Professor Peter J. Boettke
M-W-F 10:30-11:20/Spring 2006
Robinson B222

The Development of Economic Thought *


[download syllabus pdf]

Required Books:
Mark Blaug, Economic Theory in Retrospect.
Robert Nelson, Economics as a Religion.

Recommended Books:
Alfred Marshall, Principles of Economics.
Ludwig von Mises, Socialism.
John Maynard Keynes, General Theory of Employment Interest and Money.
Joseph Schumpeter, Capitalism, Socialism and Democracy.
Milton Friedman, Capitalism and Freedom.


Students enrolled in Econ 821 are required to read all the original works along with Blaug and Nelson. Students enrolled in Econ 481 are required to pick one of the five original works and write a review essay.

Students are expected to attend all lectures and participate. Graduate student grades will be determined on the basis of participation in class, final exam and term paper. Undergraduate student grades will be determined on the basis of participation in class, mid-term, final exam, and book review essay (6 to 8 double spaced typed pages).

1-23-06: Course Introduction


1-25/27-06: The Neoclassical Revolution


Blaug, chapter 8.



2-1/3-06: The Marshallian System


Blaug, chapter 9.


Marshall, Principles of Economics.


2-6/8/10-06: The Marshallian System (continued)


Blaug, chapter 10 and chapter 15.


2-13/15/17-06: The Challenge of Socialism


Blaug, chapter 7.


Mises, Socialism.


2-20/22/24-06: The Economic Critique of Socialism


Blaug, chapter 11, 12, 13.


2-27/3-1/3-06: The Great Depression and the Keynesian Answer


Blaug, chapter 15.


Keynes, General Theory.


3-6/8/10-06: The Keynesian System


Blaug, chapter 16.


3-20/22/24-06: The End of Laissez Faire


Nelson, chapter 1, 2, 3, 4.


3-27/29/31-06: Can Capitalism Survive?


Schumpeter, Capitalism, Socialism & Democracy.


4-5/7-06: The Return of Political Economy


Blaug, chapter 13, especially 570-594.


4-10/12/14-06: The Classical Counter-Revolution in Political Economy


Blaug, chapter 2.


4-17/19/21-06: Microeconomics and Public Policy


Nelson, chapters 5, 6, 7.


Friedman, Capitalism and Freedom.


4-24/26/28-06: After Communism


Nelson, chapters 8,9.


5-1/3/5-06: What Have We Learned Since 1900?


Nelson, chapters 10, 11.

* History of Economic Thought II (Econ 821)