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History of Economic Thought

History of Economic Thought

A survey of how economic ideas evolved from Aristotle and the mercantilists through classical, Marxist, and neoclassical economics to the Keynesian, monetarist, and behavioral schools shaping economic debate today.

60-Second Review

Express review

A condensed, point-by-point summary of the module, for reviewing right before a test or exam.

  1. Premodern and Mercantilist Economic Thought. From Aristotle and Aquinas to mercantilism, Colbert, and the Physiocrats, premodern thinkers debated wealth and exchange.
  2. Classical Economics: Smith, Ricardo, and Malthus. Smith, Ricardo, and Malthus founded classical economics around markets, trade, rent, and population.
  3. Say, Mill, and the Marxist Critique. Say's Law, Mill's liberal reformism, and Marx's critique of capitalism reshaped classical economics.
  4. The Marginalist Revolution and Its Rivals. Marginal utility, Marshall, Walras, the Austrian School, and Veblen recast value and method after 1870.
  5. Keynes and the Bretton Woods Order. Keynes's General Theory and the 1944 Bretton Woods conference reshaped macroeconomics and global finance.
  6. Monetarism, Chicago, and the Neoclassical Synthesis. Friedman, Hayek, Samuelson, Schumpeter, and Minsky debated markets, planning, and financial instability.
  7. Development, Behavioral, and Game-Theoretic Economics. Lewis, Sen, Kahneman, Thaler, and Nash reshaped development, behavioral, and strategic economics.
  8. Institutions, Modern Debates, and Inequality. Coase, North, Ostrom, MMT, and Piketty frame current debates over institutions, money, and inequality.

This is the starting point of History of Economic Thought: you don't need any prior knowledge of this subject to begin.

Key points

Visual module map

1Premodern and Mercantilist Economic Thought
2Say, Mill, and the Marxist Critique
3Keynes and the Bretton Woods Order
4Monetarism, Chicago, and the Neoclassical Synthesis
5Institutions, Modern Debates, and Inequality

Alternative visual view: a simplified sequence of some of the module's key points, in their order within the syllabus.

Your module mastery

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Final test

You need to review all key points to unlock the final test.

Optional mini-games

Extra practice, with no penalty, to reinforce the module's content.

Review Flashcards

Review each key point with cards that flip to reveal the summary.

Memory

Match each concept with its definition in as few attempts as possible.

Time Attack

Answer true or false statements before time runs out.

Chronological Order

Put the module's key points back in their original order.

Further reading

Bibliography and cited sources used to create this module.

  • Heilbroner, R. (1953). The Worldly Philosophers: The Lives, Times, and Ideas of the Great Economic Thinkers. New York: Simon & Schuster.
  • Smith, A. (1776). An Inquiry into the Nature and Causes of the Wealth of Nations. London: W. Strahan and T. Cadell.
  • Ricardo, D. (1817). On the Principles of Political Economy and Taxation. London: John Murray.
  • Marx, K. (1867). Das Kapital, Volume I. Hamburg: Otto Meissner.
  • Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. London: Macmillan.
  • Friedman, M. and Schwartz, A. J. (1963). A Monetary History of the United States, 1867-1960. Princeton: Princeton University Press.
  • Piketty, T. (2014). Capital in the Twenty-First Century (A. Goldhammer, trans.). Cambridge, MA: Harvard University Press.