This course introduces students to political economy and the history of economic thought. We will cover the core ideas in various schools of economic thought, positioning them in the historical and institutional context in which they were developed. In particular, we will cover some economic ideas from the ancient world and the middle ages; the enlightenment, the emergence of and main ideas in classical political economy (Adam Smith, David Ricardo, Thomas Malthus, and others); Marx, Mill, and Keynes; European versus American economic thought; the rise of mathematical economics; state-managed economies and socialism; Austrian economics; and the future of economics, including feminist/gender economics and the importance of innovation and technology. 

Important: make sure to have a copy of The Penguin History fo Economics by R. Beckhouse. If you have difficulties getting the book, please reach out. 

Students in this class will have an excellent understanding of the development of economic thought over time and be able to contextualize their economics education in the historical development of what has been understood as “economics.”

Attendance on the first day of class is mandatory for participation in the class. Attendace to the course is mandatory and you will be asked to sign at the beginning of each class. The rules are the following: 

• One absence is permitted without medical certification.
• A second absence is permitted with medical certification.
• Further absences will result in the loss of points, regardless of the reason for missing class. 
• If you miss more than 4 classes, you will have to retake the course. 

This is a courses with continuous assessment of student performance. There will be no final exam, but several intermediate evalutions. The final grade will be the sum of the following: 

• Participation (25 points): intervention during the lectures, other students presentation to ask questions and/or share your opinion. Your opinion is yours by definition and it is never graded per se. 
• In-class quizzes (25 points): most classes will start with very simple multiple choice test. The aim is to encourage you to keep up with the readings.
• Presentation* (25 points): you will be asked to present the content of one of the readings as well as your opinion about it. 
• In-class assignment* (25 points): in group discussion, individual assignment, guided text analysis using AI.

Your final score will be from 0 to 100 and will be converted in a grade from 1 to 5. 

The size of the groups for the presentation and in-class assignment will depend on the total number of students taking the course. 

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federica.braccioli@wu.ac.at