ECON20021 History of Economic Thought Assignment Answer UK

ECON20021 History of Economic Thought course embarks on a fascinating journey through the evolution of economic ideas and theories, tracing the development of economic thought from its early origins to the present day. Economic thought has shaped the world we live in, influencing the decisions made by individuals, businesses, and governments. By studying the history of economic thought, we gain valuable insights into the intellectual foundations of modern economics and gain a deeper understanding of the economic principles that underpin our society.

Throughout this course, we will explore the key economic thinkers and their groundbreaking contributions to the field. From the ancient civilizations of Greece, India, and China to the European Enlightenment and the emergence of modern economic theories, we will examine how different schools of thought have shaped economic theory and policy.

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In this segment, we will provide some assignment objectives. These are:

Assignment Objective 1: An ability to discuss key ideas in the history of economic thought including how those ideas were transmitted, contested and developed by various authors.

The history of economic thought is a rich field that examines the evolution of economic ideas over time. It encompasses a wide range of thinkers, theories, and debates that have shaped our understanding of economics. In this discussion, I will cover some key ideas in the history of economic thought and explore how those ideas were transmitted, contested, and developed by various authors.

Classical Economics: Classical economics emerged in the 18th and 19th centuries, with Adam Smith often regarded as the founding figure. Smith’s seminal work, “The Wealth of Nations,” laid the foundation for classical economic thought. He emphasized the role of free markets, division of labor, and self-interest in promoting economic growth and prosperity. Smith’s ideas were widely disseminated through his book and subsequent writings, and they influenced later economists such as David Ricardo and John Stuart Mill.

David Ricardo expanded on Smith’s ideas and developed the theory of comparative advantage, which argued for the benefits of free trade between nations. Ricardo’s work was contested and debated by other economists of his time, including Thomas Malthus, who raised concerns about population growth and its implications for economic development.

Neoclassical Economics: Neoclassical economics emerged in the late 19th and early 20th centuries as a response to the perceived limitations of classical economics. One of the central figures of neoclassical economics was Alfred Marshall, whose book “Principles of Economics” became a widely used textbook. Marshall introduced the concept of marginal analysis, emphasizing the importance of marginal utility and marginal cost in individual decision-making.

The neoclassical school of thought was further developed by economists such as Leon Walras and Vilfredo Pareto, who expanded on Marshall’s ideas and developed general equilibrium theory. These ideas were transmitted through academic channels, textbooks, and scholarly debates within the economics community.

Keynesian Economics: During the Great Depression of the 1930s, John Maynard Keynes challenged the prevailing neoclassical economic orthodoxy with his book “The General Theory of Employment, Interest, and Money.” Keynes argued for active government intervention to manage aggregate demand and stabilize the economy. His ideas gained prominence during the New Deal era in the United States and shaped economic policies in many countries.

Keynesian economics was hotly debated and contested by proponents of classical and neoclassical economics. The debates centered on issues such as the role of government in the economy, the effectiveness of fiscal and monetary policy, and the nature of economic downturns.

Monetarism and the Chicago School: Milton Friedman, a prominent economist of the 20th century, developed the monetarist school of thought. Friedman challenged the Keynesian view of macroeconomic policy and argued for a focus on monetary factors in determining economic outcomes. He emphasized the role of money supply and the importance of stable monetary policy.

Friedman’s ideas were widely disseminated through his writings, public lectures, and policy advocacy. The University of Chicago’s economics department, where Friedman taught, became a center for the development and dissemination of these ideas, giving rise to the Chicago School of economics.

New Keynesian Economics and Behavioral Economics: In more recent years, economists have developed new strands of thought that build upon earlier ideas. New Keynesian economics integrates Keynesian principles with neoclassical microeconomic foundations. It incorporates imperfect information, sticky prices, and other market frictions into the analysis of macroeconomic phenomena.

Behavioral economics, pioneered by economists such as Daniel Kahneman and Richard Thaler, incorporates insights from psychology to challenge the assumption of rational behavior in classical and neoclassical economics. It explores the ways in which individuals deviate from rationality and how these deviations impact economic decision-making.

