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PAPM 1000 Winter 2012

Carleton UniversityArthur Kroeger College of Public Affairs

PAPM 1000: Introduction to Public Affairs and Policy ManagementWinter Term: History of Economic Thought

Winter 2012Thursday: 8:35-10:25 C164 Loeb BuildingOffice Hours: Thursdays From 10:30 to 12:00 Or Determined Through Emails with Student

Instructor: Derek IrelandOffice: D199 Loeb Building

Phone: 613 747 9593Email: [email protected]

Course ObjectiveThe objective of the course is to provide an understanding of economic ideas and thinking, how these ideas have evolved and developed and been applied through many centuries, and the implications of economic ideas for past and current policy debates, analysis, development and management.

What do we mean by economic ideas? Economic ideas are essentially the concepts, hypotheses, presumptions, guesses and initial thoughts on cause and effect relationships that have been identified, discussed and argued about by economic thinkers over the past decades and centuries. Some of these concepts, guesses and so on are then developed into economic theories which are applied and tested in theoretical and empirical research and policy analysis in our attempts to find answers to such questions as:

Why do consumers purchase what they do? Why do businesses produce what they do and locate in one place rather than another? Why do countries trade with each other and should there be more or less international

trade and globalization of markets in the future?

Why do some countries grow faster than others? Why are the more advanced OECD countries expected by many economists to grow

much more slowly in the future? Why is unemployment so much higher today than previously – and will high

unemployment continue for the next decade or more? In the future, should we be more worried about unemployment or inflation?

Why is pollution so hard to control? Why do governments regulate some industries and markets more than others? Should government involvement in the economy increase or decrease in the future?

What are the relationships between gross domestic product per capita (GDP/capita), social well being and “happiness”? And what do these concepts and relationships mean for policy analysis, development and management in the future?

Economic thinkers have been wrestling with and testing these and other economic ideas and their implications for over 2000 years. Therefore, in this course, we will emphasize

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why ideas develop and evolve through time. The economic ideas of one period influence the ideas of later periods and how the ideas are applied in later periods.

Some earlier ideas are adopted, adapted, and improved while other ideas are rejected outright. And in a few cases, some of the rejected ideas make a comeback decades or a century later. In order to highlight this evolutionary process, the text book and course present these economic ideas in chronological order.

For the purposes of this course, the word economic has two meanings. The first refers to an approach to studying human behaviour. This approach conceives of and represents human behaviour as a matter of choice that is purposeful but constrained (by e.g. limited income, time, effort, interest, information and cognitive capacity).

The second meaning refers to a subject (or economic agent), through focusing on the situations, conditions and actions that affect the material well-being of individual consumers, households, companies, and other groups, including society in total. The course uses both meanings of the word economic, either one at a time or in combination.

The terms economic thinking and economic thought suggests the efforts that all of us make to understand the world around us by means of both theory and experience. Theory involves developing conclusions about the world with reference to an interpretive framework or model. Experience involves developing conclusions about the world with reference to direct observation and measurement.

We will discuss how economic thinkers vary greatly and argue constantly regarding the importance to be placed on theory and experience in their efforts to comprehend the world. Moreover, earlier economic ideas and theories are often changed or dropped completely because later economic thinkers conclude that an earlier theory did not correspond with reality (or at least their perceptions of reality). This will be a recurring theme throughout this course.

An understanding of the development of economic thinking is important to persons working in or with the public sector, and therefore is highly relevant to persons in the B.PAPM program. As noted above, when policy makers and analysts define contemporary policy problems and evaluate and compare alternative government actions to address those problems, many of them use economic ideas that often have a long history which can go back many decades and even centuries.

For example, when policy makers explore options to reduce unemployment, they will use and contrast the ideas of Adam Smith, Keynes, Friedman, Marx or other economic thinkers who we will discuss during this term.

Better understanding the origins of these ideas, the historical context that influenced why and how the ideas emerged, and the ideas’ earlier evolution and applications allow policy makers and analysts to better appreciate the insights, strengths and weaknesses of these ideas.

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Economic ideas become particularly important when they are used to assess policy problems and to provide the rationale for laws, regulations, policies, programs and other government actions. The resulting changes to e.g. tax, expenditure, interest rate, procurement, industrial, trade, employment or other policies affect the material well-being of the Canadian economy and society as well as of individuals, companies and other groups either directly by making them richer or poorer, or indirectly through changing their behaviour.

