History of Economic Thought (ECON 400)

2023 Spring
Faculty of Arts and Social Sciences
Cavit Baran cavit.baran@sabanciuniv.edu,
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Formal lecture,Interactive lecture
Interactive,Communicative,Discussion based learning,Project based learning
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Introduction and early beginnings: ancient and medieval economic thought; mercantilism and the dawn of capitalism; the classical period, Adam Smith, David Ricardo; reactions and alternatives to classical theory, Karl Marx and scientific socialism; neo-classical school Keynesian and post-Keynesian theories; monetarist theories.


Refer to the course content.


  • By the end of this course, a student should be able to: (1) Describe the evolution of main stream economic analysis from the time of the ancient Greeks to the present day in the framework of European economic history. (2) Identify how the thought process of the great minds in economics provides valuable insights and lessons for today?s economists. (3) Identify how ideas are related to the times in which they emerge. What role does the environment play in development of economic theory. (4) Examine how knowledge grows, both in factual content and in the theories used to organise and understand the acts. (5) Describe large themes over a relatively long span of European history. (6) Deploy historical argument, based on professional standards of evidence use. Ability to judge between the views of different historians on the topic. (7) Analyze the present economic political issue which the EU is facing with the help of European economic history and European history of economic thought. (8) Develop independent study and group work skills. (9) Formulate and discuss core theoretical ideas and their application to various economic issues. (10) Comprehend issues relating to European integration


1. Understand the world, their country, their society, as well as themselves and have awareness of ethical problems, social rights, values and responsibility to the self and to others. 5

2. Understand different disciplines from natural and social sciences to mathematics and art, and develop interdisciplinary approaches in thinking and practice. 5

3. Think critically, follow innovations and developments in science and technology, demonstrate personal and organizational entrepreneurship and engage in life-long learning in various subjects; have the ability to continue to educate him/herself. 5

4. Communicate effectively in Turkish and English by oral, written, graphical and technological means. 4

5. Take individual and team responsibility, function effectively and respectively as an individual and a member or a leader of a team; and have the skills to work effectively in multi-disciplinary teams. 5

1. Develop knowledge of theories, concepts, and research methods in humanities and social sciences. 4

2. Assess how global, national and regional developments affect society. 5

3. Know how to access and evaluate data from various sources of information. 5

1. Provide constructive analysis of economic phenomena at the national and international level, and interactions between the two. 4

2. Develop an understanding of organizations and institutions in the society as well as their influence on the economy. 5

3. Recognize how incentives shape the behavior of individuals and organizations. 5

4. Identify "economic" problems and propose alternative models and/or design and conduct research to provide viable solutions using theoretical tools and/or quantitative methods. 5

5. Communicate problems and solutions to managerial and policy decision-making units as well as to lay audiences. 3


  Percentage (%)
Final 40
Midterm 30
Quiz 15
Assignment 10
Participation 5



"The History of Economic Thought: A Reader", Steven G. Medema & Warren J. Samuels, Routledge, 2013.
"Economics Evolving: A History of Economic Thought", Agnar Sandmo, Princeton University Press, 2011.
"A History of Economic Thought", Lionel Robbins, (The LSE Lectures), Princeton University Press, 1998.
"A History of Economic Theory and Method", Robert B. Ekuland & Robert F. Hebert, Mc Graw-Hill International Editions, New York 1997.