Assignment Objective 2: An ability to discuss critically and in depth the contribution made by major authors in the history of economic thought, also via independent research.

1. Adam Smith (1723-1790): Known as the “father of economics,” Adam Smith’s seminal work, “The Wealth of Nations” (1776), laid the foundation for classical economics. Smith emphasized the importance of free markets, division of labor, and the invisible hand guiding individual self-interest to promote overall societal well-being.
2. David Ricardo (1772-1823): Ricardo built upon Smith’s ideas and introduced the theory of comparative advantage, arguing that countries can benefit from specializing in the production of goods they are relatively more efficient at producing. His work on international trade shaped trade theory and policy.
3. Karl Marx (1818-1883): Marx is renowned for his critique of capitalism and his development of Marxist economics. In “Das Kapital,” Marx analyzed the contradictions of capitalism, including exploitation of labor and the tendency of capitalist economies to experience economic crises.
4. John Maynard Keynes (1883-1946): Keynesian economics, developed by John Maynard Keynes, focuses on the role of aggregate demand in influencing economic outcomes. His work, particularly “The General Theory of Employment, Interest, and Money,” advocated for government intervention to stabilize the economy during recessions.
5. Friedrich Hayek (1899-1992): Hayek was a prominent figure in the Austrian School of economics. His book “The Road to Serfdom” argued against central planning and emphasized the importance of free markets and individual liberty. Hayek’s ideas influenced the development of neoliberalism.
6. Milton Friedman (1912-2006): Friedman was a leading proponent of monetarism and a strong advocate for free markets. His influential works, such as “A Monetary History of the United States” and “Capitalism and Freedom,” emphasized the importance of stable money supply and the negative consequences of government intervention.
7. Joseph Stiglitz (b. 1943): Stiglitz is a Nobel laureate and has made significant contributions to various areas of economics, particularly in the fields of asymmetric information and development economics. He has been a vocal critic of globalization and income inequality.

These are just a few examples, and there are many more notable economists and their contributions. To explore their work in greater depth, I recommend referring to their original writings, academic textbooks, and scholarly articles. Independent research, such as analyzing their works, critiquing their theories, and examining their impacts on economic policy, can provide a deeper understanding of their contributions and ongoing debates in the field of economics.

Assignment Objective 3: An ability to support their writing with appropriate attribution through quotation and citation.

Supporting writing with appropriate attribution through quotation and citation is an essential skill for academic and professional writing. It demonstrates integrity, acknowledges the contributions of others, and allows readers to verify the information presented. Here are some guidelines on how to effectively use quotations and citations:

Quotations:

• Use quotation marks (” “) to indicate the exact words of the original source.
• Keep quotations concise and relevant to your point.
• Introduce or contextualize the quotation to provide a smooth transition.
• Avoid overusing quotations; instead, paraphrase or summarize when possible.

Citations:

• Use a recognized citation style (e.g., APA, MLA, Chicago) appropriate for your field or the guidelines provided by your institution.
• Include in-text citations within your writing whenever you use someone else’s ideas, facts, or specific language.
• Provide a full bibliographic citation in the reference list or bibliography at the end of your document.

In-text Citations:

• Include the author’s last name and the year of publication for APA style (e.g., Smith, 2019) or use a numbered system for other citation styles (e.g., [1]).
• If you directly quote a source, include the page number(s) as well (e.g., Smith, 2019, p. 42).
• When citing electronic sources without page numbers, use paragraph numbers or section headings if available (e.g., Smith, 2019, para. 3).

Reference List or Bibliography:

• Include all the sources you cited in your writing in a separate reference list or bibliography.
• Provide complete and accurate information for each source, including the author(s), title, publication date, and publication information.
• Follow the specific formatting rules of your chosen citation style for the reference list or bibliography.

Assignment Objective 4: An ability to assess and compare economic arguments presented in unfamiliar terminology and with implicit assumptions different from those of modern mainstream economics.

