The objective of this module is to provide the student with a broader understanding of contemporary economic theories through a critical analysis of the main succeeding schools of thought beginning with the economic ideas of the ancient philosophers to modern empiricism. The module is designed to equip the student with a thorough understanding of the foundations of modern economics and of contemporary economic facts (economic crises) for example. It aims to supplement the technical orientation of economics teaching with economic ideas as well as to develop critical thinking. The different ideas and schools of economic thought will be appraised with due reference to economic facts in an historical context.

(i) Broad steps in Economic Thinking - from the Moral Philosophers to economics as a 'science'. (ii) Ancient and Medieval Economic Thought. Physiocrats (F. Quesnay). (iii) Classical Economic Thought (Smith, Malthus, Ricardo, Mill and Say) (iv) Neo-classical economic thought: the development of Marginal Analysis (Jevons, Menger and Walras) (v) Leon Walras and General Equilibrium Analysis (vi) Socialist thinking and Heterodox Economics (vii) Critics of neoclassicism (e.g. V. Pareto), and competition reconsidered (e.g. Robinson) (viii) The development of modern Economic Thought (Keynes; Austrian school; F. von Hayek; Monetarism; Chicago School) (ix) Business Cycle theory and economic crises

On successful completion of this module, students will be able to: Explain the key characteristics of the different schools of economic thought. Demonstrate how economic history can facilitate an understanding of contemporary economic issues. Demonstrate an in-depth knowledge of key contributors to the evolution of economic theory. Relate historical economic theory and practice to current real world issues.

On successful completion of this module, students will be able to: Participate in debates on the most important contributors to the history of economic thought. Appreciate how historical economic theory is still relevant in understanding contemporary economic issues.

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The module is delivered by way of face to face lectures and workshops every week, with a significant component of private research undertaken by the students on the key contributors to economic thought. There is significant emphasis on evaluating the relevance of historical economic ideas particularly in relation to the interconnection between self interest, the market and the role of government in the economy and society. The module is designed to engage students in answering key questions around what ought to be the role of government in society and develops an important appreciation around the debate on the nature and extent of markets and the impact of government intervention on the different actors within the economy. This also contributes to the development of students ethical responsibility especially around the market economy. In addition, the module through written and class discussion, develops the students ability to communicate to academic and non-academic audiences on how historical contributions from long dead economists can contribute to our understanding of current economic debates. The module integrates the latest research on economic history especially peer reviewed journal articles.