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ECO-5009B – History of Economic Thought Critical Essay Assignment

ECO-5009B – History of Economic Thought Critical Essay Assignment

Instructions
• Please write a critical essay on a topic outline below.
• The word limit is 2,000.
• Please format your paper with some margins, and 1.5 space between lines. Fonts should not
be smaller than 11-12 points Times New Roman, Arial, Calibri (or equivalent).
• The assignment must be submitted electronically via Blackboard.
You can find specific guidelines for the submission procedure on Blackboard.
Please note that your submission file must be in Word format (DOCX).
• The submission deadline is 24th March, 3pm (check Hub procedures!)
• For additional information, policy and procedures, please refer to:
– LTS guidelines on Coursework, including extensions and word-limits
– UEA Extenuating Circumstances policy
– Learning Enhancement Team webpages, including:
– Referencing and Plagiarism
– UEA Plagiarism Policy
– Academic Writing Resources.
– ECO Student Zone Blackboard– ECO Study Skills, including guidance on referencing
– Documents posted on HET Blackboard – “Critical Essay”
How to choose your topic
You have two alternative choices:
1. You can pick one of the pre-assigned topic, listed in the next section of this document.
2. You can modify any of the assigned topics, or suggest a brand new title that matches
your research interests.
It is reccomended that you choose a topic you are interested and enthusiastic about, as this reflect
in the Evaluatative Conversation at the end of the module.
2
Pre-assigned Topics
You can choose one of the following topics:
1. Identify similarities and differences in the way Keynes and Hayek think about information
and knowledge in the economic system. Discuss how their disagreement affects the way
they think about either (i) the relationship between ethics and economics, or (ii) their
position with respect to policy-making.
Core Reference Reading:
Carabelli, A., and De Vecchi, N. 1999. ‘Where to Draw the Line’? Keynes veruses
Hayek on Knowledge, Ethics and Economics. Journal of the History of Economic
Thought, 6(2), 271-296.
2. Compare and contrast Mill’s principles for the methodology of Economics with the ones
stated by Friedman, identifying their main similarities as well as their differences.
Core Reference Readings:
Freidman, M. 1966. The Methodology of Positive Economics. Hausman D. (ed).
2012. The Philosophy of Economics, An Antology. 145-178. Cambridge University
Press.
Mill, J.S., 1836. On the Definition and Method of Political Economy. Hausman D. (ed).
2012. The Philosophy of Economics, An Antology. 41-58. Cambridge University Press.
Consult relevant chapters of our course textbook, as well as the auxiliary textboook:
Blaug, M. The Methodology of Economics.
3. Hayek is considered one of the principal contributors to the Austrian School research
programme. Some of elements of his thinking correspond to those of Mainstream
Economics (e.g. Monetarists, as well as Chicago School of Economics). Identify similarities
and differences of Hayek’s thought with the fundamental principles of Mainstream
Economics.
You are welcome to focus on a restricted set of issues. These could be: the theory of
markets and prices, policy-making, information, economic modelling, etc. However, you
must indicate your choice in your essay title.
Some Reference Readings:
– Caldwell, B. (2011). The Chicago School, Hayek, and Neoliberalism. Building Chicago
Economics, pp.301-334.
– Wilber, C. and Wisman, J. (1975). The Chicago School: Positivism or Ideal Type. Journal
of Economic Issues, 9(4), pp.665-679.
3
4. While establishing the Monetarist School research programme, Milton Friedman attacked
Keynes’ legacy vehemently. Identify the divergence beetween Keynes and Friedman in
terms of their understanding of (i) the principles regulating economic modelling, and (ii)
the way economic agents find and process information in the economic system.
Some Reference Readings:
– Friedman, M. 1966. The Methodology of Positive Economics. Hausman D. (ed).
2012. The Philosophy of Economics, An Antology. 145-178. Cambridge University Press.
– O’Donnel Rod M. (1990), Keynesian uncertainty and the Weight of Arguments.
Economics and Philosophy, Vol. 6, pp. 275 – 295
The reference readings are just here to help students to begin their research. They do not necessarily
need to be used. This will depend on what students will decide to include in their analysis. It is
perfectly acceptable to imagine that two students writing on the very same topic will submit two very
different essays based on their choices about the focus, the references, and the context within which
they decide to organise their essay. Essays will be evaluated within their own individual merit.
Free-choice topics
• You are welcome to make your own suggested amendment to either of the two topics above
or suggest a completely different essay topic. (An example of a modified essay topic could
be: comparing Friedman to another author, rather than Keynes, or the other way around).
• You should feel that you have maximum freedom in developing your essay ideas. Being
innovative and creative will be rewarded.
• Nevertheless, if you decide to deviate from material covered in lectures and seminars, you
are strongly encouraged to consult with your lecturer about your suggested and essay title
and your readings. I will be more than happy to support you.
• Some suggestions for essay topic ideas may be found by reading any of the chapters of the
The Philosophy of Economics book, which collects interesting seminal papers.
• Other essay topic ideas might be gathered by thinking about general issues, such as: the
concept of equilibrium, rationality and expectations, the mathematisation of economic
analysis, Economics after the recent Great Recession, etc.
• However, please make sure that you narrow down to an essay topic that is specific enough
so that it can be covered within the word-limit and the time you have available. Consulting
with your lecturer will be helpful.
• It would be preferrable that you engage with some of the material covered after the Classics
(after Smith, Ricardo, and Marx). However, this is not a strict requirement. Just avoid to
repeat the analysis conducted in your presentation as this will be noted.

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