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Professor Ravi BhandariFall 2019Department of EconomicsUC BerkeleyHistory of Economic Thought:Do we live in a Smithian, Marxian or Keynesian World?Wherever there is great [private] property, there is great inequality...for one very rich man, there must be at least five hundred poor. SmithI assume readers are willing to learn something new and therefore to think for themselves. MarxStudying the history of ideas is a necessary preliminary to the emancipation of the mind. KeynesTeachers or students who attempt to act upon the theory that the most recent treatise is all they need will soon discover that they are making things unnecessarily difficult for themselves. Unless that recent treatise itself presents a minimum of historical aspects, no amount of correctness, originality, rigor, or elegance will prevent a sense of lacking direction and meaning from spreading among the students…Joseph Schumpeter in History of Economic Analysis (1954)Trying to make ends meet, you are slave to the money then you die…Bittersweet SymphonyCourse OverviewCapitalism is in crisis everywhere. Even before the 2008 financial meltdown, however, the crisis of global capitalism had already surfaced in the public consciousness in various ways. This crisis is manifestly international in the (1) energy crisis, (2) food and agriculture crises, (3) climate change and ecological degradation, (4) increasing poverty and inequality, (5) the fall of democracy, (6) the militarization of the planet, (7) “corporatocracy” and financialization, (8) the avatar-like economics that continue to plunder the Third World’s natural resources, and most profound with far reaching implications, (9) the deepening divide between the First World & Third World that has led to the complete abandoning of development in the South. Do these phenomena have a common underlying economic structure or are they unrelated and happen by coincidence as mainstream textbook economics suggests? What do you think Smith, Marx, and Keynes would say? Who do you agree with? Why?The hope of an alternative world, perhaps, explains another improbable truth of our economically and ecologically catastrophic times – the revival in the interest of critical economics, and alternative models to (neo) classical economics. Three great intellectuals of the past who attempted a grand, unifying, and alternative theory of capitalism stand out ---Adam Smith, Karl Marx, and John-Maynard Keynes. Each represent a radically different theory about the “wealth of nations,” and each led to a school of thought that continues to dominate global economic debates today. We will study the origins of key economic ideas and gain an appreciation of the evolution of economics over the last two and one-half centuries and the forces shaping that evolution (see Appendix 1 for a chronology of historical eras).As the course proceeds, each student should think about which of these three economic theories is most plausible and enlightening to our understanding of the economy and society culminating in a final term paper. Acquiring a historical sense of economics will help you see and intellectually defend the kind of economist you are (at least for this course). Key Learning OutcomesExplore and analyze the historical and theoretical foundations of economic theory and social science.Understand the relevance of the key ideas to modern economic theory and issues.Gain a new appreciation and respect for intellectual differences within the field.Readings in Classical Political EconomyBut obviously this course cannot cover the whole of the history of economics - it is far too broad, diverse and rich a subject for that to be feasible. While a brief evolution of economic thought is traced from Cantillon and the Physiocrats (18th century) to modern neoclassical microeconomics and New Classical Macroeconomics--topics not covered include the significant contributions by David Ricardo, the marginalist revolution (Jevons, Walras, and Menger); Marshall and the Cambridge tradition; the post-Keynesian revolution and major trends in post-war economic thinking such as mainstream economics and the neoclassical synthesis, its major dissidents today springing from these three schools of thought, and recent advances in econometrics, monetarism, and international trade, finance and development. All three thinkers cross the boundaries of what is known as economics today, and were truly multidisciplinary despite their significant theoretical differences---all stem from 19th century classical political economy, which lives on today ironically as a sub-field of economics. Classical political economy has been, in fact, an intellectual tradition that has influenced all of the contemporary social sciences, and indeed some of the humanities, though it’s most direct modern descendant is the discipline of economics. Its common thread is a concern with the questions of growth and distribution: what explains changes in the amount of goods and services that a nation produces over time, and what explains the distribution of those goods and services to different people. As we will see, classical political economy brings to bear a much broader range of tools and intellectual resources than does contemporary neoclassical economics, despite its well-known strengths. All three of the people we will read were broadly educated, wrote with ease across disciplinary boundaries, and