Program

2016 NEH Summer Institute "The History of Political Economy" 

Program of Study:

WEEK ONE (May 30 to June 3)

Smith, Hume and the Scottish Enlightenment

Monday, May 30:

Session 1 – Introductions of Program and Participants – Caldwell
Session 2 – An Economist’s Take on the Mercantilists – Caldwell 

  • Thomas Mun, excerpts, England’s Treasure by Forraign Trade, reprinted in Steven Medema and Warren Samuels, The History of Economic Thought: A Reader (London: Routledge, 2003), pp. 30-44.
  • Jacob Viner, “Mercantilist Thought” [1968], reprinted in Essays on the Intellectual History of Economics, ed. Douglas Irwin (Princeton: Princeton University Press, 1991), pp. 262-76.
  • Adam Smith. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Indianapolis: Liberty Classics. Book IV, chapter 1, Introduction; sections 1-10, 31-33 (pp. 428-35, 446-48); chapter 2, sections1-15 (pp. 452-59).

Tuesday, May 31:

Session 3 – David Hume and Mercantilism: A Second Look – Paganelli

  • David Hume.  [1752] 1987. “Of money” in Essays, Moral, Political, and Literary. Ed. Eugene F. Miller. Indianapolis: Liberty Press.
  • David Hume. [1752] 1987. “Of the balance of trade” in Essays, Moral, Political, and Literary. Ed. Eugene F. Miller. Indianapolis: Liberty Press.

Session 4 – Adam Smith’s Wealth of Nations – Caldwell

  • Adam Smith. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Indianapolis: Liberty Classics.

Introduction and Plan of the Work; Book

7:05 pm, Durham Bulls baseball game, Durham Bulls Stadium

Wednesday, June 1:
Session 5 – Adam Smith: Philosopher and Political Economist– Paganelli

  • Adam Smith. [1759] 1984. The Theory of Moral Sentiments. Indianapolis: Liberty Fund.

I.i.1-4 (pp. 9-23), I.iii.2.1 (pp. 50-51); I.iii.3 (pp. 61-66); II.ii.2-3 (pp. 82-91); III.1-2.3 (pp. 109 -14), III.3.1-6 (pp. 134-38),  III.3.38-4 (pp. 153-61); Vi.i.16 (pp. 216-17).

  • Adam Smith. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Indianapolis: Liberty Classics.

WN I.viii.22-26 (pp. 87-91); III.iv (pp. 411-27); IV.iii.c.10 (pp. 493-94); IV.viii.17 (pp. 647-48); IV.viii.53 (p. 661).

Session 6 – David Hume: Philosopher and Political Economist – Phillipson

  • Nicholas Phillipson, David Hume: The Philosopher as Historian, rev. ed.  (New Haven: Yale University Press, 2012), chapters 1-3.
  • Eugene Rotwein, “Introduction,” David Hume: Writings on Economics (Madison: University of Wisconsin Press, 1955).

Thursday, June 2:
Session 7 – The “Science of Man” in the 18th Century – Phillipson

  • Nicholas Phillipson, Adam Smith: An Enlightened Life (New Haven: Yale University Press, 2010), chapters 2 and 3.
  • Silvia Sebastiani, The Scottish Enlightenment: Race, Gender and the Limits of Progress (London: Palgrave Macmillan, 2013), Introduction and chapter 1.

Session 8 – The “Science of Man” in the 21st Century – Wilson

  • Bart J. Wilson. “Further Towards a Theory of the Emergence of Property,” Public Choice, forthcoming, 2015.
  • Erik O. Kimbrough, Vernon L. Smith, and Bart J. Wilson. “Exchange, Theft, and the Social Formation of Property,” Journal of Economic Behavior and Organization, 74(3), June, 2010. 

Friday, June 3:   

Session  9 – The Scottish Enlightenment in the Lab – Wilson

  • Vernon L. Smith and Bart J. Wilson. “Fair and Impartial Spectators in Experimental Economic Behavior,” Review of Behavioral Economics, 1(1): January, 2014.
  • Jan Osborn, Bradley R. Sherwood, and Bart J. Wilson. “Conduct in Narrativized Trust Games,” Southern Economic Journal, forthcoming, 2015.