Finally, the economic ideas of the past and present and the economic theories that are developed from these economic ideas are used by policy makers and analysts to evaluate and compare alternative government actions by drawing upon both theory and experience. This is done for example by: considering the appropriateness of their assumptions; the logic of their reasoning; or the ability of the theory to correspond with actual experience and the available evidence and to predict future outcomes.

During the course, special emphasis will be placed on the relevance of these many economic ideas for the Canadian and global economies after the 2008-2009 recession which are dominated by: (i) slower economic growth in the developed world, (ii) uncertain job prospects especially for younger workers and recent graduates, (iii) growing inequalities in income and wealth, (iv) debates on the relative importance of government failure versus market failure especially in the OECD economies, and (v) much higher growth in China, India, Brazil and many other emerging market economies that are employing different economic ideas and models from those used in North America and Europe during its high growth periods.

Academic AccommodationStudents with disabilities that require academic accommodation are to contact as soon as possible the Paul Menton Center in order to complete the necessary letters. Having done so, these students should contact the course instructor at least two weeks prior to the mid-term test in order to discuss their needs.

Course RequirementsThe Winter Term will determine 50% of the PAPM 1000 course grade for the full year.

As described below, credit for the Winter Term will be based on tutorial contributions, four writing assignments, the Mid-Term Test, and the Final Examination. Four writing assignments will be given in weeks 3, 5, 9 and 11 (to be handed in during weeks 4, 6, 10 and 12) as described below in the Course Outline. Each writing assignment will have a length of no more than 750 words – which is about one and a half to two typed pages single spaced.

The Mid-Term Test will be written before Winter Break during the class of Week 7 on Thursday February 16; and the Final Examination will be scheduled during the period of April 11-24 (including Saturdays).

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The Winter Term grade will be calculated using the following weights:

15%: Tutorial Contributions consisting of:

6% Attendance – This is calculated based on 0.5% per tutorial plus a bonus of 0.5% for attending all 11 tutorials, for a total maximum mark for attendance of 6%

5% Participation – This is based on the regularity and quality of the weekly contributions to the discussions

4% Leadership – This is based on the demonstrated ability to guide the discussion. Starting from the first tutorial, each student will be required to provide one short presentation on the reading(s) for a particular week. The purpose of each presentation is to frame and inspire group discussion, not replace it. Accordingly, presentations should be under 10 minutes in length.

Presenters should not waste time simply summarizing the readings or paraphrasing the Lecture Notes (see below). Instead, presenters could (among other things) identify and state: the central arguments of the reading(s), develop the connections between them and the lectures or earlier readings, identify elements with which they agree or disagree, outline the reasons for their agreement or disagreement, indicate their views of the readings’ importance to past and current policy development, and pose questions in order to direct the discussion and debate during the tutorial.

Please attend and participate in your tutorials. Otherwise PAPM 1000 students are simply throwing away marks. And from what I am told and have seen for myself, the tutorials are very helpful in preparing for the exams, and can be a lot of fun when all students participate.

20% Four Writing Assignments – Each assignment will have a maximum mark of 5, and failure to hand in a writing assignment on time will result in a mark of zero (see below).

21% Mid-Term Test

44% Final Examination

When marking the writing assignments and the mid-term and final exams, the three TAs and I will be assessing the student’s understanding of the economic ideas and thinking of past scholars and of the differences between these ideas and scholars. We will as well be looking for your views on the importance of these economic ideas and thinking and their contributions to current economic thought and debates and to government policies and other actions and our prosperity and quality of life.

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For all writing assignments and the essays for the mid-term and final exams, students who display a strong and quite specific understanding of the economic ideas of previous scholars and a strong ability to link these ideas to their own ideas and views will receive the highest marks.

Students who display a more general but still quite accurate understanding of the ideas of previous economic scholars and spend more time on their own ideas and views will receive a middle level mark. And of course students who display little understanding of the economic ideas and thinking of past scholars will have difficulties with the writing assignments and exams, regardless of how well they discuss their own ideas.

To repeat, the 35 marks for tutorial attendance, participation, leadership and writing assignments are critically important to your final grade. Failing to attend and participate at the tutorials and to complete your writing assignments on time is the same as throwing away marks, and typically means that an A student receives a B and a B student receives a C.

