ECON 3700                                                   
              FALL SEMESTER                                                 
                                                                                        Scope and Purpose
                                                                                        Organization, Readings, and Exam Schedule
                                                                                        Special Readings
                                                                                        Class Attendance
                                                                                        Class Participation                                                                                       
                                                                                        Make-up Exams
                                                                                        Grading System
                                                                                        Biobraphical Sketches of Significant Economists     

Office hours:
Required Tex

8:00 – 8:50 a.m., MWF 

CoB (Lowder and Lowder Building), Room 026
Roger W. Garrison

Haley Center, Room 0305
9:15 – 10:45 p.m., Monday through Thursday (and by appointment)
                                                       ---but no office hours on exam day!
(334) 844-2920
Mark Skousen, The Making of Modern Economics: The Lives and Ideas of the Great Thinkers,  2nd ed., New York: M. E. Sharpe, 2009.

Mark SkousenThe Making of Modern Economics
Scope and Purpose of the Course: The lectures and texts trace economic ideas from Adam Smith's System of Nautral Liberty to the theorizing of contemporary economists. Over the years, economistssome of them, anyway–have learned that the history of their discipline can serve as a critical anchor in assessing contemporary developments. Seemingly new theoretical developments may turn out to be old but long forgotten. Seemingly innovative policy prescriptions may turn out to have a long and ignoble history.

Leland B. Yeager
Leland B. Yeager identifies the special significance of the History of Economic Thought:
"Cultivation of the history of thought is more necessary in economics than in the natural sciences because earlier discoveries in economics are in danger of being forgotten; maintaining a cumulative growth of knowledge is more difficult. In the natural sciences, discoveries get embodied not only into further advances in pure knowledge but also into technology, many of whose users have a profit-and-loss incentive to get things straight. The practitioners of economic technology are largely politicians and political appointees with rather different incentives. In economics, consequently, we need scholars who specialize in keeping us aware and able to recognize earlier contributionsand earlier mistakeswhen they surface as supposedly new ideas. By exerting a needed discipline, specialists in the history of thought can contribute to the cumulative character of economics."
---Leland B. Yeager, 1973

Organization, Readings, and Exam Schedule: The lecture topics and reading material is divided into three segments as shown the table. The table includes chapter assignments from Mark Skousen's Making of Modern Economics as well as some Special Readings, which are listed (with links) in a separate table. These reading assignments may be augmented or modified as the course progresses.

General Topic
Reading from
Mark Skousen's
  Making of Modern Economics
Special Readings
by R. W. Garrison
(as assigned)
Exam Dates

Pre-Classical and Classical Thought
(through 1871)
Chapters 1 through 5 
Reading 1 
October 1


Marxism (1848 and continuing)
Neoclassical Thought--including the Austrians (1871 and beyond)

Chapter 6
Chapters 7 though 12
Readings 4 through 8

November 5

Keynesian Economics and the Moderns
(since 1936 with  ups and downs)
Chapters 13 through 17 Readings 9 and 10 Thursday
December 9

8:00 -10:30 a.m.

Special Readings:

1.   R. W. Garrison, "The Intertemporal Adam Smith," Quarterly Journal of Austrian Economics, vol. 7, no. 1 (Spring), 1998, pp. 51-60.

2.   R. W. Garrison, "Gustav Cassel," in Thomas Cate, ed., Encyclopedia of Keynesian Economics, Aldershot, England: Edward Elgar, 1997, pp. 90-93.

3. Vivian Walsh and Harvey Gram, Classical and Neoclassical Theories of General Equilibrium: Historical Origins and Mathematical Structure, Market Process, vol. 1, no. 1 (January), 1983, pp. 3-5.

4.   R. W. Garrison, "Austrian Economics," forthcoming in William A. Darity, ed., The International Encyclopedia of the Social Sciences,"  2nd ed., London: Macmillan and Company, 2008.

5.   R. W. Garrison, "Eugen von Bohm-Bawerk," in Randall Holcombe, ed., Fifteen Great Austrian Economists, Auburn, AL: Ludwig von Mises Institute, 1998, pp. 113-122.

6.   R. W. Garrison, "Ludwig Edler von Mises," in David Glasner, ed., Business Cycles and Depressions: An Encyclopedia. New York: Garland Publishing, Inc., 1997, pp. 440-42.

7.   R. W. Garrison, "Murray Rothbard," in Murray N. Rothbard: In Memorium. Auburn, AL: Ludwig von Mises Institute, 1995, pp. 13-18.

8.   R. W. Garrison and I. M. Kirzner, "Friedrich August von Hayek" in John Eatwell, Murray Milgate, and Peter Newman, eds., The New Palgrave: A Dictionary of Economics, London: Macmillan Press Ltd., 1987, pp. 609-614.

9.   R. W. Garrison, Review of  Allan H. Meltzer, Keynes's Monetary Theory: A Different Interpretation. Critical Review, vol. 6, no. 4, 1993, pp. 471-492.

10.   R. W. Garrison, Review of Fred R. Glahe, ed., Keynes's The General Theory of Employment, Interest, and Money: A Concordance, The Austrian Economics Newsletter, vol. 12, no. 1 (Spring), 1992, pp. 10-12.
Class Attendance: Students are required to attend all class meetings and to arrive before the lecture begins. (Late-arriving students can be counted as absent at the discretion of the professor.) Students will sign an attendance roster each day. Documentation of excused absences must be presented within one week of the absences. A harsh penalty will be imposed on any student who signs the attendance roster for another student: The signer and possibly the signee will forfeit all attendance points.)

Excused Absences: University excuses must be presented within one week after the student returns to class.

Class Participation: Student participation is encouraged and welcomed. Questions for the purpose of clarification will benefit most all the students; critical questions and comments tend to make the course more interesting.

Examinations: There will be two fifty-minute exams and a comprehensive final exam. The specific format of exams will be largely if not wholly in a multiple-choice format. The wearing of caps, hats, bonnets, sombreros, bandanas, helmets, ski masks, sun visors, or other headgear is not allowed during the exam.

Make-up Exams: Students will not be permitted to take the exams early or late. Should it become necessary for a student to miss an exam, he or she should notify the instructor in advance of the exam date. Students with excused absences will be required to take a make-up exam as arranged by the professor.

Grading System:
Each student begins the course with 100 attendance points. Then, beginning on Monday, August 24, he or she loses three points for each unexcused absence. The three exams will count 100 points each, which means that the totla possible points for the course (exams plus attendance) is 400. Hence, if a student has three unexcused absences (for an attendance score of 94) and has exam scores of 85, 82, and 79, his  or her course average is (94 + 85 + 82 + 79)/4 = 85. There are no extra-credit assignments. Letter grades for the course will be determined by applying a 10-point scale to the average of the four scores. That is, 90 and above is an A; 80 to 90 is a B; etc..

Biographical sketches of Significant Economists (gleaned mostly from the History of Economic Thought (HET) website):







William Petty
Richard Cantillon
Jaques Turgot
Francois Quesnay
David Hume

Adam Smith
Excerpts from W of N
David Ricardo
Thomas Malthus
Karl Marx
John Stuart Mill
Jeremy Bentham
Jean-Baptiste Say

  Augustin Cournot
Jules E. Dupuit
William Stanley Jevons
Leon Walras
Alfred Marshall
Knut Wicksell
Gustav Cassel

Carl Menger
Eugen von Bohm-Bawerk
Frank Fetter
Ludwig von Mises
Friedrich A. Hayek
Murray N. Rothbard

John Maynard Keynes
Abba Lerner

Milton Friedman
John K.Galbraith
Robert Heilbroner
Robert E. Lucas