Posted: May 1st, 2022

EVOLUTION of ECONOMIC THOUGHT

EVOLUTION of ECONOMIC THOUGHT
Studying Necessities:
The bulk of our readings are on-line both on www.jstor.org or http://oll.libertyfund.org (please use the facsimile pdf)
Even when the texts are on-line, I might encourage the acquisition of the next from www.libertyfund.org:
SMITH, Adam. [1776] 1981. An Inquiry onto the Nature and Causes of the Wealth of Nations. Indianapolis: Liberty Fund.
SMITH, Adam. [1759] 1984. The Idea of Ethical Sentiments. Indianapolis: Liberty Fund. Different supplies can be found on the course website.
Course Goal: This course addresses very important micro- and macro-economic questions that concern us as we speak and examines how financial considering has developed over time to reply them. The course enhances the mechanical downside fixing abilities that college students have. It permits college students to develop a broader perspective based mostly on the wide-ranging background and views of the economists of previous ages. The course will profit college students who wish to have a greater understanding of fashionable economics and financial issues. Some of the questions we are going to have a look at are: How does an economist distinguish a person from a rat, on condition that they’re each maximizers? Are our preferences mounted or does alternate change our preferences? Below what situations is paper cash most popular to commodity cash? Below what situation is public debt the popular type of public financing? Why can we observe variations in wage charges? Why is economics dismal? The course is topical, not chronological.
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Grading:
The category goals at a dialogue. You’re anticipated to have finished the readings for that day and to contribute actively to the dialogue. Earlier than each class, you’re anticipated to jot down one or two pages along with your ideas on the fabric for that class. A analysis paper on a subject of your alternative is due on the finish of the semester.
Your complete grade will probably be based mostly on the next: Class participation 33%
1-2 web page paper 33%
Analysis paper 34%
I’ll use the usual grading scale (A>90%, B>80%, C>70% …) and I don’t intend to curve the grading.

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Tentative Schedule

What’s economics?
• Groenewegen, Peter. 2002. Eighteenth-Century Economics: Turgot, Beccaria and Smith and their Contemporaries. New York and London. Routledge. Handout.
INFLUENCE OF COMMERCE
• • Ensminger, Jean. 2004. “Market Integration and Equity: Proof from Ultimatum, Dictator, and Public Items Experiments in East Africa” in Basis of Human Sociality: Financial Experiments and Ethnographic Proof from Fifteen Small-Scale Societies. Eds. Henrich, Joseph, Robert Boyd, Samuel Bowels, Colin Camerer, Ernst Fehr, Herbert Gintis. On class website. Or at : http://www.folks.virginia.edu/~cah2k/bush.pdf
• • Henrich, Joseph, et al. 2010. “Markets, Faith, Group Dimension, and the Evolution of Equity and Punishment.” Science. Vol. 327, No. 5972 (Mar. 19, 2010), pp. 1480-1484
• • Hume, David. [1752] 1987. “Refinements of the Arts”. in Essays, Ethical, Political, and Literary. Ed. Eugene F. Miller. Indianapolis: Liberty Press. At: http://oll.libertyfund.org
• • Smith, Adam. (1762), “Lecture on the Affect of Commerce on Manners” in Lectures on Jurisprudence. Report dated 1766. 326-333. Pages 538-541.
• • Marx, Karl. “The Energy of Cash in Bourgeois Society” in Financial and Philosophic Manuscripts of1844. PP.59-62 (on class website)

• Aristotle. Politics. Ebook 1
At: http://oll.libertyfund.org
Urged readings:
• • Mandeville. [1732] 1988. The Fable of the Bees. Indianapolis: Liberty Fund. At http://oll.libertyfund.org/
• • Cowen, Tyler. 2000. What Worth Fame? Harvard College Press.
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• Thorstein Veblen. 1899. The Idea of the Leisure Class. Chap. Four “Conspicuous Consumption” At http://socserv2.socsci.mcmaster.ca/~econ/ugcm/3ll3/
HOW DOES COOPERATION MATTER?
• • Greif, Avner. 2006. “Historical past Classes: The Start of Impersonal Change: The Group Duty System and Neutral Justice” Journal of Financial Views. 20.2: 221-236.