Text BooksThe Main Reference for the Lecture Material is:

Brue, Stanley L. and Randy R. Grant The Evolution of Economic Thought 7th

Edition (Belmont, California: Thomson South Western, 2007)

A Useful Writing Guide is:Babington, Doug and Don LePan The Broadview Guide to Writing, 3rd Edition (Peterborough: Broadview Press, 2005)

Both books are available at the university bookstore and the textbook in past years has been available in used and much cheaper form at the Octopus Book Store on Third Avenue near Bank Street (116 Third Avenue) – as well as from previous PAPM 1000A students.

Course FormatThe course encompasses both lectures and tutorials. The two hour lectures on Thursday of each week provide an overview of the development of economic ideas and thinking, including how these ideas have influenced and been applied to past and current economic policies and related government actions.

The tutorials on Monday and Tuesday of the following week provide an opportunity to discuss some of the ideas associated with the development of economic thinking, with emphasis on how these ideas are applied in a selection of contemporary policy contexts. The weekly readings provide these contexts.

The Thursday Lecture PowerPoint presentations – to be posted on WebCT 3 hours or even earlier before each lecture – will introduce the readings, suggest questions for the tutorials, and describe the writing assignments. As noted above and below, these

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assignments involve writing essay paragraphs of no more than 750 words to be based on the readings.

Completed assignments are to be submitted to the TA at the start of the tutorial of the following week. Late assignments will not be accepted (and will be given a mark of zero). The Mid-Term Test and Final Examination will cover questions that draw from the textbook, readings, and lectures – and their format but not necessarily their content is similar to the questions for the tutorials and the writing assignments.

In order to bring the lectures and tutorials together, each lecture beginning in Week 2 will end with a 15-20 minute panel discussion, when one or two students from each tutorial group will summarize the two or three most important conclusions from their previous week’s tutorial group. Student presentations should be no more than 2 minutes leaving time for class discussion for each panel.

The members of the weekly lecture panels would generally be the presenters for the previous week. This means that each student would be a member of one “end of lecture” panel discussion during the course, and each panel on average would have between 9 and 13 members.

Students will not be marked based on their participation in these panel groups; but they are important for sharing ideas among students and with the Instructor, who can then use these ideas to better prepare writing assignment and exam questions that are interesting to the students.

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The schedule for the eight tutorials is as follows.

Tutorial Group #

Day of Week

Time Room TA Name TA Email Address

A1 Tuesday 10:35-11:25

Loeb D199

Julia Calvert [email protected]

A2 Wednesday 11:35-12:25

Loeb D199

Justine Gilbert

[email protected]@connect.carleton.ca

A3 Tuesday 12:35-13:25

Loeb D199

Gordon Thomas

[email protected]


Loeb D199

Gordon Thomas

[email protected]

A5 Tuesday 11:35-12:25

Loeb D199

Julia Calvert [email protected]


Loeb D199

Justine Gilbert

[email protected]@connect.carleton.ca

A7 Friday 09:35-10:25

Loeb D199

Doaa Mahmoud

[email protected]

A8 Friday 10:35-11:25

Loeb D199

Doaa Mahmoud

[email protected]

Course OutlineThis outline presents the topic headings on a week-by-week basis. Note that there may be some slippage in topics between lectures; and that readings for the tutorials may be either added or replaced with another reading depending on current events or the progress of the course. In particular, the readings for the second half of the course may be replaced or added to during the first half of the course.

For most weeks, the Instructor is attempting to limit the readings to about 35 to 40 pages of reading per week, so that all students are able to conduct a thorough review of each article prior to the tutorial. Also note that the specified sections of the text book correspond to the lectures, but do not duplicate them.

In particular, in comparison with the textbook, the Instructor during his lectures will place greater emphasis on the implications for government policies and programs and other government actions. Therefore, reading and understanding the textbook, which is an excellent text, will be critical to successfully completing the course.

All readings, except for the text book, are to be posted on WebCT and many of them are available as well on the Internet. On WebCT, all readings and other documents for the course are under “Course Content” in folders. For example, this syllabus/course outline is in the folder “Syllabus Etc.”. Finally, the “Week” is a course week (not a calendar

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mailto:[email protected]











week), which begins on Thursday with the Lecture and concludes on the following Wednesday when the final three tutorials for the course week are conducted. Week 1: Lecture 1 on Thursday January 5 and Tutorials on January 6-11

Topic: Introduction to the study of economic thought and some of the earliest ideas from European and non-European Countries.

