EC146: History of Economic Thought

Module code: EC146

Module provider: Economics; School of Philosophy, Politics and Economics

Credits: 20

Level: 4

When you’ll be taught: Semester 2

Module convenor: Dr Steven Bosworth , email: s.j.bosworth@reading.ac.uk

Pre-requisite module(s):

Co-requisite module(s):

Pre-requisite or Co-requisite module(s):

Module(s) excluded:

Placement information: NA

Academic year: 2025/6

Available to visiting students: Yes

Talis reading list: Yes

Last updated: 3 April 2025

Overview

Module aims and purpose

The module aims to acquaint students with the main schools of thought in economics and provide students with an understanding of the origins of economic ideas. The module presents scholars and their ideas in historical perspective, and illustrates their relevance in the context of contemporary debates. The module will show students how the history of economic thought represents a helpful introduction to the discipline and fundamental tool to formulate economic ideas that can help to understand current issues.

Module learning outcomes

By the end of the module, it is expected that students will be able to:

1. Understand the origin of some fundamental ideas and theoretical concepts widely employed today
2. Understand how these ideas, concepts, theories and methods can be applied to explain current phenomena
3. Think critically and understand how these concepts and ideas relate to other disciplines  

Module content

The module will cover the following content: 

• Birth of Political Economy, mercantilism and forerunners of Classical Political Economy, theories of value
• Classical political economy, laissez-faire, Smithian economics, Ricardo and Mill, English monetary theories
• Socialist economic thought and Marx
• Utilitarianism and marginalist revolution
• Neoclassical orthodoxy; Marshall, American and Austrian Schools, Pareto and ordinalism
• Keynes and problems of economic dynamics
• General Equilibrium theory and Welfare Economics
• Contemporary macroeconomic theories, New Classical macro, post-Keynesian and new Keynesian macroeconomics
• Margins of Orthodoxy, games and evolution, contemporary institutionalism

Structure

Teaching and learning methods

Lectures will introduce the material which students will then read and expand upon.

Study hours

At least 20 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.