UEH Standard Programs

This course examines the major schools in the history of the development of economic thought, beginning with the classical school and the works of Smith, Ricardo, J.S. Mill,

Thornton, Say, and others. Then assess the challenges of Marx, marginal economists, and Keynes to classical economists with such key figures as Marx, Marshall, Walras, Wicksell, Schumpeter, Fisher, and others. As for Keynes, the course focuses on Keynes' criticisms of classicalism and Keynesian theories on investment, interest rates, and the demand for money.

The course also discusses the post-1945 economic thought movement with neoclassical economists, analyzing 'IS/LM' with a number of theories of consumption, investment, money demand examined along with other theories. Friedman's challenge (monetary faction). The rise of classical economics in the 1960s and the renewed Keynesian theory associated with the development of modern microeconomics are also discussed in the course.

Throughout the course, economic theories will be examined in light of the relationship between theory and policy associated with the global financial crisis and the economy since 2007.