Assessing and comparing economic arguments presented in unfamiliar terminology and with implicit assumptions different from those of modern mainstream economics can be challenging but not impossible. Here are some steps you can take to evaluate such arguments effectively:

1. Familiarize yourself with the terminology: Start by researching and understanding the unfamiliar terminology used in the economic arguments. Look for definitions, explanations, and examples to gain a better understanding of the concepts being discussed. Economic dictionaries, textbooks, and scholarly articles can be valuable resources in this regard.
2. Identify the implicit assumptions: Implicit assumptions can heavily influence economic arguments. Try to identify and uncover the underlying assumptions behind the arguments you are evaluating. This might require careful reading and critical thinking. Consider the context, historical background, and any biases that might be present.
3. Consider alternative perspectives: Modern mainstream economics is not the only valid framework for analyzing economic issues. There are various schools of economic thought, each with its own assumptions and methodologies. When assessing arguments with different implicit assumptions, be open to considering alternative perspectives. This will help you gain a broader understanding of the issue at hand.
4. Evaluate logical consistency: Examine whether the economic arguments presented are logically consistent. Look for any internal contradictions or fallacies in the reasoning. Logical consistency is a crucial aspect of a robust economic argument, regardless of the terminology or assumptions used.
5. Assess empirical evidence: Economics relies on empirical evidence to support arguments. Look for any empirical data or studies that either support or refute the economic claims being made. Evaluate the quality, reliability, and relevance of the evidence presented.
6. Seek expert opinions: If you are unsure about the validity or implications of unfamiliar economic arguments, it can be helpful to seek expert opinions. Consult economists or researchers who specialize in the specific area of inquiry. They can provide insights and help you understand the arguments in the broader context of economic theory and practice.
7. Engage in critical thinking: Finally, approach economic arguments with a critical mindset. Ask questions, challenge assumptions, and consider alternative interpretations. This will allow you to develop a well-rounded assessment of the arguments presented.

Assignment Objective 5: An ability to reflect on modern economics through an historical perspective.

Reflecting on modern economics through a historical perspective can provide valuable insights and a deeper understanding of the principles, trends, and challenges we face today. By examining economic systems, policies, and events of the past, we can gain a broader context for evaluating and shaping current economic theories and practices. Here are some key areas where historical perspective can be applied to modern economics:

1. Economic Systems: Studying the evolution of economic systems, such as feudalism, mercantilism, capitalism, and socialism, helps us understand how different approaches have shaped societies over time. We can analyze the successes, failures, and unintended consequences of various systems, which can inform our understanding of contemporary economic systems.
2. Economic Thought: Exploring the ideas of influential economists from different eras, such as Adam Smith, Karl Marx, John Maynard Keynes, Friedrich Hayek, and Milton Friedman, provides a foundation for understanding the intellectual debates and theoretical frameworks that underpin modern economics. Historical context helps us evaluate the development of economic theories and their applicability to present-day issues.
3. Economic Crises: Historical analysis of economic crises, such as the Great Depression, the 2008 financial crisis, or even earlier events like the South Sea Bubble or the Tulip Mania, allows us to identify patterns, warning signs, and systemic vulnerabilities. By examining the causes, responses, and long-term impacts of these crises, we can better comprehend the risks and policy options in current economic environments.
4. Technological Advancements: The study of technological advancements throughout history helps us understand how innovation has shaped economic systems and productivity. Analyzing the Industrial Revolution, the rise of electricity, the computer age, or the internet revolution can shed light on how technological shifts influence economic growth, labor markets, and income distribution.
5. Globalization and Trade: Examining the historical development of international trade and globalization can provide insights into the current challenges and debates surrounding trade policies, protectionism, and economic integration. Studying historical trade patterns, the impact of colonialism, or the establishment of international institutions like the World Trade Organization can help inform modern economic policies.
6. Income Inequality: Historical analysis of income inequality, including periods of high inequality and efforts to address it, can provide perspective on the causes and consequences of economic disparities. By understanding the factors that have contributed to inequality in the past, such as technological change, social policies, or shifts in power dynamics, we can better evaluate potential solutions and their potential effects.

By incorporating historical perspectives into the study of modern economics, policymakers, economists, and individuals can gain a more comprehensive understanding of economic systems, policy choices, and their consequences. This broader context can help inform decision-making, mitigate risks, and shape more effective economic policies for the future.

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