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Lecture 2 - Intellectual Base

Lecture 2 - Intellectual Base - Lecture 2 Intellectual Base...

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Lecture 2 Intellectual Base Prof. Paczkowski Lecture 2 Intellectual Base Prof. Paczkowski Rutgers University Spring, 2010 Prof. Paczkowski (Rutgers University) Lecture 2 Intellectual Base Spring, 2010 1 / 59
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Lecture 2 Intellectual Base Prof. Paczkowski Part I Reading Assignment Prof. Paczkowski (Rutgers University) Lecture 2 Intellectual Base Spring, 2010 2 / 59
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Lecture 2 Intellectual Base Prof. Paczkowski Background Heilbroner, R. ”Was Schumpeter Right After All?” The Journal of Economic Perspectives Summer 1993, V. 7, #3 (87 - 96) Available through IRIS Sylla, R. ”Schumpeter Redux” Journal of Economic Literature June 2006, V. 44, #2 (391 - 404) Available through IRIS Prof. Paczkowski (Rutgers University) Lecture 2 Intellectual Base Spring, 2010 3 / 59
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Lecture 2 Intellectual Base Prof. Paczkowski Invisible Hand The following can be found in The New Palgrave: A Dictionary of Economics, edited by J. Eatwell, M. Milgate and P. Newman (in Alexander Library reference section). Skinner, A.S. ”Adam Smith” Vaughn, K.I. ”Invisible Hand” Monro, D.H. ”Self-Interest” Prof. Paczkowski (Rutgers University) Lecture 2 Intellectual Base Spring, 2010 4 / 59
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Lecture 2 Intellectual Base Prof. Paczkowski Part II Introduction Prof. Paczkowski (Rutgers University) Lecture 2 Intellectual Base Spring, 2010 5 / 59
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Lecture 2 Intellectual Base Prof. Paczkowski Introduction We need to set the stage for our study by looking at where the theories we will discuss came from Growth theories developed through stages or periods Were obviously in a ”Modern Period” The beginning of growth theory and economics was the Classical Period Prof. Paczkowski (Rutgers University) Lecture 2 Intellectual Base Spring, 2010 6 / 59
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1776 1890 1946 Now Adam Smith Marginal Revolution Samuleson’s Foundations Classical Period Neo-Classical Period Keynesian/Modern Period Intellectual Timeline Endogenous Growth Models Harrod- Domar Model Solow Model Loose, Unstructured Growth Models Growth Becomes Less Important Resurgence of Interest in Growth Models Magnificent Growth Theme Microeconomic Focus Macroeconomic Focus ? Marshall Pigou Keynes Keynes Samuelson Hicks Ricardo Malthus Mills Marx Friedman Samuelson Hicks Modigliani Tobin Solow Lucus Romer
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Lecture 2 Intellectual Base Prof. Paczkowski Classical Economists Adam Smith Lecture Study Guide Rev. Thomas Malthus Lecture Study Guide Karl Marx Lecture Study Guide Part III Classical Period Prof. Paczkowski (Rutgers University) Lecture 2 Intellectual Base Spring, 2010 8 / 59
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Lecture 2 Intellectual Base Prof. Paczkowski Classical Economists Adam Smith Lecture Study Guide Rev. Thomas Malthus Lecture Study Guide Karl Marx Lecture Study Guide Classical Period The Classical Economists encompass all the writers from Hume and Smith to Marx David Hume Adam Smith Rev. Thomas Malthus David Ricardo James Mill and John Stewart Mill Karl Marx Prof. Paczkowski (Rutgers University) Lecture 2 Intellectual Base Spring, 2010 9 / 59
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Lecture 2 Intellectual Base Prof.
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