BAEcon Development Studies

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Some undergraduate UK students will receive bursaries of up to £2,000 per year, in addition to the government package of maintenance grants.

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Studying economic thought offers comprehension about the evolution of economic theories and ideas that have shaped our economic understanding of the world today. It provides a foundation for understanding the intellectual and theoretical roots of contemporary economic debates and paradigms. By analysing the works of influential economists such as Adam Smith, Karl Marx and John Maynard Keynes, students gain a deeper appreciation for the different schools of economic thought, their underlying assumptions, and their implications for economic policy. Understanding the historical, social and political context in which economic ideas and theories emerged gives a valuable interpretation on why some ideas appeared in specific locations and time periods, highlighting how economic theories are not unquestionable natural laws but are instead products of specific political and historical contexts. This historical perspective enables students to critically analyse and evaluate current economic theories, identify their strengths and limitations, and engage in informed debates about economic issues. Furthermore, the history of economic thought offers a rich background on diverse perspectives and approaches to understanding economic phenomena. It introduces students to alternative frameworks, different schools of economic thought, which challenge the assumptions and methodologies of conventional economic models and theories. Exploring these different perspectives encourages students to think critically, to question usually unquestioned assumptions, and to appreciate the importance of pluralism in economic analysis. Students also delve into the ideas and intellectual debates that have shaped economic theory over centuries. A multidisciplinary approach combines elements of economics, politics, philosophy, history, and sociology, offering a broad understanding of how economic ideas emerge, evolve, and influence society. Ultimately, studying economic thought equips students with a nuanced understanding of the complexities of  economic theory and its real-world applications, empowering them to contribute and shape the future of economic thinking.

Provide a brief historical and comparative overview on economic theories and methods.

 

Studying economic thought offers comprehension about the evolution of economic theories and ideas that have shaped our economic understanding of the world today.  

 

It provides a foundation for understanding the intellectual and theoretical roots of contemporary economic debates and paradigms.  

 

Give students a deeper appreciation for the different schools of economic thought, their underlying assumptions, and their implications for economic policy.  

 

Discuss the historical, social and political context in which economic ideas and theories emerged, enabling students to critically analyse and evaluate current economic theories.

 

Indicative Syllabus

Methodology of Economics  

Pre-Classical Thinking   
Classical School  

Marx 
Marginalist Revolution  

Keynes   
Other Schools of Thought

Comprehend the evolution of major economic ideas, theories and thinkers in historical and comparative perspective to understand how they influence today`s economic thinking.

 

Understand the historical, social and political context of different authors to evaluate how they influenced the emergence of specific economic ideas and theories.

 

Identify the main authors, main question, key concepts, assumptions and methods of each school of economic thought to understand many perspectives in economics and how they differ.  

 

Understand the importance diversity and pluralism of ideas and approaches to enhance a broader knowledge beyond the core units in economics.

 

 

Debate, analyse and compare ideas, theories and methods in economics to develop critical thinking assessing the relevance and applicability of economic theories in different historical settings

 

Apply different theoretical perspectives in comparative approach to evaluate current economic issues.  

 

 

Research and identify relevant literature to inform the development of arguments. 

Concisely communicate material (digitally, written and verbally) to facilitate an exchange of ideas.