EVOLUTION of ECONOMIC THOUGHT
\nReading Requirements:
\nThe majority of our readings are online either on www.jstor.org or http:\/\/oll.libertyfund.org (please use the facsimile pdf)
\nEven if the texts are online, I would encourage the purchase of the following from www.libertyfund.org:
\nSMITH, Adam. [1776] 1981. An Inquiry onto the Nature and Causes of the Wealth of Nations. Indianapolis: Liberty Fund.
\nSMITH, Adam. [1759] 1984. The Theory of Moral Sentiments. Indianapolis: Liberty Fund. Other materials are available on the course site.
\nCourse Objective: This course addresses vital micro- and macro-economic questions that concern us today and examines how economic thinking has evolved over time to answer them. The course complements the mechanical problem solving skills that students have. It allows students to develop a broader perspective based on the wide-ranging background and views of the economists of past ages. The course will benefit students who want to have a better understanding of modern economics and economic problems. Some of the questions we will look at are: How does an economist distinguish a man from a rat, given that they are both maximizers? Are our preferences fixed or does exchange change our preferences? Under what conditions is paper money preferred to commodity money? Under what condition is public debt the preferred form of public financing? Why do we observe differences in wage rates? Why is economics dismal? The course is topic (sample nursing essay examples by the best nursing assignment writing service)al, not chronological.
\n1<\/p>\n
Grading:
\nThe class aims at a dialogue. You are expected to have done the readings for that day and to contribute actively to the discussion. Before every class, you are expected to write one or two pages with your thoughts on the material for that class. A research paper on a topic (sample nursing essay examples by the best nursing assignment writing service) of your choice is due at the end of the semester.
\nYour total grade will be based on the following: Class participation 33%
\n1-2 page paper 33%
\nResearch paper 34%
\nI will use the standard grading scale (A>90%, B>80%, C>70% …) and I do not intend to curve the grading.<\/p>\n
2
\nTentative Schedule<\/p>\n
What is economics?
\n\u2022 Groenewegen, Peter. 2002. Eighteenth-Century Economics: Turgot, Beccaria and Smith and their Contemporaries. New York and London. Routledge. Handout.
\nINFLUENCE OF COMMERCE
\n\u2022\t\u2022 Ensminger, Jean. 2004. \u201cMarket Integration and Fairness: Evidence from Ultimatum, Dictator, and Public Goods Experiments in East Africa\u201d in Foundation of Human Sociality: Economic Experiments and Ethnographic Evidence from Fifteen Small-Scale Societies. Eds. Henrich, Joseph, Robert Boyd, Samuel Bowels, Colin Camerer, Ernst Fehr, Herbert Gintis. On class site. Or at : http:\/\/www.people.virginia.edu\/~cah2k\/bush.pdf
\n\u2022\t\u2022 Henrich, Joseph, et al. 2010. \u201cMarkets, Religion, Community Size, and the Evolution of Fairness and Punishment.\u201d Science. Vol. 327, No. 5972 (Mar. 19, 2010), pp. 1480-1484
\n\u2022\t\u2022 Hume, David. [1752] 1987. \u201cRefinements of the Arts\u201d. in Essays, Moral, Political, and Literary. Ed. Eugene F. Miller. Indianapolis: Liberty Press. At: http:\/\/oll.libertyfund.org
\n\u2022\t\u2022 Smith, Adam. (1762), \u201cLecture on the Influence of Commerce on Manners\u201d in Lectures on Jurisprudence. Report dated 1766. 326-333. Pages 538-541.
\n\u2022\t\u2022 Marx, Karl. \u201cThe Power of Money in Bourgeois Society\u201d in Economic and Philosophic Manuscripts of1844. PP.59-62 (on class site)<\/p>\n
\u2022 Aristotle. Politics. Book 1
\nAt: http:\/\/oll.libertyfund.org
\nSuggested readings:
\n\u2022\t\u2022 Mandeville. [1732] 1988. The Fable of the Bees. Indianapolis: Liberty Fund. At http:\/\/oll.libertyfund.org\/
\n\u2022\t\u2022 Cowen, Tyler. 2000. What Price Fame? Harvard University Press.
