HONG KONG SHUE YAN UNIVERSITY

Department of Economics and Finance

BA (Hons) in Economics and Finance
Fall 2019-20

Course Code and Title : ECON 303 History of Economic Thought

Year of Study : 2, 3 or 4
Number of Credits : 3
Duration (Weeks) : 15
Contact Hours per Week : Lecture (2 hours)
Tutorial (1 hour)
Pre-requisite Course(s) : Econ 100 Introduction to Economics or
Econ 101-102 Principles of Economics or
Econ 103-4 Basic Microeconomics and Basic Macroeconomics or
by consent of the course instructor
Language of instruction : Lecture: English
Tutorial: English and Chinese
Medium of assessment: English
Prepared by : Name: Fu-Lai Tony Yu
Office: RHB432
Tel. No.: 28048525
Email: flyu@hksyu.edu

Course Aims
The course aims to offer an in-depth treatment of the evolution of economic thinking. The emphasis
is placed upon how the theory and methods of the past have influenced contemporary economics.
Discussions will chronicle the progress of economic ideas and philosophies from ancient to modern
times. The major tenets of various schools of western economic thought will be explored. Students
will be trained to evaluate the contributions of economic thinkers and apply the arguments from major
schools of thought to current economic issues.

Course Intended Learning Outcomes

Upon completion of this course, students should be able to:
CILO 1 present a time scale of economic ideas
CILO 2 describe the major tenets of each school of economic thought
CILO 3 compare and contrast the arguments of major figures in history of economics & evaluate
their contributions
CILO 4 achieve transferrable skills of communication, problem solving, self-management and able
to work with others.

Teaching and Learning Activities (TLAs)

TLA1 Lecture:
Lectures are designed to introduce the arguments of major figures in history of
economics & evaluate their contributions
TLA2 Tutorial exercises:
Tutorial exercises reinforce students’ knowledge learnt in classes and improve their
English writing skills.
TLA3 Small group discussion:
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 Through small group discussion, students can improve their communication skills
and mutually stimulate innovative ideas.
TLA4 Presentation of the progress report:
Students are required to present their progress reports in front of the class. Comments
and suggestions for improvement in both oral presentation as well as the content of
the paper will be given to students after the presentation.

Assessment Tasks (ATs)

Assessment Tasks (ATs) Group Individual

AT1 Participation in class discussion 5% 5%
Students are required to read all the assigned readings
before lectures so as to participate in the class discussion.
Online platforms, such as Moodle, will be used to ensure
participation from all students.
AT2 Oral presentation 15%
Students form a group of 2 or 3 members to give a class
presentation on a selected topic. The presentation file
(PPT) has to be sent to the instructor before the
presentation.
AT3 Quiz and tutorial exercise 15%
AT4 Term paper 25%
Students are required to write a critical analysis of a
selected topic illustrated with examples from the real
world.
AT5 Final written examination 35%
The examination will be an open-book one with essay-
type questions.
TOTAL 30% 70%

Alignment of Teaching and Learning Activities, Assessment Tasks and Types of Generic Skills
Outcomes Achieved

Course Intended Teaching and Learning Assessment Tasks

Learning Outcomes Activities
CILO1 TLA1-4 AT1-5
CILO2 TLA1-4 AT1-5
CILO3 TLA1-4 AT1-5
CILO4 TLA1-4 AT1-5

Course Content and Schedule

Week Lecture Topics
1 Introduction
a. Purposes of studying history of economic thought
b. Time scale of western economic ideas

Principal Reading:
Brue and Grant (2013), ch.1.

Note: Introduction to the course requirements

2
2-3 Foundations of Political Economy
a. Economic philosophies of Plato and Aristotle
b. St. Thomas Aquinas on just price
c. Mercantilism
d. Physiocrats: Francois Quesnay

Principal Reading:
Brue and Grant (2013), chs.1-3.
Ekelund and Robert (1997) chs.3-4
Supplementary Reading:
Hunt and Lautzenheiser (2011), chs.1-2.

