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ECO 307: History of economic thought I Notes 2nd year

Institution: University

Course: Bachelor of Science Economics

Posted By: Elly123

Document Type: PDF

Number of Pages: 101

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Summary

This course outlines a variety of thinkers and theories in the subject of economics from the ancient to the present world. It encompasses many different schools of thought.

HISTORY OF ECONOMIC THOUGHT I (Eco 307)
Lecture Notes
Introduction and Definitions
History of economic thought deals with different thinkers and theories in the subject that became political
economy and later economics, from the ancient world to the present day. It encompasses many
different schools of economic thought.
History of economics thought deals with the origin and development of economic ideas and their
interrelations. It is a historical account of economic doctrines.
According to H.L. Bhatia history of economic thought includes the doctrines and generalizations of various
thinkers which deal with the economic phenomena of our life. It went through a lot of evolution with specific
contributions from various thinkers that had great impact upon the future of economic thought.
Prof. Schumpeter defines Economic thought as the sum total of all the opinions and desires concerning
economic subjects especially with public policies of different times and places. He stated further that the
history of economic thought traces the historical change of attitudes. It also speaks about economic
problems and various approaches to those problems.
Prof. Haney defines history of economic thought as a critical account of the development of economic ideas,
searching into their origin, interrelations and manifestations.
Prof. Bell says the history of economics thought is the study of the heritage left by the writers on economic
subject.
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