asked the big questions, they were the quintessential economist. It is no surprise that all three also have a tremendous amount to say about current and big events that current theory orthodoxy is entirely silent on, from the Asian Crash of 1997 to the Great Recession of 2008 to the deepening Global Depression. The original works or primary sources are essential reading. Many of the most important insights of past economists have been forgotten or poorly interpreted by their successors, while some of their greatest errors continue uncorrected. It gets worse. Most practicing economists learnt their economics like you have done, from (neoclassical) textbooks. These books would have, for example, told them that Keynes developed IS-LM analysis. In fact, Keynes did nothing of the sort: John Hicks developed IS-LM analysis in 1936, in a review of Keynes' General Theory. This wouldn't matter if IS-LM analysis accurately captured what Keynes was all about, but it does not. In fact, John Hicks himself realized this himself in 1980, and effectively repudiated IS-LM analysis. But many of textbooks continued to treat IS-LM as the essence of Keynes' theory, and practicing economists used this as the basis of their theoretical developments, thus building their new economic theories on unsound foundations. Clearly, economic theories are not conceived in a vacuum: they are a product of the time and place in which they were first developed, and there is as a result a lot of Philosophy, Sociology, and Politics, bound up in economic thought. From this perspective, there is good reason to study the evolution of economic thought over time. Textbooks tend to omit the social context in which economic theories are developed: for instance, "Keynesian" economics tends to be taught as a means to control the level of employment, when, in fact, it was developed in the middle of the greatest economic catastrophe ever to befall the Western world, the Great Depression; "Marxism" tends to be judged on the basis of the failures of the Soviet Union, when the chief architect of Marxism died 30 years before the Soviet Union came into existence and declared “I am not a Marxist.” Smith is bastardized in every textbook as the main intellectual foundation for supporting capitalist globalization today. Each is rolling over in their respective graves in more ways than imaginable. In addition, standard textbook-based economic courses in economics also tend to omit the often strong theoretical differences between different theories, instead implying that each later economist has built on and extended the work of his/her predecessors. Thus the "Non-Accelerating Inflation Rate of Unemployment" (NAIRU) is portrayed as an elaboration of Phillips's original work on the dynamics of unemployment in the 1950s. However, NAIRU and Phillips's original work represent quite different views of the economy: NAIRU argues that the rate of unemployment can't be influenced by economic policy, whereas Phillips developed the "Phillips curve" to support his modeling of the way in which government controls could stabilize an unstable economy. You will therefore get a better grasp of economics by studying the way in which these theories have developed over time and in conflict.For these reasons, you are far better off studying the history of economic thought explicitly, by doing a subject like ours. Here you will read not just what a textbook's interpretation of Keynes' work, but exactly what Keynes did say. Secondary sources are precisely that: secondary. Encouraged, but only as a strict complement to the required reading. Course PremiseSince this class emphasizes critical thinking and has a history of controversy unlike typical undergraduate courses in economics, it is incumbent upon the instructor to be as intellectually honest as possible. For example, it is commonly thought in economics today that the famous historical collapse of the “Communisms” of 1989 marks a great triumph of (neo) liberal capitalism. In this course, we are also open to seeing it as a definitive collapse of liberalism as the defining geo-culture. Liberalism essentially promised that gradual neo-liberal reform (based on free-market textbook economics) would ameliorate the inequalities of the world system and reduce the acute polarization rapidly taking place throughout the periphery, which now includes Central and Eastern Europe in addition to the former Soviet states. However, the race to the bottom has converted the vast majority of these countries downward rather than upward into liberal-democratic-capitalist success stories. The downfall of “Communisms,” in Eastern Europe along with the fall of national liberation movements in the Third World and loss of faith in the Keynesian model of demand management and social democracy in the Western world, were all simultaneous reflections of popular disillusionment in the validity and reality of the reformist programs each propagated in the name of “growth” and “development.” The illusion, that this was possible within the Washington Consensus framework, was a great stabilizing element in that it legitimated the states in the eyes of their populations and promised them heaven on earth in the foreseeable future. But the disillusionment that followed neoliberalism, especially after 2008, knocks the props from under popular legitimation of states and international institutions, and effectively undoes any