ECTS : 6
Volume horaire : 36
Description du contenu de l'enseignement :
What do philosophers and economists, from antiquity until today, say about value, inflation, trade and distribution ? What makes economics so special among the social sciences ? What are markets good at and what are their limits ? From Aristotle to Keynes, some of the most original and most committed thinkers including Aquinas, Mandeville, Smith, Ricardo, Marx, Jevons, Walras, Marshall, Veblen and Hayek had very strong, fruitful and, on occasion, wrong, ideas about these matters. Frequently working with carefully chosen passages of the original texts, this class provides an overview of the most important steps in the history of economic thought and includes, whenever useful, some building blocks of basic micro- and macroeconomics. 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. Different theoretical approaches are presented in the context of their times and illustrated with simple numerical examples or diagrams. 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 in history of economic thought. First, emphasis is put on what we call the "economic subject", i.e., the individual, entity, group or class, which defines the major economic issues of the day and acts on them. In neoclassical economics, the economic subject is largely identical with the homo oeconomicus maximising individual utility. However, Aristotle, scholastic economic thought, mercantilism, the physiocrats, Marx, American institutionalists or 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 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. 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
Compétence à acquérir :
Mode de contrôle des connaissances :
Final Exam (control of acquired notions, some multiple choice) 50 %. Small 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; students can propose additional topics for consideration). The grade for the paper includes class attendance. Except for students with special exemptions, more than two unmotivated absences can lead to deductions. Use of LLMs in written assignment: Given the ubiquitous availability of powerful tools to synthesis existing information, the grade for the short (5p.) written assignment will depend primarily on the purposeful use of original texts and citations, the coherence of argument and the clarity of the answer provided to chosen question (see below for list of question). The passing grade for the course is 10/20. Attendance Attendance is mandatory. Students are expected to attend all classes, arrive on time, and stay for the entire session. Repeated absences or lateness may affect the final grade. Class Participation Active participation is encouraged, as it contributes to making classes more engaging and instructive. Students are expected to come prepared and contribute thoughtfully to discussions. When participation is part of the course assessment, it is evaluated based on the quality of contributions rather than their quantity. Exam Policy Students are not allowed to bring any materials into exams, except those explicitly authorized by the instructor. Unexcused absences from exams or failure to submit assigned cases will result in a grade of zero when calculating final averages. All exams must be submitted at the end of the examination period. Communication and Grading All questions or concerns regarding grading or course policies must follow the official procedures. No direct negotiation with instructors about grades or assessments is permitted. 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 :
1 Object and method of economic science