This course introduces students to political economy and the history of economic thought. We will cover the core ideas in various schools of economic thought, positioning them in the historical and institutional context in which they were developed. In particular, we will cover some economic ideas from the ancient world and the middle ages; the enlightenment; the emergence of and main ideas in classical political economy (Adam Smith, David Ricardo, Thomas Malthus, and others); Marx, Mill, and Keynes; European versus American economic thought; the rise of mathematical economics; state-managed economies and socialism; Austrian economics; and the future of economics.

Students in this class will have an excellent understanding of the development of economic thought over time, and be able to contextualize their economics education in the historical development of what has been understood as “economics.”

Attendance is mandatory. One absence is permitted, further absences will result in the loss of 10 points, regardless of the reason for missing class.

The course is structured around lectures by the instructor, group discussion, in-class assignments, and videos.

Attendance on the first day of class is mandatory for participation in the class.

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Office hours by appointment only.

alyssa.schneebaum@wu.ac.at

4 ECTS

Students are required to have the “Penguin History of Economics” by Roger Backhouse. Other readings will be assigned throughout the semester.