• • Brosnan, S.F. and de Waal F.B.M., 2014, Evolution of responses to (un)equity. Science, 17 Oct 2014, 346: 6207, 314
o de Waal, F.B.M. and Berger, M. L. 2000, Fee for labour in Monkeys. Nature 404:563.
o Brosnan, S.F. and de Waal F.B.M. 2003, Monkeys reject unequal pay. Nature, 425, 297-299.
o Keith Jensen, et al. 2007. Chimpanzees Are Rational Maximizers in an Ultimatum Recreation, Science 318, 107
o Clutton-Brock, Tim. 2009. “Cooperation Between Non-Kin in Animal Societies”. Nature. 462. 51-57.
• • Smith, Adam. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Glasgow version. Liberty Fund. I.ii (p. 25-30)
• • Smith, Adam. [1759] 1984. The Idea of Ethical Sentiments. Indianapolis: Liberty Fund.I.i.1 and I.i.2 (p. 9-16)
• • Smith, Adam. [1759] 1984. The Idea of Ethical Sentiments. Indianapolis: Liberty Fund. II.ii.2-Three (p. 82-91)
• • Smith, Adam. [1759] 1984. The Idea of Ethical Sentiments. Indianapolis: Liberty Fund. III.1-2.Three (p. 109-114)
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• • Smith, Adam. [1759] 1984. The Idea of Ethical Sentiments. Indianapolis: Liberty Fund. III.Three.1-6 (p. 134-138)
• • Smith, Adam. [1759] 1984. The Idea of Ethical Sentiments. Indianapolis: Liberty Fund. III.Three.Four (p. 156-161)
• • Mauss, Marcel. The Present. [1950] 2002. New York: Routledge. PP. 10-59 (on class website)
• • Urged readings:
• • de Waal, F.B.M. 2003 On the Risk of Animal Empathy. In Emotions and Feelings: The Amsterdam Symposium, T. Manstead, N. Frijda & A Fisher (eds), pp. 279-299. Cambridge : Cambridge College Press.
• • Iacoboni, Marco. 2008. Mirroring Folks: the brand new science of how we join with others. New York: Farrar, Straus and Giroux.
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WHO IS THIS ADAM SMITH?
• • Montes, Leonidas. 2004. “Das Adam Smith Downside: its origins and the controversy” in Adam Smith in Context: a Essential Reassessment of some Central Elements of his Thought. Palgrave. On class website.
• • Coase, Ronald. 1976. “Adam Smith’s View of Man.” Journal of Legislation and Economics, Vol. 19, No. Three, pp. 529-546.
What can we do with Adam Smith as we speak?
• • Smith, Vernon. 1998. “The Two Faces of Adam Smith” Southern Financial Journal. Vol. 65. No. 1. pp. 1-19.
• • Ashraf, Nava, Colin F. Camerer and George Loewenstein. 2005. “Adam Smith Behavioral Economist” Journal of Financial Views, Vol. 19, No. , pp. 131– 145
• • Smith, Vernon. 2010. “What Would Adam Smith Suppose?” Journal of Financial Habits & Group, 73: 83-86.
• • Smith, Vernon. 2015. Adam Smith: Homo Socialis, sure; Social Preferences, No; Reciprocity Was to Be Defined. Journal of Financial Habits & Group, 2: 183-193.
Further studying:
• Bittermann, Henry J. 1940. “Adam Smith’s Empiricism and the Legislation of Nature.” The Journal of Political Financial system, Vol. 48, No. Four, pp. 487-520, and The Journal of Political Financial system, Vol. 48, 5, pp. 703-734.
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MONEY
• • Friedman, Milton. 1987. “Amount Idea of Cash” in The New Palgrave: a dictionary of economics, edited by John Eatwell, Murray Milgate, Peter Newman, New York : Stockton Press. (On class website).
• • Lucas, Robert. 1996. “Nobel Lecture: Financial Neutrality.” The Journal of Political Financial system, Vol. 104, No. Four, pp. 661-682.
