Program

WEEK ONE

Monday, June 7

Session 1 – Introduction to the Institute (Caldwell) and the Greeks (Medema)

  • Aristotle, excerpts, “Politics and Ethics,” Medema and Samuels (M&S), pp. 3-15.

Session 2 – The Scholastics (Medema)

  • Saint Thomas Aquinas, Summa Theologica, M&S, pp. 16-29.
  • Henry William Spiegel, The Growth of Economic Thought (Durham: Duke University Press, 1990), Chapter 3 – “Medieval Economic Thought: The Practice of Charity and the Avoidance of Sin,” pp. 48-74.

Session 3 – From the Scholastics to the Mercantilists (Caldwell)

  • Thomas Mun, England’s Treasure by Forraign Trade, M&S, 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.

Tuesday, June 8

Session 4 – Different Assessments of Mercantilism (Caldwell), and Petty (Medema)

  • William Allen, “Modern Defenders of Mercantilist Theory,” History of Political Economy (HOPE), vol. 2, Fall 1970, pp. 381-97.
  • A. W. Coats, “The Interpretation of Mercantilist Economics: Some Historiographical Problems,” and W. Allen, “Rearguard Response,” HOPE, vol. 5, Fall 1973, pp. 485-98.
  • Paul Krugman, editorial columns “Chinese New Year” and “Taking on China”
  • William Petty, A Treatise of Taxes and Contributions, M&S, pp. 45-56.

Session 5 – Physiocracy (Caldwell and Medema)

  • Emile Guillaumin, The Life of a Simple Man [1904], translated by Margaret Crosland. (Hanover, N. H.: University Press of New England, 1983), chapter 42.
  • François Quesnay, Tableau économique, M&S, pp. 95-102.

Session 6 – Scottish Enlightenment and Introduction to Smith (Caldwell)

  • Jacob Viner, “Adam Smith and Laissez-Faire” [1927], in Viner, Essays, pp. 85-113.
  • Maria Paganelli, ““The Adam Smith Problem in Reverse: Self-interest in Adam Smith’s Wealth of Nations and Theory of Moral Sentiments.” HOPE, vol. 40, Summer 2008, pp. 365-82.
  • Amartya Sen, “Introduction” to Adam Smith, Theory of Moral Sentiments (New York: Penguin Classics edition, 2009).

Wednesday, June 9

Session 7 – Smith and The Wealth of Nations I: The Division of Labor (Medema)

  • Smith’s Introduction, Chapters 1-4.

Session 8 – Smith and The Wealth of Nations II: The Theory of Value (Medema)

  • Chapter 5 (pp. 34-43, Stigler; pp. 47-55, LF); Chapters 6-7; Chapter 8 (pp. 72-82, Stigler; pp. 82-91, LF); Chapter 9 (pp. 98-99, 109-110, Stigler; pp. 105-106, 114-15, LF); Chapter 11 (pp. 161-63 & 269-78, Stigler; pp. 160-62, 260-67, LF).

Session 9 – The Economists’ Papers Project at Duke – Paula Mangiafico, Senior Processing Archivist, Rare Book, Manuscript, and Special Collections Library

Thursday, June 10

Session 10 – Adam Smith and The Wealth of Nations III: Accumulation and Growth (Medema)

  • Book II, Chapters 1, 3 (pp. 351-65, Stigler, pp. 330-44, LF), 4

Session 11 – Adam Smith and The Wealth of Nations IV: The Critique of Mercantilism and Physiocracy (Medema)

  • Book IV, Introduction (p. 449, Stigler; p. 428, LF); Chapter 1 (pp. 450-56, 468-73 Stigler; pp. 429-35, 446-51 LF); Chapter 2 (pp. 474-80, Stigler; pp. 452-59, LF)

Session 12 – Adam Smith and The Wealth of Nations V: The Economic Role of Government (Medema)

  • Book IV, Chapter 9 (pp. 208-209, Stigler Vol II; pp. 687-88, LF); Book V, Chapter 1

Friday, June 11

Session 13 – David Ricardo and the 19th Century Classical System (Medema)

  • Roger Backhouse, The Ordinary Business of Life (Princeton: Princeton University Press, 2002), Chapter 7, “Classical Political Economy, 1790-1870,” pp. 132-41, 147-53.
  • Excerpts from Malthus, An Essay on the Principle of Population, M&S, pp. 196-201
  • Ricardo, Principles of Political Economy and Taxation, M&S, pp. 256-90
  • J.-B. Say, Treatise on Political Economy, M&S, pp. 245-55
  • Nassau Senior, Outline of the Science of Political Economy, M&S, pp. 317-32.
  • George Stigler, “Ricardo and the 93% Labor Theory of Value,” American Economic Review, vol. 48, June 1958, pp. 357-67.

Session 14 - David Ricardo and the 19th Century Classical System (Medema)

  • Readings: Same as session 13.