4-5 Adam Smith: The Founder of the Classical School

a. Ethical foundation of the Smithian market system
b. Invisible hands and laissez faire
c. Theory of value
d. Division of labor and economic development

Principal Reading:
Hunt and Lautzenheiser (2011), ch.3.
Brue and Grant (2013), ch.5.

6 David Ricardo
a. (Labour) Theory of value
b. Theory of rent
c. Law of distribution

Principal Reading:
Hunt and Lautzenheiser (2011), ch.5
Supplementary Reading:
Brue and Grant (2012), ch.7.

7 Jeremy Bentham and J. S. Mill on utilitarianism and liberty

Principal Reading:
Hunt and Lautzenheiser (2011), chs.6 & 8.
Brue and Grant (2013), ch.8.

8 Reading week

9-10 T.R. Malthus and J.B. Say on Unemployment

a. Malthus’ under-consumption theory as a precursor of Keynes
b. Say’s Law of market

Principal Reading:
Brue and Grant (2013), chs.6 & 8;
Hunt and Lautzenheiser (2011), chs.4 & 6.

11-12 The Marginal Revolution and Subjective Theory of Value

a. Economic ideas of Williams Stanley Jevons
b. Leon Walras’ general equilibrium theory
c. Carl Menger and the Austrian School
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 Principal Reading:
Brue and Grant (2013), chs.13.
Hunt and Lautzenheiser (2011), ch.10
Supplementary Reading:
Ekelund and Robert (1997) chs.13-14.

13 The Neoclassical Synthesis

a. J.B. Clark
b. A. Marshall

Principal Reading:
Hunt and Lautzenheiser (2011), ch.11.
Brue and Grant (2013), chs.14-15.
Supplementary Reading:
Ekelund and Robert (1997) chs.3-4.

14 Monetary Economic Thought

a. Swedish monetary economics: Knut K. Wicksell on the cumulative process
b. Cambridge monetary thoughts: J.M. Keynes’ contributions

Principal Reading:
Hunt and Lautzenheiser (2011), ch.15
Brue and Grant (2013), ch.16, 21-22.

15 Reading week: Preparation of term paper and examination

Resources

Textbooks:
Brue, Stanley and Randy Grant 2013. Evolution of Economic Thought, 8th edition, South-Western,
Cengage Learning.

Hunt, E.K. and Mark Lautzenheiser 2011. History of Economic Thought: A Critical Perspective, M.E.
Sharpe, 3rd edition.

Supplementary Reading:
Blaug, Mark 1997. Economic Theory in Retrospect, 5th ed., Cambridge: Cambridge University Press.

Bridel, Pascal 1987. Cambridge Monetary Thought: The Development of Saving-Investment Analysis
from Marshall to Keynes, London: Macmillan.

Dupont, Brandon 2017. The History of Economic Ideas, London: Routledge.

Ekelund, Robert B. Jr. and Hebert, Robert F. 1997. A History of Economic Theory and Method, 4th
ed., McGraw Hill.

Landreth, Harry and Colander, David C. 1994. History of Economic Thought, 3rd ed., Houghton
Mufflin Company.

Pribram, Karl 1983. A History of Economic Reasoning, Baltimore: The Johns Hopkins University
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Press.

Schumpeter, Joseph A. 1954. History of economic analysis, Oxford: Oxford University Press.

Spiegel, Henry William 1991. The Growth of Economic Thought, 3rd ed., Duke University Press.