reason why their populations should now tolerate an economic system which offers nothing for them. Still many in the economics profession today, ignoring the insights and contributions of these great thinkers of the past, argue that since the official collapse of Communism in 1989, the whole world is now capitalist, and 1989 simply marks the end of history as we know it. Capitalism is the final destination of human civilization. Not surprisingly, these are the same absolutist folks who think that the history of economic thought is not essential knowledge to become an economist, mainly because economic theory since Adam Smith has been nothing other than a steady march towards progress culminating in the neoclassical model of today and giving the neoliberalism of the past three decades its intellectual foundation. Instead, it is not a stretch by any means to suggest that all these three thinkers would see The Great Recession of 2008 as a final nail in the neoclassical (and neoliberal) coffin, albeit for different reasons. But all three would agree that the power and purpose of the market economy was to be harnessed for a greater social good, and not for the market’s sake itself. Today’s resurgence of Smithian, Marxian, and Keynesian economics, after five decades of near silence, could never be more relevant in understanding the current crisis in contemporary capitalism/colonialism and a way forward. REQUIRED TEXTS:Robert Heilbroner. Worldly Philosophers. 2012.Robert Heilbroner. Essential Adam Smith. 2011.Karl Marx. Kapital Volume I. 1868David Harvey. Reading Capital. 2010.John Maynard Keynes. General Theory. 1936.Requirements/GradingMidterm paper exam on Smith (20%). Final paper (50%) and final exam (20%). Topics will be passed out after the midterm. You are also required to conduct library research by ascertaining at least one academic research paper from a top journal in the field such as (1) History of Political Economy; or (2) The Journal of the History of Economic Thought. Others journals are welcome but require approval. Reading Journal including summary and critique of all readings (10%). Spot checks.Expectations of You and MeI see my primary responsibility to lead, guide, and motivate a group of committed and dedicated students in the learning process, and to determine the extent to which students have mastered the material covered in this course. I am committed to this task. By signing up for this course, I expect you to be an active learner and to fully participate by doing all the assigned reading, understanding the lecture material, and devoting the necessary time to stop, reflect on what you have learned, and think seriously about what ideas are and how we use them. If you use the time and space of this course to gain a deeper and better understanding of the strengths and weaknesses of current ideas, you will also have been successful in my eyes. Topics to choose from for your final paper will be given after the midterm. The objective of each paper is to fully integrate all the required reading and lecture producing a solid thesis statement while carefully citing passages from the primary sources in order to best support your thesis (see Appendix #2 & Appendix # 3 for helpful hints on writing in this course). Drafts and rewrites are not accepted, so put your best effort into focus at one time. This actually yields far better results. For your journal, when reading original text, always look for the writer's main point and try to get a feel for the approach taken by that author. Remember the author does not know what great and new theoretical development is just right around the corner! This does not require a study of every word. Pause and read in detail when you find some point that seems interesting, relevant, or looks like a good topic to elicit comments for your research paper, and for you to build on. Also, reading questions to guide, but not limited to, your journal entries will be posted on the course website. Suggested length per entry is 1-2 pages. Ideally, entries should incorporate and integrate all the readings.My office hours are informally on TuTh 6:30-7:30 at Yali’s and formally by appt. Please do not email me, ask your question in class so all can learn or stop by office hours for group discussion. That is why we have class---to ask questions and learn from others! Course Format/Online Supplements Depending on class size and how difficult you find the reading, (i.e. old Scottish English in Smith), we will allocate each Thursday class for active group discussion with your study groups serving as a supervised discussion section. If you all do the required reading, it proves to be very helpful, but if students do not, they can be less than productive. Class videos and guest lectures may also be added to the course, time permitting. Leading scholars today represent each of the three schools of thought such as Amartya Sen, David Harvey, Richard Wolff, Yanis Varafoukis, the late Samir Amin (a non-Eurocentric Marxism as compared to David Harvey and others that I will develop in lecture), James Galbraith, and James Crotty. Each provide a dizzying amount of knowledge on the topic and are easily accessible through you tube and their personal/academic websites. I have compiled a comprehensive list of internet resources for this course in Appendix #4. I will post lecture notes to the course website to accommodate those with disabilities along with a