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The History of Economic Thought

(Dr George Bitsakakis, Department of Economics)


The purpose of this course is to provide a comprehensive picture of the various schools of economic analysis by climbing the tree of economic thought from its very root.  This tree started to grow out of the ground of philosophy almost 2,500 years ago in classical Greek Antiquity.  The last 500 years though economic theory and practice has received great attention becoming an independent field of inquiry initially as an Art and now as a Science distinct of its first broader domain of moral philosophy.  It has grown into such a mature entity with the utilization of the axiomatic method.  It has developed many independent branches today (such as Finance & Econometrics) so that grasping a global picture of this structure is an important, but perhaps daunting task for students of economics.  In this course we will learn how each major branch grew out of an old trunk, and we shall examine how the interaction of ideas within economics and between economics and other fields of science, helped to shape economic science.  Finally, we will see how, over the past two hundred years, the discipline of economics has changed our view of societal evolution given that society itself has been changing as a result of advances in science and technology.  After this course, one should have a grasp of various important currents of economic thought, their methodological stances and their leading contributors.

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