Course: Development of Economic Thought (5210-511)

Persons:

• Prof. Dr. Harald Hagemann (verantwortlich)

Type of Course:

lecture

In-Class Hours Per Week:

2

Contents:

This course surveys the main schools in the history of macroeconomic thought. Its goal is to improve the understanding of modern theory by highlighting major controversies of the past, the resulting theory choices, and the comparative advantages and disadvantages of respective approaches. The lecture thus focuses on classical economists (Hume, Smith, Ricardo, Say, J.S. Mill) and highlights their influence on modern macroeconomics. With Marshall, Wicksell, Fisher, Schumpeter, Hayek and Keynes, the lecture also discusses the main protagonists of theoretical developments before World War II. The neoclassical synthesis (Hicks, Samuelson, Modigliani) as the main development after World War II will be in focus of attention afterwards. Finally, the implications of the monetarist counter-revolution and of the introduction of rational expectations into model-building will be discussed.

Location:

Hohenheim

Remarks:

Reading course to accompany the lecture is provided.

Module:

• 5210-510 Economic History & History of Economic Thought 2 (compulsory)