• • Aristotle. Nicomachean Ethics. Ebook V. At http://oll.libertyfund.org
• • David Hume. [1752] 1987. “On Cash” AND “On the steadiness of commerce” in Essays, Ethical, Political, and Literary. Ed. Eugene F. Miller. Indianapolis: Liberty Press. At http://oll.libertyfund.org
• • Smith, Adam. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Glasgow version. Liberty Fund, WN. I.iv, I.v and II.ii 1-36 85-106 (to higher perceive this chapters I might encourage the studying of all WN II.ii and of WN II.i)
Urged readings:
• • Simmel, Georg. [1900] 1990. The Philosophy of Cash. London and New York: Routledge.
• • Galiani, Ferdinando. [1751] 1977. On Cash: a translation of Della moneta. Ann Arbor: Printed for Dept. of Economics of the College of Chicago.
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LABOR: human homogeneity and heterogeneity
• • Stigler, George J., and Gary S. Becker. 1977. “De Gustibus non est disputandum”. The American Financial Overview, Vol. 67, No. 2., pp. 76-90.
• • “LOGOS” in Henry George Liddell, Robert Scott, A Greek-English lexicon. At http://www.perseus.tufts.edu (go to Classics, then to secondary sources, or on to http://www.perseus.tufts.edu/cache/perscoll_Greco-Roman.html or http://www.perseus.tufts.edu/hopper/textual content?doc=Perseus:textual content:1999.04.0058 or http://www.perseus.tufts.edu/hopper/textual content?doc=Perseuspercent3Atextpercent3A1999.04.0057%Three Aentrypercent3Dlopercent2Fgos
or google it
and in Catholic Encyclopedia at http://www.newadvent.org/cathen/09328a.htm or google it
• • Smith Adam. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Glasgow version. Liberty Fund. WN. Ebook 1 chap. 1, 2, Three,
• • Smith, Adam. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Glasgow version. Liberty Fund. Ebook 1 chap. 10
• • Plato. The Republic. Particularly Ebook II §367-376d, Ebook V § 427d-434d, § 458-460. At http://oll.libertyfund.org/Home3/Writer.php?recordID=0204
• • Leonard, Thomas C. 2003. “Extra Merciful and Not Much less Efficient: Eugenics and American Economics within the Progressive Period” Historical past of Political Financial system 35(Four): 709-734. At http://www.princeton.edu/~tleonard/papers/Eugenics.pdf
• • “Dismal” on the OED. At http://dictionary.oed.com
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Carlyle, Thomas. 1849. “Occasional Discourse on the Negro Question Assignment” Fraser’s Journal http://merciless.org/econthought/texts/carlyle/negroquest.html
Or google it.
Mill, John Stuart Mill. 1850. “The Negro Question Assignment” Fraser’s Journal At http://merciless.org/econthought/texts/carlyle/negroquest.html
Or google it.
“Am I Not a Man and a Brother?” (image) http://www.pbs.org/wgbh/aia/part2/2h67.html http://www.picturehistory.com/discover/p/632/mcms.html http://www.yale.edu/glc/archive/928.htm
Further readings:
• • Carlyle, Thomas. 1851. “The Current Time” in The Latter-day Pamphlets At http://cepa.newschool.edu/het/
Or google it.
The flawed dismal story…
• • David Levy. 1991. “Some normative elements of the Mathusian Controversy” in The Financial Concepts of Strange Folks. Rutledge. On class website.
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PUBLIC CREDIT
• • Barro, Robert. 1974. “Are Authorities Bonds Web Wealth?” Journal of Political Financial system 82, 1095-1117.
• • Buchanan, James, 1976, “Barro on the Ricardian Equivalence Theorem” Journal of Political Financial system 84, 337-343.
• • David Ricardo. 1821. On the Rules of Political Financial system and Taxation. Chapter 29 http://www.econlib.org/library/Ricardo/ricP7.html#Ch.29
• • Hume, David. [1752] 1987. “Of Public Credit score” in Essays, Ethical, Political, and Literary. Ed. Eugene F. Miller. Indianapolis: Liberty Press. http://oll.libertyfund.org/
• • Smith, Adam. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Glasgow version. Liberty Fund. WN. V.iii
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GROWTH
• • Hansen G. and Prescott E., 2002. Malthus to Solow; The American Financial Overview, 92.Four: 1205-1217
o Solow, Robert. 1956. A Contribution to the Idea of Progress. The Quarterly Journal of Economics 70.1: 65-94
• • Smith, Adam. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Glasgow version. Liberty Fund. WN. III
TRADE/MERCANTILISM
• • Viner, Jacob. 1930. “English Theories of Overseas Commerce Earlier than Adam Smith” The Journal of Political Financial system. Vol. 38, No. Three, pp. 249-301.
