2024/25 Undergraduate Module Catalogue

LUBS2042 The Evolution of Economic Ideas

10 Credits Class Size: 180

Module manager: Karsten Kohler
Email: k.kohler@leeds.ac.uk

Taught: Semester 1 (Sep to Jan) View Timetable

Year running 2024/25

Module replaces

LUBS2040 Theories of Growth, Value and Distribution

This module is not approved as a discovery module

Module summary

The module ‘Evolution of Economic Ideas' provides an introduction and overview of different approaches to theories in economics. It focuses on the different perspectives of Classical Political Economy, Neoclassical Economics, and Keynesian approaches, respectively. The module is concerned not only with theoretical and methodological differences between different thinkers and schools of thought, but also with their contemporary relevance for major socio-economic issues, e.g. economic inequality, population growth, climate change, and stagnation. While focusing on paradigmatic shifts in the history of economic thought, the module allows students to engage critically with dominant ideas in contemporary economics. It sheds light on both the conflictual nature of economic theory and its epistemological limitations. It unveils the relationship between economic ideas and vested interests belonging to social classes. In seminars, a debate format is used to encourage students to identify strengths and weaknesses of each school of thought.

Objectives

The aim of this module is to provide an introduction and overview of different theories in economics, how those ideas developed, and their contemporary relevance for major socio-economic issues.

Learning outcomes

Upon completion of this module students will be able to:
1. Assess major developments in the history of economic thought and the contributions of major thinkers
2. Explain differences in the major comparative approaches to the development of economic ideas.
3. Recognise the importance of competing perspectives and explain differences in theory and methodology and their relevance to past and present debates around issues of economic importance
4. Recognise analogies between the great classical economic problems and current socio-economic issues
5. Draw relevant inferences when considering modern policy debates

Skills outcomes

On completion of this module students will be able to:
Identify historical origins of key perspectives in contemporary economics and economic policy

Syllabus

The origins and history of the main schools of thought in economic analysis and their key thinkers.
The major themes developed in these different schools of thought.
The contemporary relevance of these themes.
Major thinkers may include:
- Adam Smith
- David Ricardo
- Thomas Malthus
- Karl Marx
- John Maynard Keynes
- and Joan Robinson.
Typical key themes include:
- the notion of value and its creation
- income distribution and inequality,
- social division of labour and reproductive work,
- growth and stagnation,
- environmental constraints and climate change,
- unemployment and economic crises

Teaching Methods

Private study

This could include a variety of activities, such as reading, watching videos, question practice and exam preparation.

Opportunities for Formative Feedback

Online discussion forums such as padlet will be used throughout the module, facilitating staff and peer feedback to students. During seminars and workshops, students will receive feedback on their engagement with the tasks and with the reading, where a student is expected to pick one reading per week. Weekly online quizzes will be made available on Minerva for you to test and consolidate your knowledge.

The resit for this module will be 100% by 48 hour online exam.

Reading List

The reading list is available from the Library website

Last updated: 10/23/2024

Errors, omissions, failed links etc should be notified to the Catalogue Team