POLITICAL ECONOMY 6301
THEORIES OF POLITICAL ECONOMY I
Dr. Edward J. Harpham
Fall 1996
e-mail: harpham@utdallas.edu
Class Time: T 6:45-9:30 PM
Office Hours: TR 12:30-1:30 PM
T 5:30-6:30 PM
and by appointment
Office: GR 3.520
Office Phone: 883-2044
This course investigates some of the most influential theories
found in the tradition of political economy. It seeks to
familiarize students with a variety of perspectives for studying
the relationship between politics, economics, and society.
Particular attention will be paid to the roles played by
scientific theory in advancing empirical knowledge in the social
and policy sciences and to the ways in which values affect
scientific theory.
One of the fundamental goals of this course is to make students
think succinctly and critically about the readings discussed in
the seminar. You do not have to agree with everything that you
read, but you do have to understand it. In order to achieve this
goal, students will be expected to:
(1) have read the assigned readings.
(2) participate actively in classroom discussion and on the
internet newsgroup.
(3) take two in-class essay examinations that are closed book.
Four exam questions will be handed out one week before the exam
date. Students will be expected to write on two of these
questions (selected by the instructor) on the day of the exam.
Students unable to take the exam on the assigned day must notify
the instructor 24 hours before the exam. Failure to notify the
instructor will result in an F for that exam.
GRADING:
WRITTEN EXAMS are worth 35% of the final grade.
WRITTEN NEWSGROUP PARTICIPATION is worth 20% of the final grade.
IN-CLASS PARTICIPATION is worth 10% of the final grade.
REQUIRED TEXTS:
A. Smith Wealth of Nations ed. L. Dickey (Hackett
edition)
K. Marx/ F. Engels Marx: Selected Writings edited by L.
Simon
J.A. Schumpeter Capitalism, Socialism, and Democracy
D. North Institutions, Institutional Change and Reform
R. Epstein Simple Rules in a Complex Society
D. Levine Wealth and Freedom
D. Green and I. Shapiro Pathologies of Rational Choice Theory
A. Ryan Justice
ARTICLES ON RESERVE:
K. Arrow: "Economic Theory and the Hypothesis of
Rationality"
B.J.L. Berry, E. Harpham, and E. Elliott: "Riding the Long
Wave: Macroeconomics, the Presidency, and Clinton's Dilemma"
B.J.L. Berry, E. Harpham, and E. Elliott: "Long Swings in
American Inequality: The Kuznets Conjecture Revisited."
J. Conlisk: "Why Bounded Rationality?"
A. Glyn: "Marxist Economics"
E. Harpham: "Growth and Politics in the Thought of A.
Smith"
E. Harpham: "Smith on the Question of Labor in Commercial
Society
E. Harpham: "Smith on Virtue and Wealth"
E. Harpham: "Economics and History: Books II and III of the
Wealth of Nations"
K. Monroe: "The Theory of Rational Action"
D. North: "Economic Performance Through Time"
A. Sen: "Rational Behavior"
A. Skinner: "Adam Smith"
E. Zajac: "Normative Theories I: John Rawls" and
Normative
Theories II: Robert Nozick"
RECOMMENDED SUPPLEMENTAL TEXTS
R. Heilbroner Worldly Philosophers
TOPICAL OVERVIEW OF THE COURSE
September 3 Introduction to the Study of Political Economy
September 10 Classic Liberal Political Economy I
Read:
Smith: Wealth pp. 1-116
Recommended:
Harpham: "Smith on Virtue and Wealth"
Harpham: "Growth and Politics in the Thought of Adam
Smith"
Harpham: "Smith on the Question of Labor in Commercial
Society"
Heilbroner: Chapter 3
Skinner: "Adam Smith"
September 17 Classic Liberal Political Economy II
Read:
Smith Wealth pp. 116-210
Recommended:
Harpham: "Economics and History: Books II and III of the Wealth
of Nations
September 24 Marxist Political Economy I
a) Philosophy
READ:
Marx: Selections pp. 28-39; 56-79; 99-101
b) Historical Materialism
READ:
Marx: Selections pp. 209-14; 157-86;
RECOMMENDED:
Heilbroner: Chapter 6
October 1 Marxist Political Economy II
c) Economics
READ:
Marx: Selections pp. 216-300
RECOMMENDED:
Glyn: "Marxist Economics"
d) Politics
READ:
Marx: Selections pp. 316-32
October 8 Schumpeter on Capitalism
READ:
Schumpeter: Part II
Heilbroner: Chapter 10
October 15 Schumpeter on Socialism and Democracy
READ:
Schumpeter: Parts III and IV
RECOMMENDED:
Berry, Harpham, and Elliott: "Riding the
Long Wave"
Berry, Harpham, and Elliott: "Long Swings
in American Inequality"
October 22 EXAM I
October 29 Issues in Modern Political Economy
READ:
Levine: Wealth and Freedom (all)
November 5 Rational Choice Theory
READ:
Green and Shapiro: Pathologies
RECOMMENDED:
Conlisk: "Why Bounded Rationality"
Sen: "Rational Behavior"
Monroe: "Theory of Rational Action"
Arrow: "Economic Theory and the Hypothesis of
Rationality"
November 12 The Question of Justice
READ:
Ryan: Justice Chapters 6-8
RECOMMENDED:
Zajac: "Normative Theories I: John Rawls"
Zajac: "Normative Theories II: Robert Nozick"
November 19 Institutions Revisited
READ:
North: Institutions (all)
RECOMMENDED:
North: nobel lecture
November 26 Political Economy and the Law
READ:
Epstein Simple Rules Parts I and II
December 3 Public Policy
READ:
Epstein Simple Rules Part III
December 10 EXAM II
