The course focuses on the evolution of economic science from the last quarter of the 19th century to the present day, examining the most significant theoretical thinkers and schools of economic thought. This course is a continuation of the course “The Evolution of Economic Thought.” Upon successful completion of the course, students are expected to:

1. Be familiar with the major contemporary schools of economic thought.
2. Understand the contribution of major schools of economic thought to the development of modern economic analysis and the formulation of economic policy.
3. Analyse, compare, and critically evaluate the arguments of each school of economic thought.
4. Understand the critique of heterodox approaches to mainstream economic analysis
5. Understand how prices are formed, the role of the market and the state, as well as the importance of economic justice and democracy.

Introduction to the Study of the History of Economic Thought · The Marginal Revolution and the precursors of neoclassical theory · The neoclassical school of economic thought and the role of Alfred Marshall · The Original Institutional School (T. Veblen, W. Mitchell, and J.R. Commons) · John Maynard Keynes and the General Theory of Employment, Interest, and Money · Joseph Schumpeter: Technology, Creative Destruction, and Economic Growth · Neoclassical Synthesis and the New Keynesian School · New Classical School · Post-Keynesian School of Economic Thought · New Institutional Economics · Behavioral Economics · Post-Capitalist and Critical Approaches

Lectures (3 hours/week)

The final grade for the course is based on performance on the final exam.

If the student has completed the optional assignment, the final grade is calculated as a combination of the final exam (70%) and the written assignment (30%), provided the written assignment was presented orally in class.

Use of ICTs in teaching and communication with the students (e-class)