Lecture Reading: Brue and Grant, Preface and Chapter 1

Tutorial Readings: Rebecca M. Blank “What do economists have to contribute to policy decision-making” The Quarterly Review of Economics and Finance (Winter 2002) pp. 817-824

Steven D. Levitt and Stephen J. Dubner “Introduction: The Hidden Side of Everything” in Freakonomics (New York: William Morrow) pp. 3-15

Brue and Grant “Economic Thought from Biblical Times to the Protestant Reformation”; and “Economic Ideas from Ancient Greece” especially pp. 1-4.

Week 2: Lecture 2 on Thursday January 12 and Tutorials on January13-18

Topic: Mercantilism, the nation state and national competitive advantage

Lecture Reading: Brue and Grant, Chapter 2

Tutorial Readings: Paul Krugman “Making sense of the competitiveness debate” Oxford Review of Economic Policy (Autumn 1996), pp. 17-25

Ronald McKinnon “A Reply to Krugman” The International Economy Winter 2010

Arvind Subramanian “Chinese Mercantilism: The Long View” Business Standard New Delhi January 14 2011

Eric Farnsworth “The New Mercantilism: China`s Emerging Role in the Americas” Council of the Americas February 2011

Joseph E. Stiglitz “Fair Trade for All: How Trade Can Promote Development” Brooks World Poverty Institute Inaugural Lecture February 1 2006

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Roger L. Martin “A Prescription for Canadian Competitiveness” Rotman Management Spring and Summer 1999

Kevin Lynch “Canada’s Productivity Trap” Globe and Mail January 30 2010 p. 21

Week 3: Lecture 3 on Thursday January 19 and Tutorials on January 20-25

Topic: Classical thinking on national wealth and globalization: Part I, Adam Smith

Lecture Reading: Brue and Grant, Chapter 4 (pp. 45-49 and 54-59) and Chapter 5

Tutorial Readings: The Economist “Special Report on the World of Economy: A Game of Catch-up” September 24th 2011, after page 60. Plus at the end Economist Articles on the Rise of Africa December 3rd 2011

Khanna, Tarun “China Plus India: The Power of Two” Harvard Business Review December 2007, pp. 60-69

Council of Canadian Academies “Report in Focus: Innovation and Business Strategy in Canada: Why Canada Falls Short” pp 1-3 only

First Writing Assignment: To be given at Week 3 Lecture and handed in at time of Week 4 Tutorial

Week 4: Lecture 4 on Thursday January 26 and Tutorials on January 27- February 1

Topic: Classical thinking on national wealth and globalization: Part II, Ricardo, Malthus, Bentham and Mill

Lecture Reading: Brue and Grant, Chapters 6 and 7 and Chapter 8 pp. 121-128 and 135-146

Tutorial Readings: Population Reference Bureau “World Population Highlights: Key Findings from PRB’s 2010 World Population Data Sheet” By Jason Bremner, Ashley Frost, Carl Haub, Mark Mather, Karin Ringheim, And Eric Zuehlke Vol. 65 No. 2 July 2010

Amartya Sen “Population: Delusion and Reality,” New York Review of Books, Volume 41, Number 15 · SEPTEMBER 22, 1994

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http://www.nybooks.com/contents/19940922


Stephen Golub “Does Trade with Low-Wage Countries Hurt American Workers” Business Review, Federal Reserve Bank of Philadelphia, March/April 1998

Gordon Laird The Price of a Bargain: The Quest for Cheap and the Death of Globalization Toronto: McClelland and Stewart Introduction pp. 1-9

Week 5: Lecture 5 on Thursday February 2 and Tutorials on February 3-8

Topic: Responses and Opposition to Classical Thinking: Part I, Socialism and Marxism

Lecture Reading: Brue and Grant, Chapter 9, pp. 149-165 and Chapter 10

Tutorial Readings: Nancy Holmstrom and Richard Smith “The necessity of gangster capitalism: primitive accumulation in Russia and China” Monthly Review (February 2000), pp. 1-15

Michael E. Lebowitz “What keeps capitalism going?” Monthly Review (June 2004) pp. 19-25

David M. Kotz “Marxist Crisis Theory and the Severity of the Current Economic Crisis” Department of Economics Thompson Hall December, 2009

