ECTS : 6
Description du contenu de l'enseignement :
Overview
Following an introductory class on the methodology of economics and the conditions under which it might be considered a scientific endeavour akin to the natural sciences rather than a descriptive and hermeneutic endeavour akin to history or political science, the basic structure of the course is chronological (see plan below). Different theoretical approaches are presented in the context of their times and illustrated with simple numerical examples or diagrams that could also figure in introductory textbooks of micro- and macroeconomics. Wherever possible and pertinent, historical questions are linked to contemporary economic questions, e.g., Aristotle’s chrematistics and what constitutes a “good life”, Mandeville and the question of ethics in economics, mercantilism and modern trade disputes, the physiocrats and the question of natural resources, Ricardo and modern sources of rent, Marxism and the theory of crises, Veblen and the conspicuous consumption of leisure in the time of Facebook. Adam Smith, as the proponent of decentralised auto-organisation, the marginalists and Keynes remain, of course, directly relevant to modern economic issues in an all-pervasive and very direct manner.
There are three further issues that might distinguish this class from other introductory classes to the history of economic thought. First, a particular emphasis is put on what we call the “economic subject”, i.e., the individual, entity, group or class, which defines the major economic issues and questions of the day and acts on them. In neoclassical economics, the economic subject is, of course, largely identical with the homo oeconomicus maximising individual utility. However, Aristotle, scholastic economic thought, mercantilism, the physiocrats, Marxism, institutionalism or even Keynes would have very different ideas about who constitutes the economic subject.
Second, two classes are dedicated to Adam Smith as the founder of economics as an autonomous discipline independent of the other social sciences and a potentially scientific endeavour of research. We thus give space to the development in the Theory of Moral Sentiments of the anthropological foundations of the Smithian economic man, whose implications are then explored both at the micro and the macro level in the Wealth of Nations. This allows, in particular, a better understanding of the underlying assumptions behind the working of the invisible hand.
Third, the class puts strong emphasis on the original writings (either in English or in English translation) of the key representatives of each current in the history of economic thought. While there are many competent historians of economic thought, nobody surpasses the writers who became “classics” in their ability to succinctly formulate ways forward out of the dilemmas posed by fundamental economic questions. Students will thus receive for each class by Email key chapters of the great economic texts as reading assignments. The decisive paragraphs will be read in class.
Course structure
Compétence à acquérir :
Objective
The class aims to familiarise students with the main currents in the history of economic thought embodied by their most important theorists from Aristotle to Keynes. Students having taken the class should retain, in particular, the key features of the main economic bodies of thought and their actual or potential relevance to major historical or current economic questions.
Learning Outcomes
Knowledge of the great currents in the history of economic thought and their principal representatives and major texts; at least cursory understanding of several basic building blocks of economic theory; some intuition for the assumptions and methodological choices that establish economics as an autonomous endeavour of research in the social sciences
Mode de contrôle des connaissances :
Assignments and grading
Final Exam (control of acquired notions, some multiple choice) 50 %
Written Assignment 50% (the assigned papers can be prepared individually or in groups of two or three; the list of possible topics is attached below). The grade for the paper includes class attendance. Except for students with special exemptions, more than two unmotivated absences can lead to deductions.
The numerical grade distribution will dictate the final grade. The passing grade for a course is 10/20.
Class participation: Active class participation – this is what makes classes lively and instructive. Come on time and prepared. Class participation is based on quality of comments, not quantity.
Exam policy: In the exam, students will not be allowed to bring any document (except if allowed by the lecturer). Unexcused absences from exams or failure to submit cases will result in zero grades in the calculation of numerical averages. Exams are collected at the end of examination periods.
Academic integrity
Be aware of the rules in Université Paris Dauphine about plagiarism and cheating during exams. All work turned in for this course must be your own work, or that of your own group. Working as part of a group implies that you are an active participant and fully contributed to the output produced by that group.
Bibliographie, lectures recommandées :
Bibliography