Last update: PhDr. Jaromír Baxa, Ph.D. (10.09.2020)
This course covers the key methodological revolutions within economic theory that shaped the current state of economics as a science. Second, using our historical investigation, we discuss the evolution of the views on economic policy and the role of the state in general. We end up with the changes in economics after the Great Recession.
We analyze the evolution of economics from two perspectives: a) philosophy of economics (“paradox of explanation”) and 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 helping 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 positions of leading policymakers of the past.
The course is designed as an introductory course; therefore, no in-depth knowledge of economic theory or philosophy is expected. However, the background in economics is, of course, an advantage. Our coverage of historical milestones and economic schools is arbitrary to fit our primary goal, i.e., to follow the gradual development of economics towards science based on mathematical methodology and explain selected policy debates. Therefore, students should not expect that we will cover all schools of thought mentioned in numerous textbooks on the history of economic thought.
Last update: PhDr. Jaromír Baxa, Ph.D. (10.09.2020)
This course covers the key methodological revolutions within economic theory that shaped the current state of economics as a science. Second, using our historical investigation, we discuss the evolution of the views on economic policy and the role of the state in general. We end up with the changes in economics after the Great Recession.
We analyze the evolution of economics from two perspectives: a) philosophy of economics (“paradox of explanation”) and 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 helping 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 positions of leading policymakers of the past.
The course is designed as an introductory course; therefore, no in-depth knowledge of economic theory or philosophy is expected. However, the background in economics is, of course, an advantage. Our coverage of historical milestones and economic schools is arbitrary to fit our primary goal, i.e., to follow the gradual development of economics towards science based on mathematical methodology and explain selected policy debates. Therefore, students should not expect that we will cover all schools of thought mentioned in numerous textbooks on the history of economic thought.
Course completion requirements -
Last update: PhDr. Jaromír Baxa, 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: PhDr. Jaromír Baxa, 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
Literature -
Last update: PhDr. Jaromír Baxa, 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: PhDr. Jaromír Baxa, 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.
Syllabus -
Last update: PhDr. Jaromír Baxa, Ph.D. (27.09.2023)
Economics and Moral Philosophy: The way to Adam Smith (JB)
Marx and his Influence. Struggle of Socialists with Austrian School, the Economic Calculation Debate. (MP)
Marginal Revolution and the Rise of Mathematics (Foundation of Neoclassical Orthodoxy): Jevons, Walras, Menger, Marshall and Methodenstreit. (MP)
Keynesian Revolution and Followers of Keynes (JB)
Austrian School and Ordoliberalism – Intellectual Roots of Neoliberalism (JB)
Positive Economics and Influence of Popper (MP)
Modern Mathematical Economics, Lucas Critique and Foundation of Rational Expectations (MP)
Monetarism, Rational Expectations and Theories of Business Cycles (JB)
The New-Keynesian Macroeconomics: The pre-2008 consensus. (JB)
After the Great Recession: Behavioral Economics and Changes in Macro (MP and JB)
Why Do Economists Not Reject Models That Have Failed? The Philosophy of Science Perspective (MP and JB)
Economics and Philosophy: Guest Lecture (TS)
Last update: PhDr. Jaromír Baxa, Ph.D. (27.09.2023)
Economics and Moral Philosophy: The way to Adam Smith (JB)
Marx and his Influence. Struggle of Socialists with Austrian School, the Economic Calculation Debate. (MP)
Marginal Revolution and the Rise of Mathematics (Foundation of Neoclassical Orthodoxy): Jevons, Walras, Menger, Marshall and Methodenstreit. (MP)
Keynesian Revolution and Followers of Keynes (JB)
Austrian School and Ordoliberalism – Intellectual Roots of Neoliberalism (JB)
Positive Economics and Influence of Popper (MP)
Modern Mathematical Economics, Lucas Critique and Foundation of Rational Expectations (MP)
Monetarism, Rational Expectations and Theories of Business Cycles (JB)
The New-Keynesian Macroeconomics: The pre-2008 consensus. (JB)
After the Great Recession: Behavioral Economics and Changes in Macro (MP and JB)
Why Do Economists Not Reject Models That Have Failed? The Philosophy of Science Perspective (MP and JB)
