History of Economic Analysis

Objectives

By History of Economic Analysis I mean the history of the intellectual efforts that men have made in order to understand economic phenomena or, which comes to the same thing, the history of the analytic or scientific aspects of economic thought. J.A. Schumpeter The Oxford English Dictionary defines Economics as "The branch of knowledge concerned with the production, consumption, and transfer of wealth." In other's views (like the author of the above quote), it has a broader definition as it is a complex map to guide us through the functioning of the central social scheme we call the Economy. Economic analysis officially appeared with the publication of the Wealth of Nations by Adam Smith in 1776, which is surprisingly late if we compare it with other branches of knowledge. Since then, it has made an incredible journey, going through paradigms shifts and creating new scientific methods. Why should we study the journey and not just start Economics analysis at the current frontier? First initial conditions matter to give directions and meaning to students. Second, the journey can inspire. But eventually, the main reason is that it is incredibly interesting. This course presents a brief history of economic analysis by selecting critical authors and studying their writings through today's lenses. Compared to traditional courses, emphasis is also given to the second half of the 20th century.