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Rockoff, H. History of Economic Thought
History of Economic Thought
Economics 327
Fall 1999
Economics 327
Fall 1999
Prof. Hugh Rockoff
NJ Hall 102 (basement)
Phone: 932-7857 (speak slowly and clearly).
E-mail: Rockoff@economics.rutgers.edu
Homepage: http://www.economics.rutgers.edu/home/rockoff
Office Hours: 2:00-4:00 Tuesday and Friday or by appointment.
Prerequisites: 220:102 and 103, or 200
Required Texts: Ekelund and Hebert, A History of Economic Theory and Method, Fourth Edition (EH); Heilbroner, The Worldly Philosphers (H).
Attendance. Attendance at the Lectures is at your discretion. But I do ask that that you be polite. Do not make a habit of coming late. When you miss a class you alone bear the cost. When you are late you impose a cost on the whole class. And if you do come, stay until the end. Getting up and leaving in the middle of a class is disruptive and insulting.
Exams, Papers, and Class Participation. There are two exams during the term each worth 100 points, and a final worth 200 points. Each exam will consist of multiple choice and short-answer questions. You are also required to write a short (8-page) paper, described more fully below. The paper is worth 100 points. You can earn up to 10 bonus points by participating in class discussions. Thus, it’s possible to earn 510 points (200 on the two hourlies, 200 on the final, 100 on the paper, and 10 bonus points). The final grades will be curved.
If You Miss an Exam. If you miss either of the in-term exams for any reason, the other will count 125 points and the final 275. If you miss both the in-term exams, you must make up the second exam. If you miss the final, you must make it up. The make-up exams, unlike the regularly scheduled exams, will consist of essay questions. The level of difficulty of the make-up exams is the same as for the regularly scheduled exams. The make-ups are essay exams simply because they are easier to write than multiple-choice exams. Only students who miss an exam for medical or other reasons approved by the Dean will be given full credit for their make-up. Students without a valid excuse will be subject to a 15 point penalty.
Good luck. You are about to study American economic history, the most interesting and exciting intellectual discipline in the entire university.
Class, Date, Topic, Chapters
[Below EH9:201-205 means Ekelund and Hebert, pages 201 through 205. You should skim the chapters in advance, to get a general idea of what the lecture will cover, and study them in depth, in conjunction with your notes, after class.]
1. Friday 9/3 Adam Smith (I) EH5, H3
2. Tuesday 9/7 Adam Smith (II) EH5, H3
3. Friday 9/10 Adam Smith (III) EH5, H3
4. Tuesday 9/14 Thomas Robert Malthus EH6, H4
5. Friday 9/17 rained out
6. Tuesday 9/21 David Ricardo -- Theory of Rent EH7(Especially 144-149), H4
7. Friday 9/24 Smith, Ricardo, Mill -- Classical Monetary and Fiscal Theory
(H5:126-135; EH8: 170-176, 182-85, 192-193)
8. Tuesday 9/28 Smith, Ricardo, Mill -- Free Trade
(EH8 178-182 {only for those who do well with graphs})
9. Friday 10/1 Karl Marx H6, EH10
10. Tuesday 10/5 FIRST EXAM (100 Points)
11. Friday 10/8 No Class
12. Tuesday 10/12 William Stanley Jevons EH13
13. Friday 10/15 Alfred Marshall H:205- 212; EH14
14. Tuesday 10/19 Leon Walras EH15
15. Friday 10/22 Thorstein Veblen H8, EH16
16. Tuesday 10/26 Edward Hastings Chamberlin and Joan Robinson EH17
17. Friday 10/29 Joseph Schumpeter H10, EH20(516-525)
18. Tuesday 11/2 John Maynard Keynes (I) H9, EH18
19. Friday 11/5 John Maynard Keynes (II) H9, EH18
20. Tuesday 11/9 John Maynard Keynes (III) H9, EH18
21. Friday 11/12 Henry Simons
22. Tuesday 11/16 SECOND EXAM (100 points)
23. Friday 11/19 Milton Friedman (I) EH19
24. Tuesday 11/23 No Class
25. Wednesday 11/24 (Friday classes) Milton Friedman (II) EH19
26. Tuesday 11/30 Milton Friedman (III) EH19
27. Friday 12/3 Origins of Econometrics
28. Tuesday 12/7 Modern Micro EH22
28. Friday 12/10 Modern Macro No Reading
29. Tuesday 12/21
FINAL EXAM: 12:00 noon - 3:00 P.M., Location to be Announced. (200 points; approximately 100 for review, and 100 for the material since the second exam)
Note: EH1(90-100) means Ekelund and Hebert chapter 1, pages 90-100. If there is nothing in parentheses, you are responsible for the whole chapter.
The paper will consist of an intellectual biography of a second-tier contributor to mainstream economics. Ideally, you will provide some basic biographical details, describe the author’s major works, and identify, discuss, and critically evaluate your subject’s most important contribution to Economics.
The paper will be worth 100 points. It is due on Monday December 13. Two points will be taken off for each day the paper is late. The suggested readings at the end of each chapter, obviously, are books and articles that I believe to be important and accessible to undergraduates. These reading lists are the best place to start looking for a subject for your paper. If you need help please come to office hours. When you have selected a topic, and found the books and articles you intend to read, please let me know. (Email is OK) I must approve your topic in advance.
The paper should be no more than 8 typewritten pages, not including footnotes, references, tables and graphs (if you decide to include them). Footnotes and references should approximate the style of the Journal of Economic History. You can leaf through a copy in the library to get an idea how it works. The grading of the paper is subjective, but will be based on (1) the choice of topics and readings, (2) the understanding of the significance of issues revealed in the paper, and (3) the logic and coherence of the arguments.
Frequently Asked Questions.
(1) Do the exams stress the book or the lectures?
The exams will stress the class lectures, although some material covered only in the text may be included on the exams as well.
(2) Do I have to know facts and dates?
The exams will stress major themes and economic analysis rather than isolated facts and dates. Generally speaking it is more important to fit particular developments into the era in which they occurred rather than to memorize particular dates.
(3) Do I have to know everything you say in class?
As I indicated above I try to stress important themes on the exams. However, the bottom line is this: everything discussed in class and everything covered in the assigned readings is fair game for the exams.
(4) How should I use the book?
It’s best to read or at least skim the chapter before the class lecture. A closer reading in conjunction with your notes should follow.
(5) What if I miss class?
If you miss class for any reason it is important to get the notes from another student, and to clarify any problems during office hours. I do not have any lecture notes that would substitute for class attendance.
(6) How should I study for the exams? Studying the old exams on my website is the best way of getting a sense of how I go from the lecture and text to specific questions, and to some extent what will appear on this semester's exams. Most students find it useful to study with a few friends. One student can read the exam question, and then if the reasoning is not obvious, you can talk over the question, and try to think of likely variations. But the course changes from semester to semester so you cannot rely totally on old exams. One reason the course changes is that economic history changes. Old questions, such as what caused the Great Depression or how important were the railroads to economic growth, are constantly being reanalyzed in the light of new evidence. I will try to warn you explicitly about this situation. But the bottom line is that its what we do this semester that counts, not something on an exam given one or two or ten years ago.
(7) Can we have class outside?
No
(8) What if it’s really nice outside?
No
The schedule and remarks about exams given above are tentative and subject to change on short notice. If you are absent from class you must check to see if things have changed.
I keep my office hours religiously, but I like to make an appointment if you want to see me at another time.