Development of Economics

  • Credits: 3
  • Ending: Examination
  • Range: 2P
  • Semester: winter
  • Year: 2
  • Faculty of Economics and Finance

Teachers

Included in study programs

Applied Economics

Economics and Law

bAE_21

Teaching results

Knowledge
The aim of the course is to make students to understand how economics has evolved as an independent scientific discipline in which there are differences of opinions on the same economic problems. The development of economic science shows how new hypotheses and theoretical approaches have emerged responding to developments in real economies. Knowledge of the development of economics will help students to understand alternative methodological approaches and their implications, different views on the functioning of the economy and their implications for the development of policy alternatives. Knowledge of the development of economics also contributes to the formation of a systematic approach to economic analysis at the macro and micro levels.

Indicative content

1. The emergence and development of economics as a scientific discipline, classical school of economics,
2. Heterodox economic theories of 19th century,
3. Marginalist revolution in economics - the emergence of modern microeconomics and its methodology,
4. The development of consumer theory and theory of the firm,
5. Theoretical approaches to the firm, game theory and its impact on microeconomic analysis,
6. 2nd generation of Austrian economics (F. A. von Hayek, Ludwig von Mises) and their views on social and economic development,
7. The emergence of modern macroeconomics, economic theory of J. M. Keynes,
8. Methodological contribution of Keynesian economics and the implications for economic policy,
9. Economic theory of monetarism, methodological assumptions of monetarism, implications of monetarism for economic policy,
10. New classical macroeconomics and its contribution to the development of macroeconomics,
11. Heterodox economic theories of 2nd half of 20th century, supply side economics,
12. Institutional and new institutional approach to economics, its methodology, contribution and implications for the functioning of the economy,
13. Current trends in the development of economics.

Support literature

Compulsory readings:
1. Lisý, J. a kol.: Dejiny ekonomických teórií, Wolters Kluwer, 2018.
2. Lisý, J. a kol.: Dejiny ekonomických teórií, (Vybrané problémy). Bratislava, Ekonóm, 1998
3. Lisý, J.- Čaplánová, A., Petričová, J., Vongrej,M.: Stručný prehľad dejín ekonomických teórií. Bratislava: IURA EDITION, 2010
Suggested readings:
1. Landreth, H., Colander, D. History of Economic Thought, Fourth edition, Boston: Hougthon Miffllin, 2002.
2. Rima, I.H. Development of Economic Analysis, 6th edition, London: Routledge, 2000
3. Schumpeter, J. A.: History of Economic Analysis, London: Routledge, 1994.
4. Blaugh, Mark. The Methodology of Economics, New York, NY: Cambridge University Press, 1992.

Requirements to complete the course

Concurrent assessment – 40 %
Final exam – 60 %

Date of approval: 13.02.2023

Date of the latest change: 08.04.2021