John Gray “A Point of View: The Revolution of Capitalism” BBC News Magazine 3 September 2011

Second Writing Assignment: To be given at Week 5 Lecture and handed in at time of Week 6 Tutorial

Week 6: Lecture 6 on Thursday February 9 and Tutorials on February 10-15

Topic: Reactions and Opposition to Classical Thinking: Part II Historicism and Marginalism – List, Schmoller, Weber, Menger, Jevons, Bastiat, Walras and Edgeworth

Lecture Reading: Brue and Grant, Chapter 11, pp. 193-201, and 203-210; Chapter 12, pp. 211-215; Chapter 13, pp. 231-249; and Chapter 14 pp. 255-262

Tutorial Readings:

A. B. Kintu “The Water-Diamond Paradox” September 25 2007

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Robert M. Solow “Economics: is something missing” in William N. Parker Editor Economic History and the Modern Economist Oxford Basil Blackwell 1986 pp. 21-29

John Hicks “Is economics a science” in Mario Baranzini and Roberto Scazzieri Editors Foundations of Economics Oxford Basil Blackwell 1986 pp. 91-101

Bruce Caldwell “Hayek: Right for the Wrong Reasons”, History of Economics Society Presidential Address, Presented on 2 July 2000 Journal of the History of Economic Thought Vol. 23 No, 2 pp. 141-151

Week 7: Mid-Term Test on Thursday February 16; No Tutorials the following week

Week 8: Calendar Week of February 20-24: Winter Term Break, No Lecture or Tutorials

Just Lots of Reading (???)

Week 9: Lecture 7 on Thursday March 1 and Tutorials on March 2-7

Topic: The making of modern microeconomics – with emphasis on the contributions of Alfred Marshall


Tutorial Readings: Christine Oughton and Geoff Whittam “Competition and Cooperation in the Small Firm Sector” Scottish Journal of Political Economy Vol. 44, No. 1 February 1997 especially pp. 1-10 and pp. 20-27

Fernando Alberti “The concept of industrial district: main contributions” (Undated Mimeo on the Internet)

Durlauf Steven N. “What Should Policymakers Know about Economic Complexity” The Washington Quarterly Winter 1998 pp. 157-165

Third Writing Assignment: To be given at Week 9 Lecture and handed in at time of Week 10 Tutorial


Topic: The making of modern macroeconomics and growth theory

Lecture Reading: Brue and Grant, Chapter 21 and Chapter 23 pp. 473-482

Tutorial Readings:

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Joseph E. Stiglitz “The Triumphal Return of John Maynard Keynes” Policy Innovations December 15 2008

Joseph E. Stiglitz “Obama has Confused Saving the Banks with Saving the Bankers” Democracy Now February 25 2009

Robert Reich “The Rebirth of Keynes and the Debate to Come” Good News Daily November 26, 2008

Irving Hexham “Return to Keynes or a Second Great Depression” Calgary Herald December 29 2008

Antoin E. Murphy “The Return of JM Keynes” The Sunday Business Post Online, Dublin Ireland November 30 2008

The Economist “The other-worldly philosophers” July 18th 2009, pp. 65-67

Robert Lucas “In defense of the dismal science” August 8th 2009, p. 67

“Fear the Boom and Bust” a Hayek vs. Keynes Rap Anthemhttp://www.youtube.com/watch?v=d0nERTFo-Sk

Kevin Lynch “Shock and Awe: Government’s Role in Recession and Recovery” Policy Options February 2010

Sean Collins “We’re all Keynesians now? I’m not” Spiked October 16 2009

Paul Krugman “Keynes: The Return of the Master by Robert Skidelsky” The Observer Sunday 30 August 2009

George Brague “The Great Recession and Failure of Keynes” Posted in Capitalism, Economics, Politics January 26th 2011


Topic: Advances in and departures from more traditional economic thinking; Part I Imperfect and Strategic Competition, Market Power, Theory of the Firm, Mathematical Economics, Game Theory and the Chicago School

Lecture Reading: Brue and Grant, Chapters 17 and 18 and Chapter 24 pp. 493-516

Tutorial Readings:

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http://www.youtube.com/watch?v=d0nERTFo-Sk


Friedman James W. (1999) “The Legacy of Augustin Cournot” Department of Economics Working Paper 99-05, University of North Carolina Chapel Hill NC November 16 1999

