James Cook University Subject Handbook - 2023

EC3004 - History of Economic Thought

Subject Description

This subject explores the history of economic thought to understand the evolution of the economics discipline over time, the key moments in which economic thought changed and the economists that initiated / shaped that change. The subjects starts with classical Greek philosophers discussing economic concepts even before the term 'economics' was coined and ends with contemporary neoliberalist views in economics. In between, the subject highlights the role of protagonists such as Adam Smith, Karl Marx, Alfred Marshall and John Maynard Keynes. Understanding the history of economic thought will help students better gauge the context of current economic thinking, and potential future directions of the discipline.

Learning Outcomes

• Compare and contrast differing views on economic thought throughout history
• Demonstrate how (extreme) economic conditions reshape economic thought
• Evaluate economic practices as a result of economic thought

Subject Assessment

• Written > Examination (centrally administered) - (50%) - Individual
• Oral > Presentation 1 - (20%) - Group
• Written > Essay (including multi-draft) 1 - (30%) - Individual

Note that minor variations might occur due to the continuous subject quality improvement process, and in case of minor variation(s) in assessment details, the Subject Outline represents the latest official information.

Availabilities