• • Hume, David. [1752] 1987. “Of the steadiness of commerce” in Essays, Ethical, Political, and Literary. Ed. Eugene F. Miller. Indianapolis: Liberty Press. At http://oll.libertyfund.org
• • Bastiat, Frederic. [1845-1850] 1997. “Abundance and Shortage”, “The Steadiness of Commerce”, “Idea and Observe”, “Battle of rules” in Financial Sophisms. At http://oll.libertyfund.org
• • Smith, Adam. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Glasgow version. Liberty Fund. WN IV.i-ii.
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KNOWLEDGE and PERCEPTION
• • Kahneman, Daniel. 2003. Prize Lecture: Maps of Bounded Rationality. The American Financial Overview. Vol. 93, No. 5, pp. 1449-1475
• • F. A. Hayek. 1943. “The Details of the Social Sciences” Ethics. Vol. 54, No. 1, pp. 1-13
• • Smith, Adam. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations.
Glasgow version. Liberty Fund. Ebook 1 chap. 1, 2, Three, 10
• • Smith, Adam. [1759] 1984. The Idea of Ethical Sentiments. Indianapolis: Liberty Fund. I.1, III.Three-Four, and IV.1
• • Plato. The Republic. Ebook VI § 514a-521b At: http://oll.libertyfund.org Further readings:
• Rizzo, Mario and Gerald O’Driscoll. 1985. The economics of time and ignorance. Oxford, UK ; New York, NY, USA : B. Blackwell.
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APPLICATIONS
The lottery puzzle: Milton Friedman v. Adam Smith
• • Friedman, Milton, and L. J. Savage. 1948. “The Utility Assessment of Selections Involving Threat” in The Journal of Political Financial system, Vol. 56, No. Four, pp. 279-304.
• • Smith, Adam. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Glasgow version. Liberty Fund. WN. I.10.
• • + search Liberty Fund digital version for lottery.
The usury downside: Stiglitz and Wiess v. Adam Smith v. Jeremy Bentham
• • Stiglitz and Wiess. 1981. “Credit score Rationing in Markets with Imperfect Data” AER. vol. 71, no. Three. p. 393-410.
• • Smith, Adam. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Glasgow version. Liberty Fund. WN. II.Four
• • Bentham, Jeremy. “LETTER XIII. To Dr. Smith, on Tasks in Arts, &c.” in Defence of Usury.
• • Hollander, Samuel. 1999. “Jeremy Bentham and Adam Smith on the Usury Legal guidelines: a Smithian reply to Bentham and a brand new downside” in The European Journal of Historical past of Financial Thought. 6:Four 523-551. On class website.
Disperse information.
• • Hayek F.A. 1945. “The Use of Information in Society” The American Financial Overview. Vol. 35, No. Four, pp. 519-530
• • Boettke, Peter. 1998. “Financial Calculation: the Austrian contribution to political financial system” in Advances in Austrian Economics, Vol. 5, p. 131-158 On class website.
• Smith. Search Liberty Fund digital version for “invisible hand”
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ECONOMIC THOUGHT EVOLUTION
The bulk of our readings can be found on-line at both www.jstor.org or http://oll.libertyfund.org. (Use the facsimile pdf if potential)
Even when the texts can be found on-line, I like to recommend buying the next books from www.libertyfund.org:
[1776] SMITH, Adam. An Inquiry into the Nature and Causes of Nationwide Wealth, printed in 1981. Liberty Fund, Indianapolis.
[1759] SMITH, Adam The Idea of Ethical Sentiments, 1984. Liberty Fund, Indianapolis. Different assets could be discovered on the course web site.
Course Goal: This course addresses very important micro- and macro-economic questions that concern us as we speak and examines how financial considering has developed over time to reply them. The course enhances the mechanical downside fixing abilities that college students have. It permits college students to develop a broader perspective based mostly on

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