This subject not available in 1974, will be taught again In 1975.
Economics B is normally required before this subject is taken.
A course of two lectures per week, with tutorial classes through the year.
SYLLABUS
This subject is intended as an introduction to the history of economic theory in its relation to policy. It discusses the ways in which issues of policy have stimulated economic thinking and the ways in which, in turn, economic doctrine has been applied to practical issues. While the major stages in the development of economics (in the technical sense) will be discussed, the aim will be to treat these throughout in relation to their historical environment.
Some particular subjects which may be discussed are: (1) 'Merсan- tilism'. The beginnings of 'modern' economic thinking in the seventeenth century; its characteristics. Some 'mercantilist' problems: the balance of trade; national power; usury and interest; unemployment and idleness.
(2) English 'Classical'- Thought and Policy. The concept of the economic system as a whole, as developed during the eighteenth century. Adam Smith and the natural harmony of interest. Central problems, c. 1800- 1850; the pressure of population (Malthus); inflation and deflation, the Corn Laws, the growth of the national debt (Ricardo); colonial develop- ment and the exportation of capital; economic crises and the business cycle. (3) Economic Nationalism. (Friedrich List; David Syme.) (4) 'Socialist' Thought. Radical opinion in England, C. 1815-1850 (Thomas Hodgskin; Robert Owen). Marx's theory of capitalist development. (5) Economic Theory and Policy in the Later Nineteenth Century. The theory of marginal utility and its implications for policy. Controversies concern- ing scope and method. The beginnings of 'Welfare Economics'. (6) 'The Keynesian Revolution'. The problem of unemployment in the inter-war period. The development of Keynes' ideas, 1920-1936, and his place in the history of economic thought.
BOOKS
(a) Recommended for preliminary reading:
Keynes J M Essays in Biography, new ed Mercury Books 1961 (b) Prescribed textbooks:
No formal book on the History of Economic Thought is prescribed, but the following will be useful:
Aschheim J & Hsieh Ching-Yao Macroeconomics, Merrill Ohio 1969 Blaug M Economic Theory in Retrospect, Irwin Illinois 1962 Rima I Development of Economic Analysis, Irwin Illinois 1967 Roll E A History of Economic Thought, Faber London 1956
Spiegel H W The Growth of Economic Thought, Prentice-Hall New Jersey 1971
EXAMINATION One 3-hour paper with written assignments.
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HONOURS DEGREE
H. SCHOOL OF ECONOMICS
(For possible combinations with this school see Ch. 6.)
1. The course for the degree with honours in the school of Economics comprises the following subjects:
Economic History A (unless an alternative subject is approved by the professor of Economics)
Economics 1A (Arts), Economics 2, 3 and 4.
Statistical Method
History of Economic Theory or Mathematical Economics
An approved grade 1 subject together with one of the following sequences of subjects:
(1) History 1A or History 1B, Economic History В or History 2G, Economic History C or History 2H;
(2) Mathematics 1A or 1 C, Mathematics 2A and Statistics 200;
(3) Philosophy part 1, Philosophy 2C and either Philosophy 2M or Philo- sophy 2D;
(4) Politics 1, Politics 2В and either Politics 3C or Philosophy 3D;
(5) Three parts of Psychology;
(6) Some other sequence of subjects approved by the professor of Eco- nomics, in accordance with the details set out below, and for the ordinary degree.
2. In his first year, a candidate should take the courses in Economic History A, Economics 1A, the first of the additional sequence of subjects and the approved grade 1 subject.
The first year Is regarded as a preliminary year of study, and admission to the higher years of the course is conditional on satisfactory perform- ance in this year. Students must be approved by the faculty of Arts as candidates for the degree with honours before entering the second year of the honours school. The professor of Economics will normally recom- mend approval for candidates who have gained at least second class honours in two first year subjects including Economics 1A. Other can- didates who wish to enter the honours school should consult the professor of Economics, who will be guided in his recommendations by the merits of the case.
3. The faculty will not admit to the honours school a candidate who has previously graduated bachelor of Commerce (honours degree) or bachelor of Commerce (ordinary degree).
4. In their second year, candidates should take Economics part 2, Statis- tical Method and the second part of the additional sequence of subjects.
They must be classed in Economics part 2 afd must give evidence of, ability to complete the work of the third and fourth years satisfactorily before being permitted to proceed.
5. In their third year, candidates should take Economics part 3 and the third part of the additional sequence of subjects. The examination in Eco- nomics part 3 consists of five papers and is the first part of the final examination. Before the end of their third year, candidates must select a subject for the essay, required as part of the final examination. The subject selected must be approved by the professor of Economics. The major part of the work for the essay should be undertaken during the long 119
vacation between the third and fourth years and the essay should be submitted at the beginning of the third term of the year of the final examination.
6. In their fourth year candidates should take Economics part 4 and either History of Economic Theory or Mathematical Economics.
7. The final examination in the school of Economics consists of three papers, the essay in accordance with section 5 above and one paper on either History of Economic Theory or Mathematical Economics.
316-271 ECONOMICS PART 2 (HONS)
A course of four lectures and one tutorial class per week.
SYLLABUS
A more advanced treatment of the topics prescribed for Economics B in the course for the ordinary degree together with a general survey of economic principles.
BOOКS
As prescribed for Economics B together with the following:
Marshall A Principles of Economics, Macmillan Hicks J R Value and Capital, OUP
Robbins L C Essay on Nature and Significance of Economic Science, Macmillan
Robertson D H Lectures on Economic Principles, Fontana paperback Wickstead P H Commonsense of Political Economy, 2 vols Routledge Pigou A C Economics of Welfare, Macmillan
Archibald G C & Lipsey R G Introduction to a Mathematical Treatment of Economics, Weidenfeld & Nicolson
kleppner D & Ramsey N Quick Calculus, Wiley Other tests and publications as referred to in lectures.
EXAMINATION Two 3-hour papers.
316-371 ECONOMICS PART 3 (HONS)
A course of five lectures per week throughout the year. Students are also required to attend a weekly research essay class.
SYLLABUS
(i) Micro-economics; macro-economics; international economics.
(ii) Special topics in Economics. (Selected from monetary economics;
regional economics; capital and distribution theory; econometrics I.
not all of which latter subjects will necessarily be offered in any one year.)
BOOКS
(i) For part (i) of the syllabus:
Chamberlin E H Theory of Monopolistic Competition, Harvard UP Lancaster k Introduction to Modern Micro-economics, Rand McNally Hicks J R Capital and Growth, Oxford
Hicks J R Critical Essays on Monetary Theory, OUP
Hicks J R Contribution to the Theory of the Trade Cycle, OUP Meade J E Balance of Payments, OUP
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Sen A Growth Economics, Selected Readings, Penguin Staley C E .International Economics, Prentice-Hall
Caves R E & Johnson H G Readings in International Economics, Allen
& Unwin
(ii) For part (ii), as referred to in lectures.
EXAMINATION Five 3-hour papers.