WEEK TWO

Monday, June 14

Session 1 – Thomas Robert Malthus (Peart)

  • Thomas Robert Malthus, An Essay on the Principle of Population, chapters 1, 2, 4, 5, 19; pp. 130-139 (excerpt from a later edition, on “Moral Restraint”); pp. 143-48 (excerpt from Robert Godwin “On Population”)

Session 2 – John Stuart Mill (Peart)

  • George Stigler, “The Nature and Role of Originality in Scientific Progress,” Economica, vol. 22, November 1955, pp. 293-302.
  • Thomas Carlyle, “Occasional Discourse on the Negro Question,” Fraser’s Magazine, 1849.
  • John Stuart Mill, “The Negro Question,” Fraser’s Magazine, 1850.

Session 3 – Classical Growth Theory (Peart)

  • Sandra Peart and David Levy, “Post-Ricardian British Economics, 1830-1870” in Warren Samuels, Jeff Biddle, and John Davis, A Companion to the History of Economic Thought (Oxford: Blackwell, 2003), chapter 9.

Tuesday, June 15

Session 4 – Background to Marx and Engels (Caldwell)

  • Robert Tucker, ed. The Marx-Engels Reader “Editor’s Introduction,” – This contains: I. The early Marx, and the influence of Hegel and Feuerbach. II. Das Kapital. III. Revolutionary theory and practice. IV. Marx and Engels.
  • Engels, “Working Class Manchester” (pp. 579-85)
  • Marx, “Theses on Feuerbach” (pp. 143-45)

Session 5 – Marxian Theory of Value (Hoover)

  • Marx, Excerpts from Das Kapital (pp. 302-61).

Session 6 – Laws of Motion of Capitalism (Caldwell)

  • Marx & Engels, “The Communist Manifesto” (pp. 473-91; 499-500. Omit section III)
  • Engels, “Socialism: Utopian and Scientific” (pp. 681-717).

Wednesday, June 16

Session 7 – Laws of Motion of Capitalism (Caldwell)

  • Marx & Engels, “The Communist Manifesto” (pp. 473-91; 499-500. Omit section III)
  • Engels, “Socialism: Utopian and Scientific” (pp. 681-717).

Session 8 – Introduction to the Marginal Revolution (Peart)

  • Mark Blaug, “Was There a Marginal Revolution?” HOPE, vol. 4, Fall 1972, pp. 269-80.
  • Donald Winch, “Marginalism and the Boundaries of Economic Science,” ibid., pp. 325-43.

Session 9 – Discussion of Classroom Games, Exercises, Etc.

Thursday, June 17

Session 10 – Jevons and Walras (Peart)

  • William Stanley Jevons, The Theory of Political Economy, M&S, pp. 413-442; “Married Women in Factories,” Contemporary Review, 1882.

Session 11 – Intertwining Mathematics and Economics (Weintraub)

  • E. Roy Weintraub, “Burn the Mathematics (Tripos),” How Economics Became a Mathematical Science (Durham: Duke University Press, 2002), chapter 1.
  • Léon Walras, Elements of Pure Economics, M&S, pp. 462-476
  • Philip Mirowski, “Physics and the ‘Marginalist Revolution’,” Cambridge Journal of Economics, 1984, vol. 8, pp. 361-79.

Session 12 – Menger and the German Historical School (Caldwell)

  • Carl Menger, Principles of Economics, M&S, pp. 443-61.
  • Bruce Caldwell, Hayek’s Challenge: An Intellectual Biography of F. A. Hayek (Chicago: University of Chicago Press, 2004), pp. 17-35.

Friday, June 18

Session 13 – American Institutionalism (Craufurd Goodwin)

  • Thorstein Veblen, The Theory of the Leisure Class [1899] (New York: Oxford University Press, 2007). Chapters 1-3.
  • Thorstein Veblen, The Theory of Business Enterprise. (New York: Scribner’s, 1904). Chapters 2-4.
  • Clarence E. Ayres, “The Co-ordinates of Institutionalism,” American Economic Review, vol. 41, May 1951, pp. 47-55.
  • Walton H. Hamilton, “Economic Theory and Social Reform,” Journal of Political Economy, vol. 23, June 1915, pp. 562-84.
  • Walton H. Hamilton, “The Institutional Approach to Economic Theory,” American Economic Review, vol. 9, March 1919, pp. 309-18.

Session 14 – American Economics (Craufurd Goodwin)

  • Readings: Same as session 13.

WEEK THREE

Monday, June 21

Session 1 – The Social Gospel Movement and the Origins of the AEA (Bateman)

  • Bateman, Bradley W. and Ethan Kaplan. “Between God and the Market: The Religious Roots of the American Economic Association”, Journal of Economic Perspectives, vol. 13, Fall 1999, pp. 249-57.
  • Bateman, Bradley. 2008. “The Social Gospel and the Progressive Era” in Divining America
  • Bateman, Bradley. “Reflections on the Secularization of American Economics” Journal of the History of Economic Thought, vol. 28, March 2008, pp. 1-20.
  • Ely, Richard T. "Ethics and Economics", Science, vol. 7, June 1886, pp. 529-533.

