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Free University of Bozen-Bolzano

History of Economic Thought

Semester 1 · 27038 · Bachelor in Economics, Politics and Ethics · 6CP · EN


The course History of Economic Thought explores the evolution of economic ideas from antiquity to the present, examining key theorists such as Aristotle, Aquinas, Hobbes, Locke, Smith, Ricardo, Marx, and Keynes. It situates their contributions within broader philosophical, political, and social contexts, highlighting the connections and contrasts among different schools of thought. Students will develop the ability to relate historical economic theories to contemporary issues, fostering critical analysis and innovative approaches to modern economic challenges.

Lecturers: Sören Eberhard Schuster

Teaching Hours: 36
Lab Hours: -
Mandatory Attendance: Attendance suggested, but not mandatory

Course Topics
- The History of Economic Thought: Introduction & Methodology - Roots of Economic Thought: Aristotle and Ancient Greece - Scholastic Economic Thought: Thomas Aquinas - Beginning of Modern Economic Thought: Thomas Hobbes & John Locke - Mercantilist Economics 6. Adam Smith and the Wealth of Nations - Classical Economics: David Ricardo - Karl Marx and the Critique of Political Economy - Jevons, Menger, Walras: Marginal Revolution and Methodenstreit - Neoclassical Economics: Robbins & Marshall - Foundations of Modern Macro-economics: Keynes & Friedman -Tendencies in Modern Economic Thought

Propaedeutic courses
None

Teaching format
Front-of-class teaching

Educational objectives
ILO (Intended Learning Outcomes) ILO 1 Knowledge and understanding: ILO 1.1 ability to historically contextualise economic thinking and assess the role of technology and social change on the evolution of economic thinking; ILO 2 Applying knowledge and understanding: ILO 2.1 ability to interact fluently and spontaneously with native speakers on economic topics; ILO 3 Making judgements ILO 3.1 Acquisition of the ability to use judgement and methodological tools useful for the critical analysis of data, sources, assumptions and implications of scientific practice, the political, ethical and legal context within which economic phenomena are set and with which they interact ILO 4 Communication skills: ILO 4.1 Proficiency (oral and written) in Italian, German and English, including translation between these languages. Intercultural competence. Conceptual awareness, synthesis and written expression, in particular in the drafting of scientific or science-based documents ILO 5 Learning skills ILO 5.1 Promotion of critical thinking and analytical skills to focus on complex problems in their long-term dynamics and the variety of their implications, including ethical ones

Assessment
90-minute written exam (ILOs assessed: 1, 3, 4, 5).

Evaluation criteria
Students will be evaluated based on their ability to demonstrate understanding of key concepts, thinkers, and developments in the history of economic thought. The written exam will assess knowledge, clarity of argument, use of relevant examples, and the ability to critically engage with the material.

Required readings

Will be provided during the course and made available via Microsoft Teams.



Supplementary readings

Will be provided during the course and made available via Microsoft Teams.




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Sustainable Development Goals
This teaching activity contributes to the achievement of the following Sustainable Development Goals.

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