Program

Monday June 10, 2019

3 pm-6 pm   Participants check in to J. B. Duke Hotel

6 pm Meet in lobby of J. B. Duke Hotel

6:30 pm, Welcome Dinner at the campus pub, the Devil’s Krafthouse

All sessions will be held in the Class of 2008 classroom on the 1st level of the Fuqua School of Business.

Tuesday June 11, 2019:  

9:30 am, Session 1 – Introductions of Program and Participants; Tips on Setting Up a History of Economic Thought Course – Caldwell, Medema

The Greeks – Medema

  • Aristotle, Politics and Nichomachean Ethics, excerpts. In Steven Medema and Warren Samuels, eds. The History of Economic Thought: A Reader (2nd ed., New York: Routledge, 2013), pp. 4-17. (Henceforth readings found in this book will be noted by M&S.)

2:30 pm, Session 2 – Scholasticism and Mercantilism (begin) – Caldwell  

  • Thomas Aquinas, Summa Theologica, excerpts, in M&S, pp. 18-27.
  • Jacob Viner, “Mercantilist Thought” (1968), in Jacob Viner, Essays on the Intellectual History of Economics, Douglas Irwin, ed. (Princeton: Princeton University Press, 1991), pp. 262-76.
  • Thomas Mun, England’s Treasure by Forraign Trade (1664), chapters 2-4, in M&S, pp. 35-44.

Supplementary Reading: Robert Heilbroner, The Worldly Philosophers (6th  ed., New York: Simon and Schuster, 1986), chapters 1 & 2. A nice intro to the Economic Revolution that spawned more systematic thinking about economics.
Lars Magnusson, Mercantilism: The Shaping of Economic Language. London: Routledge, 1994, especially chapters 1 & 2. The historiography of mercantilism.

 

Wednesday June 12, 2019:

9:30 am, Session 3 – Mercantilism (end) – Caldwell, and Physiocracy – Medema

  • François Quesnay, Tableau Economique, picture of the Tableau, in M&S, pp. 106-08.
  • G. Vaggi, “Physiocracy,” The New Palgrave

2:30 pm, Session 4 – The Scottish Enlightenment and Adam Smith – Caldwell

  • Adam Smith, The Theory of Moral Sentiments (1766), excerpts.
  • Jacob Viner, “Adam Smith and Laissez-Faire” (1927), in Jacob Viner, Essays, op. cit., pp. 85-113.
  • Smith, An Inquiry into the Nature and Causes of the Wealth of Nations [1776] R. H. Campbell, A. S. Skinner, and W. B. Todd, eds. (Indianapolis: Liberty Press, 1981), Smith’s Introduction and Plan of the Work; Book I, chapters 1, 2, 3, 4 (sections 1-4, 11-18).

**Wednesday night, 7:00: Durham Bulls baseball game** (Tickets have already been purchased for you.)

Thursday June 13, 2019:

9:30 am, Session 5 – Smith and The Wealth of Nations - Medema

  • The Wealth of Nations, Book I, chapters 5 (sections 1-17), 6 (sections 1-10), 7, 10c (section 27 – p. 145), 11p (sections 7-10, pp. 265-67). Book II, chapter 3 (sections 1 -3, 12 -18, 30-32); Book IV, chapter 1 (sections 1 – 10), 2 (sections 1-15, 23-24, 31, 37-38, 40, 43), 9 (sections 50-52); Book V, chapter 1.

2:30 pm, Session 6 – Malthus and Ricardo – Brent

  • Thomas Robert Malthus, An Essay on the Principle of Population (1798), excerpts, in M&S, pp. 210-225.
  • Henry William Spiegel, The Growth of Economic Thought (3rd ed., Durham, NC: Duke University Press, 1991), Chapter 14, pp. 308-12, 319-331.

Supplementary Reading: George Stigler, “Ricardo and the 93 Per Cent Labor Theory of Value,” in Essays in the History of Economics (Chicago: University of Chicago Press, 1965), pp. 326-42.

Friday June 14, 2019:
 

9:30 am, Sessions 7 – Marx – Caldwell and Medema

2:30 pm, Session 8 – Marx – Caldwell and Medema

From Robert Tucker, The Marx-Engels Reader. NY: Norton, 1978.