few selected required/recommended readings. Please note all lecture notes posted are preliminary drafts and not be quoted without permission. Since we technically stop with Keynes, lectures will often begin by taking the complete opposite approach and “apply” the field to a number of current hot topics today, and then trace their theoretical foundations, a sort of “revealed preferences” of ideas. Topics that may be discussed but not limited to are: the Venezuela crisis, negative interest rates, a critique of Thomas Piketty, the tragedy of the commons, the world’s looming sovereign debt crisis, large and unsustainable global macroeconomic imbalances in trade and finance, currency and trade wars, and the role of international finance capital, and the continuing role of primitive accumulation and imperialism. This way you are exposed to the true depth of the field from both its theory and applied side. Please reserve your big questions until after my presentation/ lecture to ensure we cover the key points. I will leave much time for group discussion in study groups and Q & A. Note: I do reserve the right to drop any student who is insufficiently engaged during the first three weeks of this course. This means no free riders or specifically: (1) attendance to class; (2) meeting with your study group on a regular basis; and (3) completing your journal entries on time.Course Calendar and Reading ScheduleAug 29Introductory Lecture Preface & Chapter 1 Worldly Philosophers (WP)Adam Smith: The Foundations of Capitalism Producing the Best Possible World Sept. 3,5 Heilbroner. Worldly Philosophers (WP) pps. 1-42Heilbroner. The Essential Adam Smith, (EAS) pps. 1-56Heilbroner. 1979. Modern Economics as a Chapter in the History of Economic Thought. History of Political Economy. Vol. 11 (2).Richard Kleer. 2000. The role of teleology in Adam Smith’s Wealth of Nations, History of Economics Review, Volume 31 (1), 14-29. Sept. 10 Theory of Moral Sentiments, in EAS, pps. 57-147 & Book III, Ch. 1 & 4 WON Sept. 17,19 WON, Book I, Ch. 1-6 Sept. 24WON, Book I, Ch. 7-9 Sept. 26WON, Book I, Ch. 10 (part 1), 11 (parts 1-2) Oct. 1WON, Book II, Ch. 1-5 Oct. 3WON, Book IV, Ch. 1-2, 7 (part 2) Oct. 8WON, Book V, Ch. 1 (parts 2-4) Oct. 10WON, Book V, Ch. 2 (parts 1-2) Oct. 15 Malthus & Ricardo in WP, Brad de Long on “Malthus & Gluts”Midterm Paper and/or In-class Exam (TBA)Karl Marx: A Challenge to the Classical Vision: Conflict, Instability and Exploitation Oct. 17Preface, Parts 1-2, WP, pps. 75-249 Oct. 22Kapital, Part 3, Ch. 7-9, 10 (sections 1-4) & Reading Capital (RC) Oct. 29Kapital, Part 4, Ch. 12-14, 15 (section 1) & RC Oct. 31 Kapital, Part 6, Ch. 19 & RC Nov. 5Kapital, Part 7, Ch. 23-24 (section 1), 25 (sections 1-4) & RC Nov. 7Kapital, Ch. 26, 32, 33 & RC, Relevant Section of Marshall and Walras in WP Nov. 12Secondary Readings Posted (see Course Website)Can Capitalism Be Saved? John-Maynard Keynes and The Synthesis Nov. 14 Introduction to the Keynesian Revolution, WP, pps. 249-327, Handout on Final Paper Nov. 19The General Theory, Chs. 1-3, 5 Nov. 21The General Theory, Chs. 11-13 Dec. 3The General Theory, Chs. 23-24 Dec. 6Ending the Crisis of Capitalism or Ending Capitalism? Dec.12Final Paper Due (during Reading/Review Week) Dec. 19Final exam @ 11:30-2:30pm (Possible Essay Questions to be Handed out on 12/12)Course Enrollment Questions: Policies: A Few Do’s & Don’tsDo form study groups between 3-5 students to meet weekly to better understand the readingDo behave in a way that is respectful and open to diverse points of view of not only me but your classmates as well. Do make time to enjoy this class and use this class to enhance your intellectual development that hopefully continues long after the class ends. Do allow yourself to think BIG, so you can see not only the trees, but the forest.Do ask your questions to your study group, the assistants, or at the end of class so others can share in the learning process. Please do not email me unless urgent.Do not record/quote me from any class/discussion in or out of class without my explicit consent. It is best to figure out what you think and defend it without name-dropping.Do not take anything personally. There is nothing personal in this class. Identity politics and the current cultural milieau of postmodernism and other neoliberal viruses have no role in this class. Be prepared to be “offended” which is part of the learning process and a consequence of critical thinking. Being truly open-minded is a key for success in this class. Do turn off all electronic devices and put them away so I can see you!Do not bring food, animals, laptops or yoga mats to class.Do not come to class if you are sick or feel the slightest bit sick. Special AccommodationsIf you require disability-related accommodations for exams or lecture, if you have emergency medical information that you wish to share, or if you need special arrangements in case the building must be evacuated, please email or speak with the TA. Do so by September 5 even if your DSP appointment is after September 5. At least 2 weeks before the exam, you must also obtain a Letter of Accommodation (LOA) from Disabled Students' Program (, 260 César Chávez Center) which they send electronically to us. DSP’s Proctoring Service requires notice of participants at least two weeks in advance of an exam. Request for exam accommodation must be received and acknowledged by Shu-Wei at least two weeks before an