\n3
\n\u2022 Thorstein Veblen. 1899. The Theory of the Leisure Class. Chap. 4 \u201cConspicuous Consumption\u201d At http:\/\/socserv2.socsci.mcmaster.ca\/~econ\/ugcm\/3ll3\/
\nHOW DOES COOPERATION MATTER?
\n\u2022\t\u2022 Greif, Avner. 2006. \u201cHistory Lessons: The Birth of Impersonal Exchange: The Community Responsibility System and Impartial Justice\u201d Journal of Economic Perspectives. 20.2: 221-236.
\n\u2022\t\u2022 Brosnan, S.F. and de Waal F.B.M., 2014, Evolution of responses to (un)fairness. Science, 17 Oct 2014, 346: 6207, 314
\no de Waal, F.B.M. and Berger, M. L. 2000, Payment for labour in Monkeys. Nature 404:563.
\no Brosnan, S.F. and de Waal F.B.M. 2003, Monkeys reject unequal pay. Nature, 425, 297-299.
\no Keith Jensen, et al. 2007. Chimpanzees Are Rational Maximizers in an Ultimatum Game, Science 318, 107
\no Clutton-Brock, Tim. 2009. \u201cCooperation Between Non-Kin in Animal Societies\u201d. Nature. 462. 51-57.
\n\u2022\t\u2022 Smith, Adam. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Glasgow edition. Liberty Fund. I.ii (p. 25-30)
\n\u2022\t\u2022 Smith, Adam. [1759] 1984. The Theory of Moral Sentiments. Indianapolis: Liberty Fund.I.i.1 and I.i.2 (p. 9-16)
\n\u2022\t\u2022 Smith, Adam. [1759] 1984. The Theory of Moral Sentiments. Indianapolis: Liberty Fund. II.ii.2-3 (p. 82-91)
\n\u2022\t\u2022 Smith, Adam. [1759] 1984. The Theory of Moral Sentiments. Indianapolis: Liberty Fund. III.1-2.3 (p. 109-114)
\n4
\n\u2022\t\u2022 Smith, Adam. [1759] 1984. The Theory of Moral Sentiments. Indianapolis: Liberty Fund. III.3.1-6 (p. 134-138)
\n\u2022\t\u2022 Smith, Adam. [1759] 1984. The Theory of Moral Sentiments. Indianapolis: Liberty Fund. III.3.4 (p. 156-161)
\n\u2022\t\u2022 Mauss, Marcel. The Gift. [1950] 2002. New York: Routledge. PP. 10-59 (on class site)
\n\u2022\t\u2022 Suggested readings:
\n\u2022\t\u2022 de Waal, F.B.M. 2003 On the Possibility of Animal Empathy. In Feelings and Emotions: The Amsterdam Symposium, T. Manstead, N. Frijda & A Fisher (eds), pp. 279-299. Cambridge : Cambridge University Press.
\n\u2022\t\u2022 Iacoboni, Marco. 2008. Mirroring People: the new science of how we connect with others. New York: Farrar, Straus and Giroux.
\n5
\nWHO IS THIS ADAM SMITH?
\n\u2022\t\u2022 Montes, Leonidas. 2004. \u201cDas Adam Smith Problem: its origins and the debate\u201d in Adam Smith in Context: a Critical Reassessment of some Central Components of his Thought. Palgrave. On class site.
\n\u2022\t\u2022 Coase, Ronald. 1976. \u201cAdam Smith’s View of Man.\u201d Journal of Law and Economics, Vol. 19, No. 3, pp. 529-546.
\nWhat do we do with Adam Smith today?
\n\u2022\t\u2022 Smith, Vernon. 1998. \u201cThe Two Faces of Adam Smith\u201d Southern Economic Journal. Vol. 65. No. 1. pp. 1-19.
\n\u2022\t\u2022 Ashraf, Nava, Colin F. Camerer and George Loewenstein. 2005. \u201cAdam Smith Behavioral Economist\u201d Journal of Economic Perspectives, Vol. 19, No. , pp. 131\u2013 145
\n\u2022\t\u2022 Smith, Vernon. 2010. \u201cWhat Would Adam Smith Think?\u201d Journal of Economic Behavior & Organization, 73: 83-86.
\n\u2022\t\u2022 Smith, Vernon. 2015. Adam Smith: Homo Socialis, yes; Social Preferences, No; Reciprocity Was to Be Explained. Journal of Economic Behavior & Organization, 2: 183-193.