  • Preface to A Contribution to the Critique of Political Economy [1859] (pp. 3-6)
  • “The Communist Manifesto” (pp. 473-91; 499-500. Omit section III.)
  • “Socialism: Utopian and Scientific” (pp. 681-717)
  • A taste of Das Kapital: I, chapter 7, sec. 2 (pp. 351-61); I, chapter 25 (pp. 419-35)

Saturday June 15, 2019:

9:30 am, Session 9 – Marginalism, and the Methodenstreit – Caldwell

  • Mark Blaug “Was There a ‘Marginal Revolution’?” History of Political Economy, vol. 4, Fall 1972, pp. 269-80.
  • Bruce Caldwell, Hayek’s Challenge: An Intellectual Biography of F. A. Hayek (Chicago: University of Chicago Press, 2004), pp. 17-35.
  • Philip Mirowski, “Physics and the ‘Marginalist Revolution’,” Cambridge Journal of Economics, vol. 8, 1984, pp. 361-79.

Supplementary Reading: E. Roy Weintraub, “Burn the Mathematics (Tripos),” How Economics Became a Mathematical Science (Durham: Duke University Press, 2002), chapter 1.
Caldwell, Hayek’s Challenge, chapters 2-5.

2:30 pm, Session 10 – Marginalism, Marshall and Cambridge – Medema 

  • Alfred Marshall, The Principles of Economics, 8th ed. (1920): Book I, chapters 1, 4; Book V, chapters 1-3.
  • John Whitaker, “Alfred Marshall,” The New Palgrave

 

Sunday June 16, 2019 – Free Day

 

Monday June 17, 2019:

9:30 am, Session 11 – American Institutionalism – Brent

  • Thorstein Veblen, Theory of the Leisure Class [1899], chapters 3 and 4, in M&S, pp. 643-44, 650-75.    
  • Malcolm Rutherford, The Institutionalist Movement in American Economics, 1918-1947: Science and Social Control (Cambridge: Cambridge University Press, 2011), chapter 1.

Supplementary Reading, Veblen, Theory of the Leisure Class, chapter 2, in M&S, pp. 645-50.

2:30 pm, Session 12 – Keynes – Caldwell

  • John Maynard Keynes, “The End of Laissez-Faire” [1926], in M&S, pp. 622-25.
  • Keynes, J. M. The General Theory of Employment, Interest and Money (New York: Harcourt Brace, 1936), Chapter 1, p. 3; Chapter 2, pp. 18-22; Chapter 3, pp. 32-34; Chapter 12; Chapter 22, pp. 313-320, Chapter 24.
  • Bradley Bateman, “Keynes and Keynesianism,” in The Cambridge Companion to Keynes, edited by Roger E. Backhouse and Bradley W. Bateman (Cambridge: Cambridge University Press), 2006, pp. 271-90.

 

Tuesday June 18, 2019: Approaches to Teaching the More Recent History of Economics

9:30 am, Session 13 – Behavioral Economics – Brent

  • Thaler, R. H. “From Homo Economicus to Homo Sapiens,”The Journal of Economic Perspectives, vol. 14, 2000, pp. 133-141.
  • Kahneman, D., & Tversky, A. Prospect Theory: An analysis of Decision under Risk,” Econometrica (Pre-1986), vol. 47, 1979, pp.

Supplementary Reading: Kahneman, Daniel, et al. “Experimental Tests of the Endowment Effect and the Coase Theorem.” Journal of Political Economy, vol. 98, 1990, pp. 1325–1348.

 

Lunchtime Breakout Session: Teaching MBA/Business School Students – Brent

  • Lepak, David P., Ken G. Smith, and M. Susan Taylor. "Introduction to Special Topic Forum: Value Creation and Value Capture: A Multilevel Perspective," The Academy of Management Review, vol. 32, 2007, pp. 180-94. 

2:30 pm, Session 14 – The Coase Theorem – Medema

  • Ronald H. Coase, “The Problem of Social Cost,” Journal of Law and Economics, Oct. 1960, vol. 3, pp. 1-44.

Supplementary Reading: Steve Medema, “The Coase Theorem at Sixty,” manuscript.

 

Wednesday June 19, 2019:

9:30 am, Session 15 – F. A. Hayek, His Life and Ideas – Caldwell (watch video before class with Handout)

  • Handout on Hayek 
  • Video on Hayek: start at minute 4:
  • F. A. Hayek, “The Use of Knowledge in Society” [1945], reprinted in The Market and Other Orders, edited by Bruce Caldwell, volume 15 (2014) of The Collected Works of F. A. Hayek. Chicago: University of Chicago Press, chapter 3 (pp. 93-104).
  • F. A. Hayek, “Individualism: True and False” [1945], reprinted in Studies on the Abuse and Decline of Reason: Texts and Documents, edited by Bruce Caldwell, volume 13 (2010) of The Collected Works of F. A. Hayek. Prelude (pp. 46-74).

 

The final half hour of Session 15 will be a Summer Institute Wrap-Up – no readings.

Participants depart J. B. Duke Hotel by 12 noon