exam, which is DSP’s own internal deadline for scheduling the proctoring of exams. Accommodations are not offered retroactively.Appendix 1: Chronology of Key Historical Eras in Economic ThoughtMercantilist (1500 - 1750): Principal problem-- increase of resources available for military/financial mobilization by the nascent nation state and its ruling class. Policy levers -- bounties on exports and restrictions on imports that together lead to an overvalued exchange rate and a low commodity value of gold and silver within the territory. In economic activity the regulations were intended to promote a “favorable balance of trade” (the value of goods exported was to be greater than the value of the imports). These ideas and policies were called mercantilism in England, kameralism in Germany, and Colbertism in France. The Netherlands, Spain and Portugal were other nations that followed mercantilist policies. A nation is "wealthy" if it can quickly get it hands on enough precious metals to pay for an army mercial (1700 - 1850; Smith 1723-1790, Wealth of Nations, 1776): Principal problem -- maintaining and enhancing the prosperity of the bourgeoisie. Policy levers -- elimination of monopolies; perhaps a low price of grain (as in Ricardo's "Essay on Profits"). Concern with equilibrium level of prices; identification of equilibrium with nature. A nation is "wealthy" if its economy is growing, if the property of its bourgeoisie is secure, and if government policies that explicitly hinder enterprise or tax commerce to support an archaic military nobility are eliminated. Industrial (1850-1940; Marx 1818-1893, Capital Volume I, 1867): Principal problem-- harnessing invention and technological progress to increase production. Policy levers --antitrust policy to try to restrict the monopolies that come about because of the exploitation of economies-of-scale that arise under modern machine technologies. Concern with the regulation of "natural" monopoly; with the government's role in providing "infrastructure"; and with the taming of union and socialist movements. Fear that powerful industrialists -- John D. Rockefeller and Andrew Carnegie -- will push prices well above average costs using monopoly power. A nation is wealth if plutocrats' power is restricted and if government provides the transportation and public service infrastructure necessary for industrial cities. Keynesian (1930-1980; General Theory of Employment, Interest, and Money, 1936): Principal problem -- keeping inherent and dynamic fluctuations of investment generated by the business cycle from creating mass unemployment. Policy levers -- fiscal and monetary policies to maintain aggregate demand; some degree of investment planning; incomes policy to improve output-inflation tradeoff; "natural" rate of unemployment. A nation is "wealthy" if unemployment can be kept low enough so that it does not swing elections. Post-Industrial or Neoliberal or Neocolonial (1972-present): Principal problems -- inconsistency between an economic system that assumes price can and should equal marginal cost with the approaching dominance of knowledge and communication industries where marginal cost is effectively zero, and thus a great degree of exercise of monopoly power is omnipresent; upgrading educational level of labor force fast enough to stop massive deterioration in the distribution of income. Policy levers --active labor market policies; attempts to establish an appropriate regime of intellectual property rights; government support of education and research establishment. A nation is "wealthy" if its high-technology sectors are dynamic and growing and it can export itself out of any and all problems.Appendix 2:“The Novice” on How to Write: A key to becoming a successful writer in Economics 105Most of the novice’s difficulties start with the simple fact that the paper he writes on is mute. Because it never talks back to him, and because he’s concentrating so hard on generating ideas, he readily forgets -- unlike the veteran -- that another human being will eventually be trying to make sense of what he’s saying. The result? His natural tendency as a writer is to think primarily of himself -- hence to write primarily for himself. Here, in a nutshell, lies the ultimate reason for worst writing. He isn’t aware of his egocentrism, of course, but all the symptoms of his root problem are there: he thinks through an idea only until it is passably clear to him, since, for his purposes, it needn’t be any clearer; he dispenses with transitions because it’s enough that he knows how his ideas connect; he uses a private system -- or no system -- of punctuation; he doesn’t trouble to define his terms because he understands perfectly well what he means by them; he writes page after page without bothering to vary his sentence structure; he leaves off page numbers and footnotes; he paragraphs only when the mood strikes him; he ends abruptly when he decides he’s had enough; he neglects to proofread the final job because the writing is over… Given his total self-orientation, it’s no wonder that he fails repeatedly as a writer. Actually, he’s not writing at all; he’s merely communing privately with himself -- that is, he’s simply putting thoughts down on paper. I call this “unconscious writing.” The unconscious writer is like a person who turns his chair away from his listener, mumbles at length to the wall, and then heads for home without a backward