Useful web sources:

• McMaster University Archive for the History of Economic Thought:
http://historyofeconomicthought.mcmaster.ca/

• The History of Economic Thought website: http://www.hetwebsite.net/het/

Rubrics for Assessment Tasks:

AT1: Attendance and Participation

Descriptors
Grade
Actual attendance Punctuality Participation in class
Excellent Attends all classes. Always punctual for Participates actively in classes.
A, A- classes.
Good Attends all classes. Late to class 2 to 3 times. Participates noticeably in classes.
B+, B, B-
Satisfactory Absent from class once Late to class 4 to 5 times. Participation is sporadic & passive.
C+, C, C- without any acceptable reason.
Marginal Absent from class once Late to class 6 to 7 times. Participation in classes is rare.
D+, D without any acceptable reason.
Fail Absent from class more than Late to class more than 7 No participation in classes.
E, F once without any reason. times.

AT2: Quiz
The quiz will be conducted in week 8 in the form of short essay questions. The quiz will cover the course
content from week 1 to week 8.

Grade Descriptors
Excellent Evidence of substantial understanding of the concepts covered in the course.
A, A-
Good Fairly good understanding of the concepts covered in the course.
B+, B, B-
Satisfactory Fair understanding of the concepts covered in the course.
C+, C, C-
Marginal Weak understanding of the concepts covered in the course.
D+, D
Fail Don’t understand the topics covered in the course at all.
E, F

AT3: Term Paper

Grade Descriptors
Excellent Highly innovative in ideas; well written and presentation of materials; well-referenced and
A, A- demonstrates the use of a wide variety of sources; excellent understanding of subject area; good
content and analytical input.
Good Able to write a comprehensive paper; logical presentation of materials; evidence of relevant
B+, B, B- reading; good understanding of subject area; evidence of analytical skills; materials organized
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 but links can be improved.
Satisfactory Some problems in analysis and presentation of materials; some evidence of reading and
C+, C, C- understanding of the subject.
Marginal Organization of materials and arguments are not satisfactory; weak understanding of key
D+, D concepts and issues; little analytical input.
Fail The paper is not written in a clear and logical way; it does not use literature to support the body
E, F of the text, and literature has not been correctly referenced; no analytical input, this is merely a
general description of other people’s research findings; poor organization; the paper is largely
incomplete; most of the materials is plagiarized.

AT4: Term Paper Presentation

Grade Descriptors
Excellent Present confidently and convincingly; excellent verbal and visual presentation skills;
A, A- excellent coverage of materials and contents; good time management in presentation.
Good Good verbal and visual presentation skills; good coverage of materials and contents; good
B+, B, B- organization and time management of the presentation.
Satisfactory Acceptable verbal and visual presentation skills; adequate coverage of materials and
C+, C, C- contents; adequate organization and time management of the presentation.
Marginal Barely acceptable verbal and visual presentation skills; weak coverage of materials and
D+, D contents; poor organization and time management of the presentation.
Fail Not attempted; no preparation at all
E, F

AT5: Final Examination

Final examination will be conducted at the end of the semester. The format of the examination is two hours
long essay questions.

Grade Descriptors
Excellent Evidence of deep understanding of the issues covered in the entire course; excellent
A, A- capabilities in assessing the contributions of major economists in history; able to integrate
relevant concepts in answering the questions; extensive elaboration of ideas and justifying
opinions with ample evidences.
Good Good understanding of the issues covered in the entire course; evidence of good capacity for
B+, B, B- analysing the issues critically and answering the questions from multiple perspectives;
evidence of good capability to integrate relevant concepts in answering the questions;
sufficient elaboration of ideas and justifying opinions with abundant evidences.
Satisfactory Fair understanding of the issues covered in the entire course; some ability to apply concepts in
C+, C, C- answering the questions; reasonable elaboration of ideas and justifying opinions with
examples.
Marginal Weak understanding of the issues covered in the entire course; weak capacity for analysing the
D+, D issues critically and answering the questions from multiple perspectives; marginal capability
to integrate relevant concepts in answering the questions; fair elaboration of ideas and
justifying opinions with few real-life examples.
Fail Poor understanding of the contents covered in the course; presentation of irrelevant materials;
E, F answers are unstructured; clear evidences of underachieved.