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History of Economic Thought

Course Description: This course examines the evolution of economic theories and ideas from their early origins to the present day, with a focus on the intellectual and analytical dimensions rather than historical narrative. Accordingly, the course aims to study these theories in their sequential context, analyze their implications and significance, and evaluate the validity and relevance of the approaches and methodological foundations upon which various schools of economic thought are based. Course topics include, but are not limited to, the labor theory of value in Adam Smith, David Ricardo's contributions, Karl Marx's critique of political economy, the marginal utility school (Jevons, Menger, Walras), the theory of the firm (Marshall, Clark, Bohm-Bawerk), and the writings of Keynes. This course will enable students to develop a deeper and more solid understanding of modern economic analysis concepts.
Credit hours: 3
Objectives of the course :

1- Developing a comprehensive understanding of the evolution of economic thought through its various stages, from classical schools to modern trends.
2- A systematic critical evaluation of the fundamental theories and contributions of major economists, such as Adam Smith, Ricardo, Marx, and Keynes.
3- Analysis of the methodological foundations and theoretical assumptions underlying different schools of economic thought.
4- Assessing the relevance and applicability of historical economic theories in explaining contemporary economic issues.
Strengthen the ability for systematic comparison between alternative theoretical frameworks in economics, highlighting their similarities and differences.
Developing students' analytical and critical thinking skills in interpreting economic ideas and tracing their evolution over time.

Course outputs :

1.0 Knowledge and Understanding
1.1 Identify the main schools of economic thought and analyze the core contributions of classical, neoclassical, and contemporary economists.
1.2 Interpretation of the evolution of economic theories over time, explaining the methodological foundations upon which various schools of economic thought were based.
1.3 Employing historical economic theories in analyzing contemporary economic issues and contributing to the understanding of economic policy debates.

 

2.0 Skills
2.1 Critical evaluation of economic arguments, ability to integrate and analyze perspectives derived from different theoretical traditions.
2.2 Prepare systematic and organized analytical reports to assess the relevance of historical economic ideas in modern economic contexts.

Additional information:
  • Last updated: 2026-05-10

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