glance. Basically, all it takes to begin moving from unconscious writing to genuine writing is a few moments’ reflection on what the writing/reading process ideally involves. Think about it. What it involves is one person earnestly attempting to communicate with another. Implicitly, then, it involves the reader as much as the writer, since the success of the communication depends solely on how the reader receives it. Also, since more than one person is involved, and since all of us have feelings, it has to be as subject to the basic rules of good manners as any other human relationship. The writer who is fully aware of these implications -- the conscious writer -- resembles a person who companionably faces her listener and tries her level best to communicate with him, even persuade and charm him in the process, and who eventually bids him the equivalent of a genuine farewell. The big breakthrough for the novice writer, then, will occur at the moment he begins to comprehend the social implications of what he’s doing. Far from writing in a vacuum, he is conversing, in a very real sense, with another human being, just as I am conversing right now with you, even though that person -- like you -- may be hours, or days, or even years away in time. This breakthrough parallels an infants’ dawning realization that a world exists beyond himself. Paul Burka, a national Magazine Award-winning journalist and executive editor of Texas Monthly, told one of my classes, “The hardest thing a writer has to do is curb his self-indulgence.” John R. Trimble. 2000. The Novice. Writing with Style: Conversations on the Art of Writing. 2nd ed. New York: Prentice Hall.Appendix 3: Important Notes on Writing Midterm/Final Essay for this Course On plagiarism: I am reasonable about this, as long as you are making a good effort at citing your sources, and a mere phrase here and there will not necessarily set off alarm bells.? Remember, you don't have to go overboard and cite the same source over and over within the same paragraph, as long as it is apparent that you are giving appropriate credit where credit is due.? But lifting somebody else’s work, stealing their words and work without proper attribution, is plagiarism.? Getting material off the internet, copying sentences out of a book without quotation marks, or even buying a paper from a "research service" is a bad idea, notwithstanding the fact that you are cheating yourself of your education plus I can tell! You are required to submit your paper on bcourses and have your paper checked by turnitin. On Format:I have few pet peeves you should know about. Some are careless errors, and some are issues of preference. Paragraphs need to hold together, not be too long or too short, and the first sentence should give the reader some clue of what the paragraph is about. Vary your sentences a little for more interesting reading. Your paper should not ramble, and should make logical sense. Learn to use colons and semicolons properly. For example, a semicolon separates two stand-alone sentences making a similar point.? In the U.S., commas and periods go within the ending quote mark (though not if there is a citation at the end of the sentence). Don't quote unless the quote is just too good to pass up; instead, learn to paraphrase. All sentences must have, at minimum, a subject and a verb.? I like papers that try to be objective, and I suggest you avoid being flip, funny or sarcastic. Don't over-use metaphors: be as specific as possible. You are not writing poetry. Boring and clear is better than evocative yet vague; and use the active voice and avoid the passive voice. "The dog bit the man" is better than "the man was bitten." People often use the passive voice to avoid saying who did something. If you find yourself doing that, go back and figure out who did what. This is a professional academic paper and should be treated as such.?The paper should be a maximum of 15 pages, not including the cover page and any references or tables.? It will be submitted to . This paper must be typewritten and double-spaced, with one-inch margins all around the text, and I prefer normal fonts of Times Roman 12. It is silly to play with the margins or the fonts just to make it fit the page target.Your paper should have a cover page that has your name, class, the date, the title, and a one-paragraph abstract that summarizes your paper.? You should have an introduction that begins on page 1, and a conclusion at the end.? Use section headings to clarify your paper's organization.? Put page numbers at the bottom, but do not number the cover page, abstract, or end notes if you use them.? Also, any figures or tables should each be put on their own separate, unnumbered page at the back of the paper, and they should be referred to in the text as Figure 1 or Table 4, for example. Citations and References: Though this is intended to be, at this point, a thought paper more than a research paper, you will still need to cite any and all sources you use in your paper, and list your references alphabetically after your conclusion.? Do not use footnotes for citations; use them instead to explain points in more detail if necessary (single-spaced). The required citation style for this course and economics in general is APA-Econ. When you cite your references, put the name(s), the year after a comma, and the page number(s) if appropriate after a colon, all in brackets (you may use parentheses