\nAdditional reading:
\n\u2022 Bittermann, Henry J. 1940. \u201cAdam Smith’s Empiricism and the Law of Nature.\u201d The Journal of Political Economy, Vol. 48, No. 4, pp. 487-520, and The Journal of Political Economy, Vol. 48, 5, pp. 703-734.
\n6
\nMONEY
\n\u2022\t\u2022 Friedman, Milton. 1987. \u201cQuantity Theory of Money\u201d in The New Palgrave: a dictionary of economics, edited by John Eatwell, Murray Milgate, Peter Newman, New York : Stockton Press. (On class site).
\n\u2022\t\u2022 Lucas, Robert. 1996. \u201cNobel Lecture: Monetary Neutrality.\u201d The Journal of Political Economy, Vol. 104, No. 4, pp. 661-682.
\n\u2022\t\u2022 Aristotle. Nicomachean Ethics. Book V. At http:\/\/oll.libertyfund.org
\n\u2022\t\u2022 David Hume. [1752] 1987. \u201cOn Money\u201d AND \u201cOn the balance of trade\u201d in Essays, Moral, Political, and Literary. Ed. Eugene F. Miller. Indianapolis: Liberty Press. At http:\/\/oll.libertyfund.org
\n\u2022\t\u2022 Smith, Adam. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Glasgow edition. Liberty Fund, WN. I.iv, I.v and II.ii 1-36 85-106 (to better understand this chapters I would encourage the reading of all WN II.ii and of WN II.i)
\nSuggested readings:
\n\u2022\t\u2022 Simmel, Georg. [1900] 1990. The Philosophy of Money. London and New York: Routledge.
\n\u2022\t\u2022 Galiani, Ferdinando. [1751] 1977. On Money: a translation of Della moneta. Ann Arbor: Published for Dept. of Economics of the University of Chicago.
\n7
\nLABOR: human homogeneity and heterogeneity
\n\u2022\t\u2022 Stigler, George J., and Gary S. Becker. 1977. \u201cDe Gustibus non est disputandum\u201d. The American Economic Review, Vol. 67, No. 2., pp. 76-90.
\n\u2022\t\u2022 \u201cLOGOS\u201d in Henry George Liddell, Robert Scott, A Greek-English lexicon. At http:\/\/www.perseus.tufts.edu (go to Classics, then to secondary sources, or directly to http:\/\/www.perseus.tufts.edu\/cache\/perscoll_Greco-Roman.html or http:\/\/www.perseus.tufts.edu\/hopper\/text?doc=Perseus:text:1999.04.0058 or http:\/\/www.perseus.tufts.edu\/hopper\/text?doc=Perseus%3Atext%3A1999.04.0057%3 Aentry%3Dlo%2Fgos
\nor google it
\nand in Catholic Encyclopedia at http:\/\/www.newadvent.org\/cathen\/09328a.htm or google it
\n\u2022\t\u2022 Smith Adam. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Glasgow edition. Liberty Fund. WN. Book 1 chap. 1, 2, 3,
\n\u2022\t\u2022 Smith, Adam. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Glasgow edition. Liberty Fund. Book 1 chap. 10
\n\u2022\t\u2022 Plato. The Republic. Especially Book II \u00a7367-376d, Book V \u00a7 427d-434d, \u00a7 458-460. At http:\/\/oll.libertyfund.org\/Home3\/Author.php?recordID=0204
\n\u2022\t\u2022 Leonard, Thomas C. 2003. \u201cMore Merciful and Not Less Effective: Eugenics and American Economics in the Progressive Era\u201d History of Political Economy 35(4): 709-734. At http:\/\/www.princeton.edu\/~tleonard\/papers\/Eugenics.pdf
\n\u2022\t\u2022 \u201cDismal\u201d on the OED. At http:\/\/dictionary.oed.com
\n8
\n\u2022
\n\u2022
\n\u2022
\nCarlyle, Thomas. 1849. “Occasional Discourse on the Negro Question\u201d Fraser’s Magazine http:\/\/cruel.org\/econthought\/texts\/carlyle\/negroquest.html
\nOr google it.
\nMill, John Stuart Mill. 1850. “The Negro Question” Fraser’s Magazine At http:\/\/cruel.org\/econthought\/texts\/carlyle\/negroquest.html
\nOr google it.
