Critique of Orthodox Economics

Course Code:

ECON 463

Course Type:

Area Elective

P:

3

Application:

0

Credits:

3

ECTS:

5

Course Language:

İngilizce

Course Coordinator:

Nuri Vedit İnal

Courses given by:

Nuri Vedit İnal

Course Objectives:

This course aims to criticize the mainstream neoclassical theory. This criticism is done at two levels. On the hand, the asocial and ahistorical aspect of the neoclassical theory is criticized in the light of the criticim advanced by the revitalized German Historical School of Economics; on the other hand, the logical consistency of the neoclassical theory is questioned in the light of the capital theory controversies.

Course Content:

The course begins by criticizing the asocial and ahistorical aspect of the neoclassical economics. Against this view the social and historical analysis of the classical political economy is juxtaposed. We then turn to a theoretical critique of the neoclassical analysis, by focusing on the capital controversy. This critique takes us to the modern versions of the classical analysis on the one hand and to Keynes and the post-Keynesian approach on the other. The course concludes by a discussion of the revitalized German Historical School, and the Evolutionary and Institutionalist Economics.

Course Methodology:

1: Lecture, 2: Question-Answer, 3: Discussion, 12: Case Study

Course Evaluation Methods:

A: Testing, B: Experiment, C: Homework, Q: Quiz

Vertical Tabs

Course Learning Outcomes

Learning Outcomes	Program Learning Outcomes	Teaching Methods	Assessment Methods
A good understanding of the difference between the classical and neoclassical approaches to value and distribution.	2, 4, 5, 7	1,2,3	A
A good understanding of the data of the classical and neoclassical analyses.	2, 4, 5, 7	1,2,3	A
A good understanding of the asocial and ahistorical aspects of the neoclassical paradigm.	2, 4, 5, 7	1,2,3	A
A good understanding of the evolutionary and institutionalist approach to economics.	2, 4, 5, 7	1,2,3	A

Course Flow

COURSE CONTENT
Week		Study Materials
1	Introduction to the Critique of Orthodox Economics	Milonakis and Fine, Ch. 1
2	Once Upon a Time Economics was a Social Science: Classical Political Economy	Milonakis and Fine, Chs. 2 and 4
3	Times of Karl Marx and the Development of his Social and Economic Views	Hunt and Lauzenheizer, Ch. 9; Tsoulfidis, Ch. 5
4	Marx's Political Economy	Hunt and Lauzenheizer, Ch. 9; Tsoulfidis, Ch. 5
5	Controversy in the Theory of Capital: An Initial View of the Fundamental Problem in the Neoclassical Analysis	Tsoulfidis, Ch. 8; Garegnani, 1990, pp. 1-11; Kurz, 1990.
6	The problem in conceiving capital as a homogenous value magnitude à la J. B. Clark.	Tsoulfidis, Ch. 8; Garegnani, 1990, pp. 31-44; Nell, 1970.
7	Sraffa and Garegnani's Revival of Classical Political Economy	Tsoulfidis, Ch. 6.
8	Mid-Term
9	Modern Formulations of the Surplus Approach	Garegnani, 1984, pp. 291-312
10	The Great Depression and Keynes' Critique of Neoclassical Economics	Tsoulfidis, Ch. 10.
11	John Maynard Keynes, Michał Kalecki and the Post-Keynesian Synthesis	Davidson, 'The Post-Keynesian School' in Snowdon and Vane, Modern Macroeconomics.
12	German Historical School of Economics	Yuichi Shionoya, The Soul of the German Historical School, Chs. 1, 3, 4; Milonakis and Fine, Chs. 5 and 6.
13	Controversy on Method Between Menger and Schmoller, and the Parting of Ways Between Economics and Sociology	Milonakis and Fine, Ch. 12.
14	Evolutionary and Institutionalist Economics	Milonakis and Fine, Chs. 9 and 10; Hunt and Lautzenheizer, Ch. 12.

Recommended Sources

Textbook
Additional Resources	Dimitris Milonakis and Ben Fine, From Political Economy to Economics, 2009, Routledge; Lefteris Tsoulfidis, Competing School of Economic Thought, 2010, Springer; E.K. Hunt and Mark Lautzenheizer, History of Economic Thought: A Critical Perspective, 2011, M.E. Sharpe; Pierangelo Garegnani, "Quantity of Capital" 1990; Pierangelo Garegnani, “Value and Distribution in Classical Economists and Marx”1984; Heinz Kurz, “Debates in Capital Theory”,1990; Edward Nell, “A Note on Cambridge Controversies In Capital Theory”, 1970.

Material Sharing

Documents	Vedit İnal, Lecture notes
Assignments
Exams	One mid-term and a final

Assessment

ASSESSMENT
IN-TERM STUDIES	NUMBER	PERCENTAGE
Mid-terms	1	100
Quizzes (attendance, presentation, etc.)	0	0
Assignments	0	0
	Total	100
Contribution of Final Examination to Overall Grade		50
Contribution of In-Term Studies to Overall Grade		50
	Total	100
Course Category

Course’s Contribution to Program

COURSE'S CONTRIBUTION TO PROGRAM
No	Program Learning Outcomes	Contribution
		1	2	3	4	5
1	Students can keep themselves informed and analyze the current economic development in Turkey and in the world from an international political economy perspective paying a particular attention to the interaction of the Turkish economy with the global economy.	X
2	Being aware of the development and accumulation of economic thought, students can master qualitative and quantitative knowledge and methods to test various economic theories that can be applied to the analysis of the current economic problems.				X
3	Students can use statistical and econometric analyses by learning how to use information technologies that have validity and widespread use in the field of economics.	X
4	By learning how to learn in the field of economics, students can research and work individually or as a team using the Turkish and English academic resources.					X
5	Being aware of the ethical values, students know the individual, social and ecological dimensions of the concept of social responsibility and can prove that they understand the active citizenship duty that falls upon them within this framework.					X
6	Students can clearly express, present and share their knowledge, the outcomes of their studies, their ideas and comments to people in their field or other disciplines/units using the necessary data, in national and international academic and professional environments, in Turkish or English.		X
7	Students can show that understanding the universality of social rights and the concepts of social justice, which form the basis of the modern societies, and the importance of scientific perspective, which is necessary to the social development and global competitiveness.				X

ECTS

Activities	Quantity	Duration (Hour)	Total Workload (Hour)
Course Duration (Including the Exam Week: 15 x total course hours)	15	3	45
Hours for off-the-classroom study (Pre-study, practice)	15	3	45
Mid-terms	1	10	10
Quizzes (attendance, presentation, etc.)	0	0	0
Assignments	0	0	0
Final Examination	1	15	15
Total Work Load			115
Total Work Load / 25 (s)			4,6
ECTS Credit of the Course			5

None

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