History of Economic Theory

IIT Madras Course , Prof. Shivakumar

Lecture 1: Mod-01 Lec-02 The Process of Construction of Knowledge

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Lecture Details :

History of Economic Theory by Dr. Shivakumar, Department of Humanities and Social Sciences IIT Madras, For more details on NPTEL visit http://nptel.iitm.ac.in

Course Description :

The Socio-Economic Role of Scarcity and Uncertainty - The Process of Construction of Knowledge - The roles of Faith and Experience - From Orphism to the Milesians in ancient Greece - Pythagoras and Heraclitus - From Parmenides to the atomists - From the ancient Greece to the emergence of Feudalism - Feudalism and the growth of the Church - The age of Faith: Europe until the crusades - The beginnings of modernity - Scholasticism and St.Thomas - Transformation of Europe towards modernity - Birth of political economy: mercantilism

The debate over mercantilism: Hume and Cantillon - A postscript to mercantilism: Hume and James Stewart - Natural Order and the market: Quesney and Galiani - Smith: the Invisible Hand - Smith: Growth theory, long run equilibrium and Institutions - Ricardo-Malthus debate - Ricardian economics and more - Equilibrium of the market: from Say to Walras

More on Equilibrium: Cournot, Dupuit, Gossen, von Thunen - Socialists and Marx - The economics of Marx - Marx as an ideologue of revolution - Arrival of modern universals in Economics: Neo classical school - Economic Theory at the time arrival of Keynes - The centrality of the idea of efficiency in the study of market - Keynesian Revolution: Macroeconomics

Keynesian economics - Economics of Institutions - Transaction cost and Economic Anthropology approaches - Evolutionary Economics: the idea of change as evolution - From Schumpeter to neo Schumpetarian evolutionism - The social construction of knowledge: Case of Economics - The social construction of knowledge: Adaptation and Revolution

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