberals Strike Back: Austrian School and Ordoliberalism – Intellectual Roots of Neoliberalism (30.10., JB)
6) Positive Economics and Influence of Popper (6.11., MP)
7) More Mathematics as a Solution (Again)? Modern Mathematical Economics, Lucas Critique and Foundation of Rational Expectations (13.11., MP)
8) The Great Inflation. Monetarism, Rejection of Interventionist Policies, Efficient Market Hypothesis and Equilibrium Business Cycles (20.11., JB)
9) The New-Keynesian Macroeconomics: The pre-2008 Consensus, the Great Moderation, the Great Recession, and after. (27.11., JB)
10) Reflections of the Great Recession, the Credibility Revolution, and the Recent Challenges. (4.12., JB)
11) Beyond Rationality? Behavioral Economics. Can We Use Idealized Models for Causal Explanations? The Philosophy of Science Perspective. (11.12., MP)
12) Guest lecture: Tomáš Sedláček - Economics of Good and Evil (18.12.)
Last update: Baxa Jaromír, PhDr., Ph.D. (17.09.2024)
