Discussion 3/2/15 – The Neoclassical Revolution and History of Economic Thought

The UES Journal Club will host a session on the Neoclassical Revolution.

Date: Monday, March 2, 2015.

Location: Huntsman (JMHH) G50

Time: 7:00 PM

Topic: Economists today argue in the world of models, where rational individuals encounter each other on the marketplace and buy and sell commodities to each other. The goal of each individual is to maximize his/her utility. But where do the assumptions of these economists come from? In this session, we will discuss how modern economic thought came into being by discussing the origins and evolution of economic thought, beginning with Aristotle, Colbert, Quesnay, Smith, Malthus, Ricardo, Marx, and then exploring the ‘Methodenstreit’ (dispute of methods) between the German Historical School (Schmoller) and the neoclassical school (Jevons, Marshall, Walras, Menger). We will conclude by watching a video that will lay out the philosophical differences between Hayekian and Keynesian economic thought. There will be ample time for discussion during the presentation and at the end. See you there.

Suggested readings: Milonakis and Fine (2009), “From Political Economy to Economics”, a superb rendition of the history of economic thought. (Free download in https://is.vsfs.cz/el/6410/leto2013/BA_ETD/um/3968033/From_Political_Economy_to_Freakonomics.pdf)

The Wikipedia article on the history of economic thought, which is very brief and concise http://en.wikipedia.org/wiki/History_of_economic_thought

(Posted on behalf of Larry Liu)

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