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2021/2022 Year CEA & AAU Hybrid Prague

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Course Overview


ECO 105 Introduction to Economic Thought

ECO 105 Introduction to Economic Thought Course Overview


CEA Partner Institution: Anglo-American University
Location: Prague, Czech Republic
Primary Subject Area: Economics
Instruction in: English
Course Code: ECO 105
Course Details: Level 100
Recommended Semester Credits: 3
Contact Hours: 42


An introduction to the rich tapestry of economic thought. A survey of economic ideas over the centuries. In this course students will study many important ancient, medieval and modern ideas contained within the history of economic thought. Students will analyze selected key elements and beliefs contained in many economic concepts, theories and systems as well as learn some of the limits of each. This course surveys the main schools in the history of the development of economic thought, beginning with the Classical school and the works of Smith, Ricardo, J.S. Mill, Thornton, Say, and others. It then reviews challenges to the classical school by Marx, Marginalists, and subsequent key figures like Marshall, Walras and the Neoclassicalists. Economic thought associated with the early 20th century transitionalists are briefly addressed, including economists such as Wicksell, Schumpeter, Fisher, and others. Selective chapters and passages of Keynes' General Theory are covered, focusing in particular on Keynes in areas of investment, interest rate theory and money demand. Post-1945 revisions of Keynes and Neoclassical economics in the form of early and late IS/LM analysis are reviewed though without the mathematics or graphs, and its main challenges by Friedman (Monetarism), Lucas (Rational Expectations), Real Business Cycle theorists, and Post-Keynesian thought (UK and US). The course concludes with a consideration of efficient markets theory and the views of its critics such as Tobin, Hyman Minsky, Shiller, and others. Throughout the course, economic theories will be examined in light of the interrelationships between theory, policies and conditions including responses to the current financial and economic global crises since 2007.

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