Ray Rees 1993, “Tacit Collusion”, Oxford Review of Economic Policy, 1993, Vol. 9 pp. 27-40

George A. Akerlof “Behavioral Macroeconomics and Macroeconomic Behavior” The American Economic Review, Vol. 92, No. 3 (June, 2002), pp. 411-433

Fourth Writing Assignment: To be given at Week 11 Lecture and handed in at time of Week 12 Tutorial


Topic: Other advances in and departures from more traditional economic thinking; Part II Institutions, Information and Behaviour


Tutorial Readings: Rudolf Richter “The New Institutional Economics – Its Start, Its Meaning, Its Prospects” European Business Organization Law Review Vol. 6 2005 pp. 161-200, especially 161-171 and 189-190

Douglass C. North “The New Institutional Economics and Development” Washington U. St Louis 1992 (Available on the Internet)

Joseph E. Stiglitz “Information and the Change in the Paradigm in Economics”, Columbia Business School, Columbia U., New York, Prize Lecture, December 8, 2001, especially pp. 472-486 and p. 524 (Concluding Remarks)

Nava Ashraf, Colin F. Camerer and George Loewenstein “Adam Smith, Behavioral Economist” Journal of Economic Perspectives Volume 19, Number 3 Summer 2005 Pages 131–145

Week 13: Final Lecture 11 on March 29 and Tutorials on March 30-April 4

Topic: Economics, society, welfare, and notions of the public interest – and some “thoughts” on the future of economic thought

Lecture Readings: Brue and Grant, Chapters 20 and 25

Tutorial Readings:

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Layard Richard “Happiness: Has Social Science a Clue?” Lionel Robbins Memorial Lectures 2002/3 pp 1-24

Centre for the Study of Living Standards (CSLS) “Does Money Matter” Summary of the Key Findings from Report Does Money Matter: Determining the Happiness of Canadians November 2010

John F. Helliwell “Well-being, social capital and public policy: what’s new” The Economic Journal March 2006 pp. C34-C45

Marc Blaug “The state of modern economics: the problem with formalism” Challenge Vol. 41 No. 3 May/June 1998 pp. 35-45

Review Session and Final Panel Discussion from Previous Week’s Tutorials (Time and Place to be Determined

Optional Readings for your “reading pleasure”, when time and interest allow, include:

Jack E. Adams “David Ricardo’s Theory of Value: A Revisit” Atlantic Economic Journal 1985

George A. Akerlof (1970) “The Market for Lemons: Quality, Uncertainty and the Market Mechanism”, Quarterly Journal of Economics, August 1970, Volume 84, Issue 3, pp 488-500

Anders Åslund and Martha Brill Olcott “Russia After Communism” 2000

Frederic Bastiat “That Which is Seen and That Which is Not Seen” July 1850

William J. Baumol “Toward a Newer Economics: The Future Lies Ahead!” The Economic Journal Vol. 101, No. 404, January 1991, pp. 1-8

William J. Baumol “What Marshall Didn't Know: On the Twentieth Century's Contributions to Economics” The Quarterly Journal of Economics, Vol. 115, No. 1 (Feb., 2000), pp. 1-44

Adolf A. Berle, Jr. “Wesley Clair Mitchell: The Economic Scientist” Journal of the American Statistical Association, Vol. 48, No. 262 (Jun., 1953), pp. 169- 175

Abram Bergson “The Big Bang in Russia: An Overview” Proceedings of the American Philosophical Society, Vol. 139, No. 4 (Dec., 1995), pp. 335 -349

Jacqueline Best “From the Top-Down: “The New Financial Architecture and the Re-Embedding of Global Finance” New Political Economy 8(3) November 2003

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Alan S. Blinder and Mark Zandi “How the Great Recession Was Brought to an End” July 27 2010

Marc Blaug “The State of Economics: Disturbing Currents in Modern Economics” Challenge May/June 1998

Heinrich Bortis “Review Article: Marshall, the Keynesian Revolution and Sraffa’s Significance” Journal of Economic Studies Vol. 30 (1) 2003 pp. 77-97

S. Bowles “Endogenous Preferences: the Cultural Consequences of Markets and Other Economic Institutions” Journal of Economic Literature, Volume 36 (March 1998), pp. 75-111

