070530 UE Foreign Languages in Historical Science 1 (2010S)

Ao.-Univ.Prof. Dr. Karl Milford
Institut für Volkswirtschaftslehre
der Universität Wien
Hohenstaufengasse 9
A – 1010 Wien

070 530 UE Fremdsprachen in der Geschichtswissenschaft I

Time: Tuesday, 13:00 – 15:00; first meeting: March 9th, 2010
Location: Seminarraum WISO 1, (ZG102.28)

Aims

The aim of this course is to introduce students to the wide-ranging controversy “Classical economics, Keynes and Monetarism” on an introductory level. It provides the special opportunity for (economic) historians to become acquainted with some basic economic theories which frequently are applied in order to support historical explanations.

Objectives

Diligent students will learn to make sense of and evaluate the historical background, achievements, main criticisms and later developments of this controversy which implicitly still covers much ground in historical and theoretical discussions.

Rewards and Requirements

Teaching consists in one unbroken 90-minute lecture/seminar weekly. Students are required to contribute in a lively manner to discussions at all classes and also to produce one substantial talk and seminar presentation (about 30 minutes). Before presenting their talk in class, students are required to prepare and discuss their talk with me.

Examination Arrangements

Examinations will take place in April and June 2010. Students will receive assignments and are required to write brief essays (between 3000 words each) in order to provide satisfactory answers. They are also required to hand in their written assignments at certain dates which will be announced in due course.

Principal Literature

G. Ackley, Macroeconomics: Theory and Policy, London 1979;
selections of chaps: 4,5,6,7,8,9,10,11,12.
M. Stewart, Keynes and After, Penguin 1967.
M. Blaug, Economic Theory in Retrospect, Cambridge 1978, selections of chaps. 3 and 4

Meetings

09. 03. Introduction; some basic concepts: stocks, flows, GDP, circular flow of production and incomes, comparative static analysis, dynamic analysis, Say’s Law

Classical Economics

16. 03. Classical monetary theory; Classical real theory
lit: Ackley, chap. 4;

23. 03. Saving and investment,real capital markets, the quantity theory in a dynamic context, lit: Ackley, chap. 5

13. 04. Business cycles and growth in the classical model
lit: Ackley, chaps 4, 5; Stewart chaps 2, 3; Blaug chaps 3, 4

20. 04. Review and discussion

Keynesian Economics

27. 04. structure of a Keynesian model; simple income determination,
lit: Ackley, chap. 6;

04. 05. simple fiscal policy in a Keynesian system; investment in a Keynesian model;
lit: Ackley, chaps. 7, 8;

11. 05. Business cycles and growth in a Keynesian model;
Ackley chap 8

18.05. money in a Keynesian model; Keynes’ explanation of money demand;
lit: Ackley, chap 9

01. 06. Keynesian- Classical Synthesis, flexible and rigid wages, IS-LM model
lit: Ackley chaps. 10, 11.

08. 06. Review and discussion

Monetarism

15. 06. Monetarism and Classical Economics: IS- LM and flexible wages
lit: Ackley, chap. 12

22. 06. Review and discussion

29. 06. Test