\n\u201cAm I Not a Man and a Brother?\u201d (picture) http:\/\/www.pbs.org\/wgbh\/aia\/part2\/2h67.html http:\/\/www.picturehistory.com\/find\/p\/632\/mcms.html http:\/\/www.yale.edu\/glc\/archive\/928.htm
\nAdditional readings:
\n\u2022\t\u2022 Carlyle, Thomas. 1851. \u201cThe Present Time\u201d in The Latter-day Pamphlets At http:\/\/cepa.newschool.edu\/het\/
\nOr google it.
\nThe wrong dismal story…
\n\u2022\t\u2022 David Levy. 1991. \u201cSome normative aspects of the Mathusian Controversy\u201d in The Economic Ideas of Ordinary People. Rutledge. On class site.
\n9
\nPUBLIC CREDIT
\n\u2022\t\u2022 Barro, Robert. 1974. \u201cAre Government Bonds Net Wealth?\u201d Journal of Political Economy 82, 1095-1117.
\n\u2022\t\u2022 Buchanan, James, 1976, \u201cBarro on the Ricardian Equivalence Theorem\u201d Journal of Political Economy 84, 337-343.
\n\u2022\t\u2022 David Ricardo. 1821. On the Principles of Political Economy and Taxation. Chapter 29 http:\/\/www.econlib.org\/library\/Ricardo\/ricP7.html#Ch.29
\n\u2022\t\u2022 Hume, David. [1752] 1987. \u201cOf Public Credit\u201d in Essays, Moral, Political, and Literary. Ed. Eugene F. Miller. Indianapolis: Liberty Press. http:\/\/oll.libertyfund.org\/
\n\u2022\t\u2022 Smith, Adam. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Glasgow edition. Liberty Fund. WN. V.iii
\n10
\nGROWTH
\n\u2022\t\u2022 Hansen G. and Prescott E., 2002. Malthus to Solow; The American Economic Review, 92.4: 1205-1217
\no Solow, Robert. 1956. A Contribution to the Theory of Growth. The Quarterly Journal of Economics 70.1: 65-94
\n\u2022\t\u2022 Smith, Adam. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Glasgow edition. Liberty Fund. WN. III
\nTRADE\/MERCANTILISM
\n\u2022\t\u2022 Viner, Jacob. 1930. \u201cEnglish Theories of Foreign Trade Before Adam Smith\u201d The Journal of Political Economy. Vol. 38, No. 3, pp. 249-301.
\n\u2022\t\u2022 Hume, David. [1752] 1987. \u201cOf the balance of trade\u201d in Essays, Moral, Political, and Literary. Ed. Eugene F. Miller. Indianapolis: Liberty Press. At http:\/\/oll.libertyfund.org
\n\u2022\t\u2022 Bastiat, Frederic. [1845-1850] 1997. \u201cAbundance and Scarcity\u201d, \u201cThe Balance of Trade\u201d, \u201cTheory and Practice\u201d, \u201cConflict of principles\u201d in Economic Sophisms. At http:\/\/oll.libertyfund.org
\n\u2022\t\u2022 Smith, Adam. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Glasgow edition. Liberty Fund. WN IV.i-ii.
\n11
\nKNOWLEDGE and PERCEPTION
\n\u2022\t\u2022 Kahneman, Daniel. 2003. Prize Lecture: Maps of Bounded Rationality. The American Economic Review. Vol. 93, No. 5, pp. 1449-1475
\n\u2022\t\u2022 F. A. Hayek. 1943. \u201cThe Facts of the Social Sciences\u201d Ethics. Vol. 54, No. 1, pp. 1-13
\n\u2022\t\u2022 Smith, Adam. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations.
\nGlasgow edition. Liberty Fund. Book 1 chap. 1, 2, 3, 10
\n\u2022\t\u2022 Smith, Adam. [1759] 1984. The Theory of Moral Sentiments. Indianapolis: Liberty Fund. I.1, III.3-4, and IV.1
\n\u2022\t\u2022 Plato. The Republic. Book VI \u00a7 514a-521b At: http:\/\/oll.libertyfund.org Additional readings:
\n\u2022 Rizzo, Mario and Gerald O’Driscoll. 1985. The economics of time and ignorance. Oxford, UK ; New York, NY, USA : B. Blackwell.
