Course information

Mercantilism and its decline, The heyday of mercantilist theory: Thomas Mun, The reaction against mercantilism: Dudley North, William Petty, David Hume. The Physiocrats, Quesnay s Economic Table, The theoretical legacy of the Physiocrats. Adam Smith: The theory of value, The theory of distribution, The theory of capital and productive labor. David Ricardo: Theory of value, Land rent, Wages and profit. The disintegration of the classical school: Malthus, J.B. Say, The disputes surrounding the theory of value, Senior, Carey & Bastiat, Sismondi, The Utopian Socialists, John Stuart Mill. Karl Marx: Abstract labor and value, The theory of capital, Reproduction of the total system of production, Values and production prices. The neoclassical school: Marginal utility and equilibrium of supply and demand, The production function. The Neo-Ricardian school: Production systems and relative prices, Basic and non-basic commodities, The issue of ""negative prices."" Keynes: The ""General Theory"" and its era, effective demand and the multiplier, long-term expectations and marginal efficiency of capital.