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 on the first day of class is mandatory for participation in the class. One absence is permitted; further absences will result in the loss of points, regardless of the reason for missing class.

This "flipped classroom" course is designed to maximize student engagement through active discussion and critical thinking.

How it works: 

• students are expected to read the assigned materials in advance;
• in class, the instructor introduces and moderates the discussion;
• the discussions will take various forms, including individual and group student presentations. 

This is a courses with continuous assessment of student performance. There will be no final exam, but several intermediate evalutions. The final grade will be a weighted average of the following: 

• Participation (25% of the grade): active participation in class. 

• In-class quizzes (25% of the grade): some classes will start with a short multiple choice quizz. If the assigned readings have been completed, the quizz will be very easy. The aim of the quizz is to stress the importance of keeping up with the reading list. 

• Presentation I (25% of the grade)

• Presentation II (25% of the grade)

Ideally, one presentation should be individual, and one should be in groups. However, this might change depending on the class size. 

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federica.braccioli@wu.ac.at

4 ECTS