instead, if you prefer).? For example, the seven references listed below would be cited in the text as [Olson, 2000]; [Cargill & Parker, forthcoming]; [Parker, 1995]; [Banks, Parker, & Wendel, 2001]; [Economist, 1997]; [World Bank, 1993]; and [IMF, 2001].? Don't forget to give page numbers for a quote or something from a book, e.g., [Olson, 2000: 68-69]. For sources with more than two authors, cite all authors the first time and then later use et al. (et alia, Latin for "and others"), though if there are more than three you can use et al. the first time.? For example, source (4) below would be cited as [Bhattacharyya, et al., 1994].? If you are citing two sources with the same author(s) and year, cite and reference them with the year plus a, b, c, ..., e.g., [Parker, 1995a] and [Parker, 1995b]. You should use full names for historical figures, but only last names for your research sources. A citation generally goes at the end of the sentence or phrase, before the ending punctuation, as in: Schumpeter emphasized the role of entrepreneurship in driving economic development [Gregory & Stuart, 1995: 66].If you quote and then cite, the end-quote marks go before the citation, which goes before the ending punctuation.? If you already mention the author in the text there is no need to repeat it again, as in: ?Hayek [1945] argued that prices served to convey information.If you are citing the source of a quote, and your citation is at the end of the sentence, then the ending quotation marks go before the citation, if in: "In fact, in any society with autocratic governments, an autocrat with the same incentives as a roving bandit is bound to appear sooner or later" [Olson, 2000: 27].?Though I would probably paraphrase this, or rephrase this as: Olson [2000: 27] argues that, "in any society with autocratic governments, an autocrat with the same incentives as a roving bandit is bound to appear sooner or later."All citations must be listed alphabetically?in a bibliographic section entitled “References.”? All sources in your references must be cited somewhere in the text. It is not necessary to cite the same source excessively, especially if it is clear that it is a continuation of the same argument.? Use endnotes to explain points in more detail if necessary, but not to cite sources, and include these in a section at the end entitled “Notes”.? I encourage you to cite relevant material from the assigned texts.?Finally, you should use quotes sparingly, instead paraphrasing where possible then citing the source of the idea.? Extended quotes should be single spaced and indented, without quote marks.References go on a separate page entitled "References," and you should list your sources alphabetically and unnumbered.? Here are seven sample references, for (1) a book, (2) an article in an edited book, (3) an article in a journal, (4) multiple authors, (5) a newspaper article where no author name is listed, (6) institutional author, and (7) an internet source where the print version is not available.? Books and journals are underlined (you may use italics instead of underlines if you wish), while articles are in quotes.?Olson, Mancur (2000), Power and Prosperity (New York, NY: Basic Books). Olson, Mancur (1997), "The New Institutional Economics: The collective choice approach to economic development," in Clague, Christopher (ed.), Institutions and Economic Development : Growth and Governance in Less-Developed and Post-Socialist Countries (Baltimore, MD:? Johns Hopkins Press). Hayek, Friedrich A. (1945), "The price system as a mechanism for using knowledge," American Economic Review 35(4): 519-30. Bhattacharyya, Arun, Elliott Parker, & Kambiz Raffiee (1994), "An examination of the effect of ownership on the relative efficiency of public and private water utilities," Land Economics 70(2): 197-209. Economist (1997), "Banking in emerging markets" (April 12): 34-37. World Bank (1993), The East Asian Miracle: Economic Growth and Public Policy (New York, NY: Oxford University Press). IMF (International Monetary Fund, 2018), International Capital Markets:?Developments, Prospects, and Key Policy Issues Lastly, a few terms to be careful of (common sources of vagueness in past papers).balance This is a metaphor implying a relation between two quantities. It has specific meanings in certain phrases: for example "the balance of trade" simply means exports minus imports. But be careful about using "balance" in a normative fashion (in other words as a good thing that we should try to achieve) without explaining what is supposed to balance what, and why. crisis A loaded, misused and over-used term. People usually use it to mean that something or someone is endangered, and some urgency is usually implied. If you use the word be clear what is in crisis, for whom, and why. the economy People produce, consume, exchange, lend, borrow, and so forth – all kinds of economic activity. We can designate the people of a region, nation, or world as a regional economy, national economy, or world economy. But we’re still talking about a lot of people doing a lot of different things. You have to be very careful about attributing behavior or properties to an "economy." “The economy improved,” for example, is almost meaningless. If you mean total output went up, say so. If you mean unemployment went down, say so. If you mean inflation fell, say so. fair, equitable, just These denote moral judgments. Different