History of Economic Thought

Paper Code: 
ECO 502(B)
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

1. To understand the economic theories of classical thinkers like Adam Smith, David Ricardo and Thomas Robert Malthus.

2. To orient the students with the economic ideas of Marshall and Keynes.

3. To explain the economic ideas of Indian economic thinkers -Kautilya, Naoroji and Gandhi.

9.00
  • Adam Smith: Division of labour, theory of value, distribution, economic liberty, functions of state, public finance, international trade;
  • Thomas Robert Malthus: Theory of Population, Theory of over production.
9.00
  •  David Ricardo: Theory of value, theory of rent, ideas on economic development and international trade;
  • Karl Marx: Theory of Capitalist Exploitation, Labour Theory of Value, Theory of Surplus Value.
9.00

Marshall: Definition of Economics, Economic laws, Method of study, Role of time in price determination, Ideas on consumer’s surplus, representative firm, theory of distribution, elasticities, Prime & supplementary costs.

9.00

Keynesian Ideas: Psychological law of consumption, Marginal efficiency of capital, liquidity preference, role of fiscal policy, deficit financing, multiplier principle, theory of trade cycles.

9.00
  • Kautilya
  • Economic ideas of Naoroji; 
  • Gandhian ideas on village, khadi, trusteeship and decentralization;
Essential Readings: 

1. Shrivastava, S.K., History of Economic Thought, S. Chand and Company Ltd., 1994.

2. Bhatia, H.L., History of Economic Thought, Vikas Publishing House Pvt Ltd, 1986.

References: 

1. Hajela, T. N .,History of Economic Thought , AneBooksPvt. Ltd., 2009

2. Ganguli, B.N. Indian Economic Thought: A 19th Century Perspective, Tata McGraw Hill, 1977

3. Gide, C. and G. Rist, A History of Economic Doctrines (2nd Edition), George Warrop and Co, (2018 e Book), 1956.

4. Kautilya, The Arthashastra, Edited, Rearranged, Translated and Introduced by L.N. Rangarajan, Penguin Classics, 2000.

5. Roll, E., A History of Economic Thought, Faber, London. 1973.

6. Blaug, M., Economic Theory in Retrospect: A History of Economic Thought from Adam Smith to J.M. Keynes, Cambridge University Press, Cambridge, 5th Edition, 1977.

7. Gandhi, M.K., India of My Dreams, Navjivan Publishing House, 1947.

Academic Session: 
2022-23
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