This course aims to provide students with a deep understanding of how economic thought has evolved over time, shaped by historical, political and institutional contexts. It fosters critical thinking about the relevance of past theories in addressing current economic issues and promotes appreciation of diverse global and African perspectives in economic analysis.

By the end of this course,  you should be able to:

1. Define the philosophical foundations of economic thought, including key contributors, schools, and core ideas shaping economic reasoning.

2. Analyse the theoretical foundations and historical contexts of major economic doctrines.

3. Compare and contrast classical, Marxist, Keynesian, and contemporary economic theories.

4. Evaluate the relevance of African and Third World economic thought to present-day development challenges.

Philosophical Foundations of History of Economic Thought: ethics, ontology, and epistemology in shaping economic reasoning, including ideas of justice, fairness, welfare, value, property, exchange, and methodological approaches to economic knowledge. Pre-Mercantilist Ideas: Contributions from ancient Greece, Rome, Medieval Scholastics, and Islamic thinkers forming early foundations of economic reasoning; Mercantilism and the Physiocrats: Competing perspectives on trade, agriculture, and wealth accumulation; The Classical School and Early Critiques: Works of Adam Smith, David Ricardo, and Thomas Malthus, alongside challenges from Utopian Socialists and Karl Marx; The Marginalist Revolution and Neoclassical Synthesis: Development of marginal utility, general equilibrium theory, and Marshall’s refinements in microeconomics; Institutional Economics: Contributions of Veblen, Commons, and Mitchell emphasizing the role of institutions, culture, and historical processes; The Keynesian Revolution: Keynes’s focus on aggregate demand management and macroeconomic stabilization; Post-Keynesianism, Monetarism, the Chicago School, and the New Classical School: Modern Macroeconomic and Development Thought: Competing approaches to macroeconomic theory and policy; African economic thought and contributions, including dependency theory, structuralist approaches, indigenous economic perspectives, Pan-Africanist ideas, and debates on development and underdevelopment. Contemporary Issues: Globalization, multinational corporations, inequality, and strategies for poverty eradication.