Brue and Grant Textbook: Additional Chapters on Proudhon, Myrdal, Clark, Stigler, Schumpeter, Schultz Kuznets, Lerner, Hobson and Commons

John H. Cochrane “How Did Paul Krugman Get It So Wrong” Economic Affairs June 2011 pp. 36-40

James M. Buchanan “Economics in the Post-Socialism Century” The Economic Journal Vol. 101, No. 404, January 1991, pp. 15-21

Ronald H. Coase “The Problem of Social Cost” Journal of Law and Economics 1960

The Economist “A bigger world: a special report on globalization” September 20th-26th 2008, pp. 3-16 and 25-26

The Economist “Fear of the Dragon” January 9 2010

Richard Florida “The Rise of the Creative Class" Washington Monthly May 2002

Milton Friedman “Old Wine in New Bottles” The Economic Journal, Vol. 101, No. 404 (Jan., 1991), pp. 33-40

John Kenneth Galbraith “Economics in the Century Ahead” The Economic Journal Vol.101, No. 404, January 1991, pp. 41-46

John Kenneth Galbraith “A Cloud over Civilisation: Corporate Power Is the Driving Force behind US Foreign Policy - And the Slaughter in Iraq” The Guardian, Thursday 15 July 2004

Eli Ginzberg “Wesley Clair Mitchell” History of Political Economy 29:3 1997

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http://www.guardian.co.uk/theguardian


F. H. (Frank) Hahn “The Next Hundred Years”, The Economic Journal Vol. 101, No. 404 January 1991, pp. 47-50

Albert O. Hirschman “Rival Views of Market Society” in Rival Views of Market Society and Other Recent Essays (New York Viking 1986) pp. 105-140

Geoffrey M. Hodgson `The Revival of Veblenian Institutional Economics” Journal of Economic Issues Vol. XLI No. 2 June 2007

Ireland Notes on Varieties of Capitalism Fall 2003

Maria N Ivanova “Marx, Minsky, and the Great Recession” Paper presented at the Second International Conference in Political Economy, ‘Neoliberalism and the Crises of Economic Science’, May 20-22, 2011, Istanbul University, Turkey

Paul L. Joskow “Market Imperfections Versus Regulatory Imperfections” Alfred P. Sloan Foundation and MIT June 20, 2010

Simon Kemp (2008) “Lay attitudes to trade with low-wage countries” Judgment and Decision Making, Vol. 3, No. 4, April 2008, pp. 335–343

Paul Krugman (2008) “Trade and Wages Reconsidered” February 2008

Richard G. Lipsey “Reflections On The General Theory Of Second Best At Its Golden Jubilee” Emeritus Professor of Economics at Simon Fraser University 2006

Richard G. Lipsey and Kelvin Lancaster “The General Theory of Second Best” The Review of Economic Studies, Vol. 24, No. 1 (1956 - 1957), pp. 11-32

Jane Mansbridge “On the contested nature of the public good” in Walter W. Powell and Elisabeth S. Clemens” editors Private Action and the Public Good (New Haven: Yale University Press, 1998) pp. 3-19

D. W. MacKenzie “Veblen, Hayek and Coase and the History of Institutional Economics” June 2009

Roger L. Martin and Michael E. Porter “Canadian competitiveness: a decade after the crossroads” 2000

Anne Mayhew “Book Review” Karl Polanyi, The Great Transformation: The Political and Economic Origins of Our Time. 1944. xiii + 305. Review Essay by Anne Mayhew, College of Arts and Sciences, University of Tennessee. [email protected]

Edythe S. Miller “Evolution and Stasis: The Institutional Economics of David Hamilton” Journal of Economic Issues Vol. XXXVI (1) March 2001 pp. 51-63

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Richard R. Nelson “Institutions and Economic Growth: “Sharpening the Research Agenda” Remarks upon Receipt of the Veblen-Commons Award Journal of Economic Issues Vol. XLI No. 2 June 2007

Elinor Ostrom “Beyond Markets and States: Polycentric Governance of Complex Economic Systems” Nobel Prize Lecture December 8, 2009

Elinor Ostrom; Joanna Burger; Christopher B. Field; Richard B. Norgaard; and David Policansky “Revisiting the Commons: Local Lessons, Global Challenges” Science, New Series, Vol. 284, No. 5412. (Apr. 9, 1999), pp. 278-282