Session 2 – The Cambridge Tradition – Alfred Marshall (Caldwell)

  • Alfred Marshall, Principles of Economics, [8th. Ed., 1920] (Philadelphia: Porcupine Press, 1990), as follows: Prefaces to 1st and 8th eds.; Book I, chapters 1, 4; Book III, chapters 1-4; Book IV, chapter 13; Book V, chapters 1-3.

Session 3 – Marshall (Bateman)

  • Readings: Same as session 2.

Tuesday, June 22

Session 4 – The Cambridge Tradition – Keynes and Bloomsbury (Goodwin)

  • Keynes, John Maynard. “Am I a Liberal?” [1925], “The End of Laissez-Faire”[1926], and “Economic Possibilities for Our Grandchildren” [1930], all in Essays in Persuasion (New York: Harcourt Brace, 1932).
  • Keynes, John Maynard. "My Early Beliefs." [1949] In The Bloomsbury Group: A Collections of Memoirs and Commentary, edited by S. P. Rosenbaum (Toronto: University of Toronto Press, 1995), pp. 48-64.
  • Goodwin, Craufurd D. "The Art of an Ethical Life: Keynes and Bloomsbury." In The Cambridge Companion to Keynes, edited by Roger E. Backhouse and Bradley W. Bateman (Cambridge: Cambridge University Press, 2006), pp. 217-36.

Session 5 – Keynes’ Early Work (Bateman)

  • Keynes, J. M. 1919. Economic Consequences of the Peace. Chapters 1 & 2;
  • “The End of Laissez Faire,” [1926] and “The Great Slump of 1930,” [1930], both in Essays in Persuasion.

Session 6 – The Road to The General Theory (Bateman)

  • Bradley Bateman, “In the Realm of Concept and Circumstance,” HOPE, vol. 26, Spring 1994, pp. 99-116.
  • Peter Clark, “Keynes in History,” HOPE, vol. 26, Spring 1994, pp. 117-36.
  • Laidler, David. “Keynes and the Birth of Modern Macroeconomics,” in The Cambridge Companion to Keynes, pp. 271-90.

Wednesday, June 23

Session 7 – Keynes’s General Theory of Employment, Interest and Money (Bateman)

  • Keynes, J.M. 1936. The General Theory of Employment, Interest and Money. Chapters 1, 18, 22 (sections I- III)
  • Keynes, J.M. “The General Theory of Employment,” Quarterly Journal of Economics, vol. 51, February 1937, pp. 209-223.
  • Bradley Bateman, “Keynes and Keynesianism,” in The Cambridge Companion to Keynes, pp. 271-90.

Session 8 – Economic Science Studies (Weintraub)

  • E. Roy Weintraub, “How Should We Write the History of Twentieth Century Economics?” Oxford Review of Political Economy, vol. 15, Winter 1999, pp. 139-152.

Session 9 – Assessing the Summer Institute

Thursday, June 24

Session 10 – The Chicago School – Price Theory (Medema)

  • Frank Knight, “Economic Organization,” pp. 1-30.
  • Milton Friedman, Capitalism and Freedom (Chicago: University of Chicago Press, 1962), pp. 1-36; “The Methodology of Positive Economics,” in Friedman, ed., Essays in Positive Economics (Chicago: University of Chicago Press, 1953), pp. 3-43.
  • Gary Becker, The Economic Approach to Human Behavior (Chicago: University of Chicago Press, 1976), chapter 1.

Session 11 – The Chicago School – Macroeconomics (Bateman)

  • Milton Friedman and Anna Schwartz, “The Great Contraction, 1929-33,” excerpts from chapter 7 of A Monetary History of the United States, 1867-1960 (Princeton: Princeton University Press, 1963), pp.299-332.

Session 12 – Expanding the Boundaries of Economics – The Case of Law and Economics (Medema)

  • Steve Medema, “Wandering the Road from Pluralism to Posner: The Transformation of Law and Economics in the Twentieth Century,” in Mary Morgan and Malcolm Rutherford, eds. From Interwar Pluralism to Postwar Neoclassicism (Durham: Duke University Press, 1998), pp. 202-24.
  • Edmund Kitch, ed. “The Fire of Truth: A Remembrance of Law and Economics at Chicago, 1932-1970,” Journal of Law and Economics, vol. 26, April 1983, pp. 163-234.

Friday, June 25

Session 13 – Hayek and the Austrian Tradition (Caldwell)

  • Bruce Caldwell, “Hayek and the Austrian Tradition,” in Edward Feser, ed. The Cambridge Companion to Hayek (Cambridge: Cambridge University Press, 2006), pp. 13-33.
  • F. A. Hayek, “Socialist Calculation: The Competitive ‘Solution” [1940], and “Freedom and the Economic System,” [1939], both reprinted in F.A. Hayek, Socialism and War (Chicago: University of Chicago Press, 1997), pp. 125-49 and 189-212; “The Use of Knowledge in Society,” American Economic Review, vol. 35, September 1945, pp. 519-30.

Session 14 – Hayek and the Austrian Tradition (Caldwell)

  • Readings: Same as session 13, plus
  • Bruce Caldwell, “Hayek, Chicago, and Neoliberalism” manuscript.