01424 - History of Economic Thought,,,,,

Learning outcomes

This course is designed to introduce students to the main schools of economic thought and the intellectual context in which each school thrived.

At the end of the course students will be able to:

- understand the main schools of economic thought;

- grasp the main theoretical issues debated;

- connect economic theories, economic systems and economic policies.

Course contents

The history of economic thought is one of the intellectual histories that form part of the cultural heritage of the Western world. Histories have always been greater than those who wrote or narrated them, and greater than their protagonists. Likewise, the history of economic thought is not merely a history of economists or a history written by economists; at many points it intersects with the history of philosophy, scientific thought, art, and civilizations (L. Bruni, P. Santori, S. Zamagni).

 

Part I – The Emergence and Consolidation of a Discipline: From Scholasticism to Classical Political Economy

Methodological Issues. History of economic thought, economic history, and political economy. The relativist–mesological perspective.

Pre-Classical Economic Thought

• The concepts of just price, value, and the use of money in early Scholastic thought.
• Political economy and the formation of territorial states in the early modern period:
  • Bullionism;
  • Baconian mercantilism and advanced mercantilism.

The Origins of Italian Economic Thought

• The Lombard School.
• The Neapolitan School.

Cameralism Political Economy and Economic Reform

• François Quesnay, Anne Robert Jacques Turgot, and the Physiocratic School.

Classical Political Economy

• Adam Smith and the Scottish Enlightenment: from The Theory of Moral Sentiments to The Wealth of Nations.
• After Smith:
  • the “microeconomic” tradition: Jean-Baptiste Say and Jeremy Bentham;
  • the “Enlightenment” tradition: Thomas Robert Malthus, William Godwin, and Nicolas de Condorcet.
• David Ricardo:
  • from the theory of differential rent to the labour theory of value;
  • the distribution of wealth and the theory of comparative advantage.

Part II – The Development of Economic Thought from the Nineteenth to the Twentieth Century

Karl Marx. Historical materialism and the critique of political economy.

Precursors of Marginalism

• The precursors of marginalism and John Stuart Mill’s attempt at synthesis.

The Marginalist Revolution

• William Stanley Jevons.
• Carl Menger.
• Léon Walras and the Lausanne School.

Neoclassical Orthodoxy

• From Alfred Marshall to Arthur Cecil Pigou.

Neoclassical Business Cycle Theories

• Irving Fisher.
• Knut Wicksell.
• The Austrian School.

Between the Two World Wars

• From Joseph Schumpeter to the Keynesian Revolution.

Developments in Economic Thought after Keynes

• The Neoclassical Synthesis.
• Monetarism.
• Post-Keynesian Economics.

Readings/Bibliography

The study of the slides projected in lectures and downloadable from the Virtual site  is the starting point for a solid preparation

Recommended readings

A. Roncaglia, Breve storia del pensiero economico, Laterza, Bari-Roma, 2016

M. Fornasari, Puzzle. Una storia del delnaro, Giappichelli, Torino, 2024.

Further readings will be indicated, aimed at deepening particular aspects of the discipline to be drawn on for the eventual preparation of the final paper, for which the students of the course will have priority.

Teaching methods

Frontal lessons

Attendance at lectures is strongly recommended

Assessment methods

Written exam on platform EOL, on site

The exam consists of 36 questions (18 for Module I; 18 for Module II). The questions are a mix of quizzes (16 per module) and essays - "componimenti" - (2 per module). For each correct quiz 0,5 point is awarded; for each composition up to a maximum of 5 points. The questions of the I and II modules are evaluated separately: both modules must be sufficient. The final grade is the sum of the scores obtained in the I and II modules (max score 18 per module).

In case of insufficiency in one of the two modules the exam will result INSUFFICIENT and will have to be repeated.

Regarding the evaluation of the exam, the following correspondence between descriptors and marks in thirtieths is reported

- <18 insufficient
- 18-23 sufficient
- 24-27 good
- 28-30 excellent
- 30 e lode excellent

Regarding assessment, the use of AI is prohibited. Any use constitutes a violation of academic integrity.

Teaching tools

Pc; Beamer

Office hours

See the website of Massimo Fornasari