ECONOMICS AS A SOCIAL SCIENCE: THE CONTRIBUTION OF HISTORICAL THOUGHT
Giovanni Farese
Instructional goals
The aim of this Course is to equip students with critical tools to navigate economics as a social science – a complex, plural and stratified one – in the light of the historical thought and, in generale, to provide tools to better think and act in today’s world.
Prerequisites
None.
Intended learning outcomes
Ability to understand and interpret phenomena, problems, and texts; ability to understand and interpret contexts and schools of thought; ability to understand and interpret both facts and theories.
Course Contents
The Course aims at offering a critical overview on the nature of economics as a social science through readings and through Socratic dialogues on various texts to be understood and interpreted in the light of the historical method and thought.
Reference Books
Ha-Joon Chang, Economics: The User’s Guide, Penguin Books, London, 2014.
Teaching Methods
Classes and seminars with reading and discussion in class. Guest lectures.
Assessment Method
Assessment is conducted through one of two alternative methods: participation in continuous assessment or a single final exam. Students taking part in continuous assessment may earn up to one third of the final grade through debates, discussions, presentations, case-study analysis, and other activities assigned by the instructor. The format and grading weight of each activity will be communicated at the beginning of the course. The score obtained will remain valid for the entire academic year. The final oral exam, reserved for students who successfully complete the continuous assessment, will account for the remaining two thirds of the final grade. It will cover the course syllabus and teaching materials indicated by the instructor, excluding any topics already assessed during the semester where applicable. The exam is designed to evaluate students’ knowledge of the course content, their ability to apply concepts to practical cases, and their critical and argumentative skills. Students who do not participate in, or do not successfully complete, the continuous assessment will take a final oral exam worth 100% of the final grade. The exam will cover the entire course syllabus, the teaching materials indicated by the instructor, and any additional readings published on Luiss Learn, including Geoeconomia del capitalismo by Giuseppe Di Taranto, published by Luiss University Press in 2024. Assessment will take into account theoretical knowledge, the ability to apply course content, critical analysis, clarity of presentation, and appropriate use of disciplinary language.
Thesis assignment criteria
The thesis will be assigned after carefully assessing the commitment and interest showed, as well as the actual skills acquired by the student requesting it.
Week 1
The Duel and the Schools.
Complexity, stratification, pluralism: economics as a social science.
FIRST PART
Readings: R. Skidelsky, L’eterno duello fra le scuole, Il Sole 24 Ore; H.-J. Chang, cap. 1
Week 2
The Duel and the Schools.
Complexity, stratification, pluralism: economics as a social science.
SECOND PART
Readings: R. Skidelsky, L’eterno duello fra le scuole, Il Sole 24 Ore; H.-J. Chang, cap. 1
Week 3
Democracy, economics, money.
Definitions, problems, relationships.
FIRST PART
Readings: Aristotele, Etica Nicomachea, libro V; Politica, libro VI (excerpts).
Week 4
Democracy, economics, money.
Definitions, problems, relationships.
SECOND PART
Readings: Aristotele, Etica Nicomachea, libro V; Politica, libro VI (excerpts).
Week 5
Invisible hand and moral sentiments.
Class reading of Adam Smith.
FIRST PART
Readings: A. Smith, La ricchezza delle nazioni, Books I e IV; Id., La Teoria dei sentimenti morali, Parts I-II-III-IV-VI.
Week 6
Invisible hand and moral sentiments.
Class reading of Adam Smith.
SECOND PART
Readings: A. Smith, La ricchezza delle nazioni, Book I e IV; Id., La Teoria dei sentimenti morali, Parts I-II-III-IV-VI.
Week 7
Animal spirits, uncertainty, visible hand.
Class reading of J.M. Keynes
FIRST PART
Readings: J.M. Keynes, Teoria generale, chapter 12; Id., La fine del laissez-faire; Id. Possibilità economiche per i nostri nipoti
Week 8
Animal spirits, uncertainty, visible hand.
Class reading of J.M. Keynes
SECOND PART
Readings: J.M. Keynes, Teoria generale, capitolo 12; Id., La fine del laissez-faire; Id. Possibilità economiche per i nostri nipoti
Week 9
Entrepreneurship, history, innovation.
Class reading of J.A. Schumpeter
FIRST PART
Readings: J.A. Schumpeter, La teoria dello sviluppo economico, ch. 2; Capitalismo, socialismo, democrazia, chapter 7.
Week 10
Entrepreneurship, history, innovation.
Class reading of J.A. Schumpeter
SECOND PART
Readings: J.A. Schumpeter, La teoria dello sviluppo economico, ch. 2; Capitalismo, socialismo, democrazia, chapter 7.
Week 11
The City and the Temple.
The place of economics among social sciences and neo-institutionalism.
FIRST PART
Readings: P. Mathias, Convivere con i vicini; D.C. North, Capire il processo di cambiamento economico, chapter 1-2.
Week 12
The City and the Temple.
The place of economics among social sciences and neo-institutionalism.
SECOND PART
Readings: P. Mathias, Convivere con i vicini; D.C. North, Capire il processo di cambiamento economico, chapter 1-2.