People’s Daily Online “The Washington Consensus and the Beijing Consensus June 18 2005 Population Reference Bureau Staff Transitions in World Population” Vol. 59 No. 1 (Washington D.C.: Population Reference Bureau 2004), especially pp. 3-4 and 20-37

Joshua Cooper Ramo “The Beijing Consensus” Foreign Policy Centre 2004

C. Ravi “Impact of Globalization and Recession on Social and Economic Inequalities in India” September 2009

Report by the Commission on the Measurement of Economic Performance and Social Progress Professor Joseph E. Stiglitz, Chair, Columbia UniversityProfessor Amartya Sen, Chair Adviser, Harvard UniversityProfessor Jean-Paul Fitoussi, Coordinator of the Commission, IEP2009 (Also Known as the Sarkozy Report) 2009

Dani Rodrik “Growth after the Crisis” Harvard Kennedy School May 1 2009

Prasenjit Bose Rohit “Global Financial Crisis: Lessons in Theory and Policy” The Marxist Volume XXIV, No. 3 July-September 2008

Paul A. Samuelson “Understanding the Marxian Notion of Exploitation: A Summary of the So-Called Transformation Problem Between Marxian Values and Competitive Prices” Journal of Economic Literature, Vol. 9, No. 2 (Jun., 1971), pp. 399-431

Antonio Sanchez-Andres and Jose M. March-Poquet “The Construction of Market Institutions in Russia: A View from the Institutionalism of Polanyi” Journal of Economic Issues Vol. XXXVI No. 3 September 2002

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Amartya K. Sen “Rational Fools: A Critique of the Behavioral Foundations of Economic Theory” Philosophy and Public Affairs, Vol. 6, No. 4 (Summer, 1977), pp. 317-344

Andrei Shleifer and Daniel Treisman “A Normal Country: Russia after Communism” Journal of Economic Perspectives 19(1) Winter 2005 Winter 2005 pp. 151-174

Laurence Seidman “Keynesian Fiscal Stimulus: What Have We Learned from the Great Recession?” Professor of Economics University of Delaware Working Paper Series No. 2011-11 August 2011

Nicholas Stern “The Determinants of Growth” The Economic Journal Vol.101, No. 404 January1991 pp. 122-133

Joseph E. Stiglitz “Fair Trade for All: How Trade Can Promote Development” Brooks World Poverty Institute Inaugural Lecture February 1 2006

Joseph E. Stiglitz Chapter on “Making Trade Fair” from Making Globalization Work

Richard H. Thaler and Shlomo Benartzi “Save More Tomorrow: Using Behavioral Economics to Increase Employee Saving” Journal of Political Economy, 2004, vol. 112, no. 1, pt. 2

Rick Tilman “Darwinism and Institutional Economics: Recent Criticism of Veblen and Ayres” Journal of Economic Issues, Vol. 24, No. 1 (Mar., 1990), pp. 263-267

Keith Tribe “Adam Smith: Critical Theorist?” Journal of Economic Literature, Vol. 37, No. 2 (Jun., 1999), pp. 609-632

David Warren “A Craving for Prophesy Persists” Ottawa Citizen January 30 2011

Oliver E. Williamson “The New Institutional Economics: Taking Stock and Looking Ahead” The Journal of Economic Perspectives Volume 38, No. 3 September 2000, pp. 595-613

Oliver E. Williamson “Transaction Cost Economics: The Natural Progression” Nobel Prize Lecture, December 8, 2009

Ian Sue Wing “Computable General Equilibrium Models and Their Use in Economy-Wide Policy Analysis” Global Science Policy Change MIT Technical Note No. 6 September 2004

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Douglas Woodward “Porter’s Cluster Strategy Versus Industrial Targeting” Professor of Economics Director, Division of Research University of South Carolina July 1, 2005 Based a Presentation at the ICIT Workshop Orlando, Florida December 3, 2004

Rachel Ziemba “Responses to Sovereign Wealth Funds: Are 'Draconian' Measures on the Way?” November 2007

Other optional readings will be discussed briefly in the Lecture Notes and placed in the Optional Readings Folder on WebCT as the term moves forward. These readings are truly optional but some will be noted in the lecture notes and interested students may wish to open and look at the Executive Summary and the Conclusions of some of them that appear relevant to the lectures and tutorials or may be of particular interest to them.

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