I. Introduction

History of Economic Thought

 

Semester: 1 Number of credits: 1

Advisor’s Name	Time and Place	Contact Information
Amanniyazova Bakhtygul Kurbanovna Senior Lecturer of Management Department of UIB	Lectures and office Hours: See timetable	Department of Management   e-mail: economics@uchi.kz

 

Pre-requisites: History of Kazakhstan, High Mathematics

Post- Requisites: Microeconomics, Macroeconomics, Marketing, Management, Finance, Banking and other economic disciplines

I. Introduction

History of Economic Thought plays considerable role in economists forming. It introduces the students with the whole process of historical and logical development of economic thought. Along with the economic theory it forms methodological basis for learning of special economic disciplines.

During the course the students:

- will observe the development of main schools of Economics and find out the origin of theoretical basis of market economy,

- will pay special attention to concrete problems of economic theories, their connection to economic policy and possible ways of its solution,

- will make acquaintance with famous economists, learning names of classics and modern ones.

This course will cover the evolution of economic theory from Mercantilism to New Classical Macroeconomics. There will be particular emphasis on the development of macroeconomic theory and policy. Was mercantilism really the dark age of economic theorising? Why did eighteenth century stock market bubbles arise? Why was there an emphasis on the role of laissez-faire in the eighteenth century? How did economic writers start to conceptualize the interrelationships between different flows of income, output and expenditure? How did the Tableau Economique show the potential for economic growth? Why, after Smith's Wealth of Nations, was economics caricatured as the dismal science? How was Marx able to capture the 'high ground' of class warfare by distinguishing between capitalists and workers? Who is the entrepreneur?

 

The lectures then proceed to examine the role of money in the macroeconomic model. Is it a veil or does it have a real role to play in influencing macroeconomic activity? Ultimately these type of questions raise the issue as to which school of macroeconomic theory one wants to follow. Should it be Keynesianism, post-Keynesianism, monetarism, new classical macroeconomics (mark 1 or mark 2 versions). The answers will then determine the framework in which to assess macroeconomic policy in the European Monetary Union and elsewhere.