\n12
\nAPPLICATIONS
\nThe lottery puzzle: Milton Friedman v. Adam Smith
\n\u2022\t\u2022 Friedman, Milton, and L. J. Savage. 1948. \u201cThe Utility Analysis of Choices Involving Risk\u201d in The Journal of Political Economy, Vol. 56, No. 4, pp. 279-304.
\n\u2022\t\u2022 Smith, Adam. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Glasgow edition. Liberty Fund. WN. I.10.
\n\u2022\t\u2022 + search Liberty Fund electronic edition for lottery.
\nThe usury problem: Stiglitz and Wiess v. Adam Smith v. Jeremy Bentham
\n\u2022\t\u2022 Stiglitz and Wiess. 1981. \u201cCredit Rationing in Markets with Imperfect Information\u201d AER. vol. 71, no. 3. p. 393-410.
\n\u2022\t\u2022 Smith, Adam. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Glasgow edition. Liberty Fund. WN. II.4
\n\u2022\t\u2022 Bentham, Jeremy. \u201cLETTER XIII. To Dr. Smith, on Projects in Arts, &c.\u201d in Defence of Usury.
\n\u2022\t\u2022 Hollander, Samuel. 1999. \u201cJeremy Bentham and Adam Smith on the Usury Laws: a Smithian reply to Bentham and a new problem\u201d in The European Journal of History of Economic Thought. 6:4 523-551. On class site.
\nDisperse knowledge.
\n\u2022\t\u2022 Hayek F.A. 1945. \u201cThe Use of Knowledge in Society\u201d The American Economic Review. Vol. 35, No. 4, pp. 519-530
\n\u2022\t\u2022 Boettke, Peter. 1998. \u201cEconomic Calculation: the Austrian contribution to political economy\u201d in Advances in Austrian Economics, Vol. 5, p. 131-158 On class site.
\n\u2022 Smith. Search Liberty Fund electronic edition for \u201cinvisible hand\u201d
\n13<\/p>\n
—–<\/p>\n
ECONOMIC THOUGHT EVOLUTION
\nThe majority of our readings are available online at either www.jstor.org or http:\/\/oll.libertyfund.org. (Use the facsimile pdf if possible)
\nEven if the texts are available online, I recommend purchasing the following books from www.libertyfund.org:
\n[1776] SMITH, Adam. An Inquiry into the Nature and Causes of National Wealth, published in 1981. Liberty Fund, Indianapolis.
\n[1759] SMITH, Adam The Theory of Moral Sentiments, 1984. Liberty Fund, Indianapolis. Other resources can be found on the course website.
\nCourse Objective: This course addresses vital micro- and macro-economic questions that concern us today and examines how economic thinking has evolved over time to answer them. The course complements the mechanical problem solving skills that students have. It allows students to develop a broader perspective based on<\/p>\n","protected":false},"excerpt":{"rendered":"
EVOLUTION of ECONOMIC THOUGHT Reading Requirements: The majority of our readings are online either on www.jstor.org or http:\/\/oll.libertyfund.org (please use the facsimile pdf) Even if\u2026<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9033,7586,1386,7589,9034,9031,7587,7588,7584,7585,9032],"tags":[8809,7838,8811,8808,8813,8807,8806,8814,8810,8812],"class_list":["post-107616","post","type-post","status-publish","format-standard","hentry","category-assignment-help-uae","category-best-dissertation-writing-service-in-australia","category-best-research-paper-writing-services-in-usa","category-capstone-project-writing-service","category-cheap-essay-writing-services-china","category-essay-writing-service-usa","category-legitimate-phd-dissertation-writing-services-usa","category-term-paper-writing-service","category-thesis-writing-service-in-canada","category-uae-best-dissertation-writing-help-service","category-write-my-essay-australia","tag-best-master-thesis-writing-service","tag-best-thesis-writing-services","tag-cheap-thesis-writing-services","tag-master-thesis-help","tag-master-thesis-writing-service","tag-thesis-help-online-free","tag-thesis-writing-help-online","tag-thesis-writing-services-cost","tag-thesis-writing-services-near-me","tag-thesis-writing-services-reviews"],"_links":{"self":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts\/107616","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/comments?post=107616"}],"version-history":[{"count":0,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts\/107616\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/media?parent=107616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/categories?post=107616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/tags?post=107616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}