WEEK TWO (June 6 to 10)

Alternative Paradigms in the 19th Century

Monday, June 6:

Session 10 – A Different Take on Adam Smith – Foley

  • Adam Smith. [1776] 1981. An Inquiry into the Nature and Causes of the Wealth of Nations. Indianapolis: Liberty Classics. Book I, chapters 5 (pp. 47-64) and 10 (pp. 116-59).

Session 11Introduction to Marxian Analysis I – Foley  

  • Karl Marx and Friedrich Engels, “The Communist Manifesto,” excluding section 3, reprinted in Robert Tucker, ed., The Marx-Engels Reader, 2nd ed. (N.Y.: Norton, 1978), pp. 473-91, 499-500. 
  • Karl Marx, “The Grundrisse,” Introduction, reprinted in Tucker, ed., pp. 222-46.
  • Karl Marx, A Contribution to the Critique of Political Economy, chapter 1.
  • Karl Marx, Das Kapital, vol. I, Part 2, chapters 4 and 6, reprinted in Tucker, ed., pp. 329-44.
  • Karl Marx, “Critique of the Gotha Program,” reprinted in Tucker, pp. 525-42. 

Tuesday, June 7:

Session 12 – Introduction to Marxian Analysis II – Foley

Same readings as Session 11.

Session 13 – What Did Smith and Marx Get Right and Wrong? – Foley

  • Duncan Foley, Adam’s Fallacy: A Guide to Economic Theology. (Cambridge: Harvard University Press, 2006), Preface, chapter 1. 

Wednesday, June 8: 

Session 14 – Background to the Marginal Revolution – Caldwell 

  • Mark Blaug “Was There a ‘Marginal Revolution’?,” History of Political Economy, vol. 4, Fall 1972, pp. 269-80.
  • Philip Mirowski, “Physics and the ‘Marginalist Revolution’,” Cambridge Journal of Economics, 1984, vol. 8, pp. 361-79.
  • E. Roy Weintraub, “Burn the Mathematics (Tripos),” How Economics Became a Mathematical Science (Durham: Duke University Press, 2002), chapter 1.

Session 15 – The Austrian School and its Opponents – Caldwell and Foley 

  • Bruce Caldwell, Hayek’s Challenge: An Intellectual Biography of F. A. Hayek (Chicago: University of Chicago Press, 2004), Chapter 1, pp. 17-27; Chapter 3, pp. 64-74, Chapter 4, pp. 92-99,  Chapter 5, pp. 100-106, 113-19.

Thursday, June 9:

Session 16 – Marginalism Comes to America – Leonard  

  • Thomas C. Leonard, Illiberal Reformers, manuscript, chapter 1.

Session 17 – Progressive Economics – Expertise in the Service of the State – Leonard

  • Thomas C. Leonard, Illiberal Reformers, manuscript, chapter 3.

4:00pm – Visit David M. Rubenstein Rare Book and Manuscript Library

Friday, June 10: 

Session 18 – Reform Economics: The Great War and Beyond: – Leonard

  • Malcolm Rutherford, The Institutionalist Movement in American Economics, 1918-1947: Science and Social Control (Cambridge: Cambridge University Press, 2011), chapter 1.
  • Tim Leonard, “Progressive Era Origins of the Regulatory State and the Economist as Expert,” History of Political Economy annual supplement, 2015.   

