Evolution of Economic Ideas

Catalog description

How prices are determined, by intrinsic value of a good or by subjective utility? Why we trade and need money? What is capital and can capitalism survive? Is socialism inevitable? Why some economies prosper and others not? This course will study and discuss these and other fundamental micro and macroeconomic questions such as entrepreneurship, creative destruction, firms vs. state, etc. following great economic minds of the past. The aim of the course is to broaden the students’ understanding of economic issues and develop their critical thinking. Prerequisite: C or better in ECON 160 and ECON 162; or consent of the instructor. Offered each fall.