people will think different things are fair. So you need to be clear what concept of fairness or equity or justice is being used. flow, flowing, circulate, circulation, circulating If you use these terms be clear what is flowing or circulating. the market Markets are institutions that put buyers in touch with sellers. There may be markets in goods and services, and there may be markets in factors of production like land, labor, and capital. Financial assets may also be traded on markets. But “the market” in general has no clear meaning, and should not be used as a synonym for a national economy. If you are engaged in a theoretical discussion of different ways of allocating goods, as in markets versus central planning, it might be reasonable to talk about properties of “the market” in the abstract. money Money is a name given to certain kinds of assets. It's really a category of assets -- in most modern economies, financial assets that are the liabilities of the central bank or commercial deposit banks -- that can be used to perform certain functions, the most important being a means of payment. Money is not income. Money is not spending. Money is not wealth. If you mean income or spending or wealth, use those words. stable, sound, progressive, good, developed (as opposed to undeveloped or underdeveloped) All are vague terms that must normally be defined or specified further. Importantly, they reflect not semantic difference, but entirely different conceptual approaches relying on a different set of assumptions. Neoclassicals, for example, use undeveloped whereas critical development theory uses the term underdeveloped to signify that development is a process more than a set of techniques. What is endogenous to one school of thought is exogenous to another. value This word is used to denote certain kinds of moral/ethical judgments. It is also sometimes used to denote the ratios at which things trade or an intrinsic part of a radically different theory for Marx. Just try to be clear what it means when you use it. well-being, social welfare, social good When people recommend a course of policy they will often say it promotes social well-being. (Nobody ever says they want social ill fare or ill-being.) But there is no consensus whatever on what such well-being or welfare is. Be clear what your criteria are if you use these terms.Appendix 4: Internet ResourcesA variety of information pertaining to the history of economic thought (including full texts of many original sources) is now available via Internet. I have compiled a useful collection below. As mentioned, some of the main and leading intellectuals today who continue in the tradition of the history of economic thought representing Smith, Marx and Keynes are Amartya Sen, David Harvey, Richard Wolff, Yanis Varafoukis, the late Samir Amin and James Galbraith which you can surf to your heart’s delight and gain learn a great deal from. All have invaluable websites with excellent video lectures and analysis on relevant readings too. Biographical Information (and more)The History of Economic Thought (HET) Homepage includes a fairly extensive alphabetical index of more than 500 great economists (past and present). It presents photos/portraits, brief biographical sketches and many links to related topics. A summary of major schools of thought appears at the end of the list. Taylor’s Gallery of Economists (parallels Heilbroner’s Worldly Philosophers) (30) from Blaug’s Great Economists Before Keynes (1986) and Great Economists Since Keynes (1985) DeLong’s Adam Smith Page (UC Berkeley) DeLong’s Keynes Page (UC Berkeley) Portraits of Great Economists Samuels Collection of Economist Portraits TextsMcMaster University Archive for the History of Economic Thought (by Rod Hay) Roy’s Guide to On-Line Supplements in History of Economic Thought(Refers to Rod Hay’s and Michio Akama’s data bases) On-Line Books (8000+ Entries)(You may want to click on “subject” and go to Library of Congress classification “HB-HJ”. You can also search by author and/or title) and Engels, The Communist Manifesto’s Wealth of Nations (Searchable On-Line) of Bristol contains WON and other great classics in Word and HTML formats’s Theory of the Leisure Class Draper’s The Two Souls of Socialism provides a good brief history of socialism. Boland’s The Foundations of Economic Method (pdf) of Thought/MethodologyDead Economists Society (Classical Liberalism) British Economists (Essay by J. S. Nicholson) Economics (Classical economics and opposition) from the Victorian WebNote that the URL for the complete Victorian web site is: of Macroeconomic Thought (Student Economic Review, University of Dublin) of Value Theory (Student Economic Review, University of Dublin) on Neoclassicism (E. Roy Weintraub) on Keynes (Paul Krugman) Summary of History of Economic Thought (Roger McCain) An index of general themes in history of Political Economy (HOPE) Line of Western Philosophy for History and Philosophy of Science (Charles Ess, Drury College) Goffe’s Resources for Economists On the Internet is an exceptionally broad directory Scout Report for Business & Economics Links (Scott Simkins) Dismal Scientist (Economic Information) Library of Congress Experimental Search System to Cite Web and Internet Information A good one for simply auto-formatting bibliographies: When You Need a Break“Celebrity” Economics Majors ................
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