History of Economic Thought

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

Course Objectives:

The objectives of this course are-

  1. To help the students to understand how the economic thought has evolved over time.
  2. To study the economic theories and ideas of great economic thinkers of the past like Adam Smith, Marshall and Keynes.
  3. To study the economic theories and ideas of some Indian economic thinkers like Kautilya, Naoroji and Gandhi.

 

Course Outcomes (COs):

Course

 Outcome (at course level)

Learning and teaching strategies

Assessment Strategies 

Paper Code

Paper Title

ECO 502(B)

History of Economic Thought

CO 38: Understand the theories of western economic thinkers namely Smith, Ricardo, Marx, Marshall and Keynes.

CO 39: Comprehend the economic ideas of Indian thinkers like Kautilya, Naoroji and Gandhi.

CO 40: Analyze the relevance of the ideas of different economic thinkers in the present scenario.

 

Approach in teaching: Interactive Lectures, Discussion,  Case studies.

 

Learning activities for the students:

Presentations, Assignments and Group discussions.

Class activity, Assignments and  Semester end examinations.

 

 

9.00
Unit I: 
  • 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
Unit II: 
  • 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
Unit III: 
  • 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
Unit IV: 
  • 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
Unit V: 
  • 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., New Delhi.

 

References: 
  1. Ganguli, B.N. (1977), Indian Economic Thought: A 19th Century Perspective, Tata Mc Graw Hill, New Delhi.
  2. Gide, C. and G. Rist (1956), A History of Economic Doctrines (2nd Edition), George Warrop and Co. London.
  3. Kautilya (1992), The Arthashastra, Edited, Rearranged, Translated and Introduced by L.N. Rangarajan, Penguin Books, New Delhi.
  4. Roll, E. (1973), A History of Economic Thought, Faber, London.
  5. Seshadri, G.B. (1997), Economic Doctrines, B.R. Publishing Corporation, Delhi.
  6. Blaug, M. (1997), Economic Theory in Retrospect: A History of Economic Thought from Adam Smith to J.M. Keynes, (5th Edition), Cambridge University Press, Cambridge.
  7. Gandhi, M.K. (1947), India of My Dreams, Navjivan Publishing House, Ahmedabad.
  8. Schumpeter, J.A. (1951), Ten Great Economists, Oxford University Press, New York.

 

Academic Session: 
2020-21
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