History of Economic Thought
10 weeks, starting 16th Dec
Thurs (7 PM - 8:30 PM) | PKR 4,000
What you'll learn
About this Course
The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air are distilling their frenzy from some academic scribbler of a few years back.
– J. M. KEYNES, The General Theory of Employment, Interest, and Money
The course introduces the history of economic thought with the purpose of presenting the most influential ideas and the people behind these ideas. The course will put the development of these ideas into their historical context. We will discuss the implications of these ideas in the current political discourse and policymaking. The course will take students on a journey of how the economic theory was formulated and shaped, and how economic concepts have evolved over time.
Ideas have a longer life than their originator. They evolve and interact with other ideas and take new shapes. They are also influenced by the socio-economic background in which they are developed. Economic ideas are the same way. Thus, we need to understand them in their context. These ideas are highly consequential and shape our lives, sometimes in unintended ways.
The sessions will be moderated by Mr. Waqas Ahmad, a financial economist who teaches at the International Islamic University Islamabad, and Dr Naveed Iftikhar, urban economist, and Adjunct Faculty at Lahore University of Management Sciences. Guest speakers will be invited in almost all sessions who will lead the discussion.
Session 1: Why study the intellectual history of economic ideas?
Session 2: Adam Smith and the birth of Economics
Session 3: Karl Marx
Session 4: John Maynard Keynes
Session 5: Development Economics
Session 6: Milton Friedman, Schumpeter, and Hayek on Free market economy
Session 7: Finance and the real economy
Session 8: New Growth theory
Session 9: Institutional Economics
Session 10: Behavioral Economics
Frequently Asked Questions
The course is designed for non-specialists who do not have formal education of business accounting and finance. This course covers a broad range of topics in accounting and finance in a way that non-specialists can understand and apply these concepts in real life. If you find accounting and finance daunting, this is a chance for you to understand the basics without getting overwhelmed.
No background knowledge of accounting and finance is necessary for this course. Minimum education should be F.Sc, A-levels or equivalent.
Yes, but there are a few conditions. You must complete all the assignments, have at least 75% attendance, and have scored reasonably well on your quizzes. This is just for us to ensure that you can grasp the fundamentals of accounting and finance before we certify you.