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Mar 29, 2024
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ECON 642 - History of Economic Ideas (3 units) The history of economic ideas and their power to change history, economic and political institutions; the impact on issues of the distribution of income, treatment based on gender, race, physical/mental differences; deregulation/liberalization.
Units of Lecture: 3 Offered: Every Fall Student Learning Outcomes: Upon completion of this course: 1. Students will demonstrate their knowledge of the power of economic ideas to influence economic structure, political institutions, public policy and history. 2. Students will demonstrate their knowledge of the “family tree” of “worldly philosophers” (Robert L. Heilbroner, The Worldly Philosophers: The Lives, Times, and Ideas of the Great Economic Thinkers, Touchstone, 1995) and the social, political and historical context of each member. 3. Students will demonstrate their ability to explain the benefits and costs of markets and the benefits and costs of the state efforts to mitigate the costs of markets. 4. Students will demonstrate their knowledge of how modern economics and public policy are defined by the economic and philosophical ideas of Keynes, Fredrick von Hayek and Milton Friedman. 5. Students will demonstrate their ability to differentiate between economics as a technical subject and the political economy of economic ideas; to understand the distinction between positive and normative analysis; and, to articulate the risks to society of the politicalization of social and physical science and how technology influences the application of economic ideas to society. 6. Students will demonstrate their ability to explain how economics came to be known as the “dismal science”, how classical economics and philosophy challenged the status quo regarding race and gender and how an error in historical interpretation can persist and continue to persist for over two centuries.
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