WEEK THREE (June 13 to 17) 

The Rise of Neoliberal Thought

Monday, June 13:  

Session 19 – The Life and Ideas of F. A. Hayek – Caldwell

  • F. A. Hayek, “The Use of Knowledge in Society” [1945], reprinted in F.A. Hayek, The Market and Other Orders, ed. Bruce Caldwell (Chicago: University of Chicago Press, 2014), pp. 93-104.
  • F. A. Hayek, “Why I Am Not a Conservative” [1960], Epilogue to The Constitution of Liberty, ed. Ronald Hamowy (Chicago: University of Chicago Press, 2011), pp. 519-33.
  • Video, Bruce Caldwell, Lecture, Life and Ideas of Hayek,  available on the CHOPE website: http://hope.econ.duke.edu under Resources: Media

Session 20 – John Maynard Keynes and the General Theory – Goodwin

  • John Maynard Keynes, “The Great Slump of 1930” [1930], in Essays in Persuasion (New York: Harcourt Brace, 1932), pp. 135-47.
  • John Maynard Keynes, The General Theory of Employment, Interest and Money (New York: Harcourt Brace, 1936), Chapter 2, pp 18-22; Chapter 3, pp. 32-34; Chapter 12, pp. 34-51; Chapter 22, pp. 313-20; Chapter 24.

Tuesday, June 14:

Session 21 – The Mont Pèlerin Society – Burgin

  • Mont Pèlerin Society Statement of Aims.
  • Frank Knight, “The Ethics of Competition,” section I, in The Ethics of Competition (New Jersey, 1997), pp. 47-58.
  • Friedrich Hayek, “The Prospects of Freedom,” Mont Pèlerin Society Records, pp. 1–17.
  • Milton Friedman, “The Relation Between Economic and Political Freedom,” in Capitalism and Freedom (Chicago: University of Chicago Press, 1962), pp. 7–21.

Session 22 – Keynes as Public Intellectual – Goodwin

  • John Maynard Keynes, “Am I a Liberal?” [1925], in Essays in Persuasion (New York: Harcourt Brace, 1932), pp. 312–22.
  • John Maynard Keynes, “The End of Laissez-Faire” [1926], in Essays in Persuasion (New York: Harcourt Brace, 1932), pp. 312–22
  • John Maynard Keynes, “Economic Possibilities for our Grandchildren” [1930], in Essays in Persuasion (New York: Harcourt Brace, 1932), pp. 358-73.

Wednesday, June 15: 

Session 23 – – Post-Industrialism – Burgin

  • Peter Drucker, “Innovation—The New Conservatism?”, in The Landmarks of Tomorrow (New York, 1957), pp. 45–59.
  • Daniel Bell, “‘Who Will Rule?’  Politicians and Technocrats in the Post-Industrial Society,” in The Coming of Post-Industrial Society (New York, 1973), pp. 341–367.

Session 24 – The Chicago SchoolMedema  

  • H. Laurence Miller, “On the Chicago School of Economics,” Journal of Political Economy 70 (February 1962), (pp. 64-69).
  • Melvin Reder, “Chicago Economics: Permanence and Change,” Journal of Economic Literature 20 (March 1982), (pp. 1-38).

Thursday, June 16:

Session 25 – Imperial Chicago – Eddie Nik-Khah

  • Aaron Director, [1953]1964. “The Parity of the Economic Market Place.” Journal of Law and Economics, 7: 1-10.
  • George Stigler, [1973]1975. “Regulation: The Confusion of Means and Ends.” In The Citizen and the State, Chicago: University of Chicago Press, pp. 167-177.
  • George Stigler, 1975. “The Intellectual and His Society.” In Richard Selden (ed.), Capitalism and Freedom: Problems and Prospects. Charlottesville, VA: University Press of Virginia, pp. 311-321.
  • George Stigler, 1976, “Do Economists Matter?” Southern Economic Journal 42(3): 347-354.

Session 26 – The Chicago School: Still More Different Looks – Medema, Caldwell, Nik-Khah

  • Bruce Caldwell, “The Chicago School, Hayek, and Neoliberalism,” in Robert Van Horn, Philip Mirowski and Thomas Stapleford, eds. , Building Chicago Economics: New Perspectives on the History of America’s Most Powerful Economics Program (Cambridge: Cambridge University Press, 2011), chapter 11 (pp. 301-334).
  • Edward Nik-Khah, “Neoliberal Pharmaceutical Science and the Chicago School of Economics,” Social Studies of Science, 2014, 44(4): 489-517.

Friday, June 17:  
Session 27 – Summer Institute Wrap-Up – Caldwell