316-311 Development of Classical and Neoclassical Economics

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Objectives:

On completion of this subject students should be able to:

• demonstrate a knowledge of the primary sources referred to in the subject;

• analyse contemporary economic theory in historical perspective;

• question the notion of linear progression in a social science such as economics;

• critically evaluate the ideas of the major classical and neoclassical economists.

Content:

The unifying themes of classical political economy; the surplus approach; the classical approach to value, distribution and growth, emphasising the work of Smith, Malthus, Ricardo and Marx. A consideration of the relevance of these ideas today. The development of neoclassical theory emphasising the work of Jevons, Walras, Wicksell, Marshall and Edgeworth. The course will be concerned with looking at modern economic theory from an historical perspective. Students will be expected to read original works as well as secondary literature.

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