2 Contents COURSE MANUAL History of Economic Thought I CC206 Modibbo Adama University of Technology Open and Distance Learning Course Development Series 2016 Academic Collective. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the copyright owner – Academic Collective. Institution: Tel: +234(8035617757) E-mail: [email protected] Website: www.cdl.mautech.edu.ng 4 Contents Course Development Team General Editor Consulting Editor Content Editor Contributory Writer Content Attributions Adaptation & Instructional Designer Language Editor Credits All illustrations (photos and charts) used are sourced from www.edutechportal.org/resources except otherwise indicated. Credits / source are properly placed by the image. History of Economic Thought I Contents Course Development Team 4 Credits 4 About this Course Manual 1 How this Course Manual is structured ................................................................................................................................. 1 Course overview 3 Welcome to History of Economic Thought I CC206 ....................................................................................................... 3 History of Economic Thought I CC206 — is this course for you? ............................................................................. 3 Course outcomes .......................................................................................................................................................................... 4 Timeframe ....................................................................................................................................................................................... 4 Need help? ...................................................................................................................................................................................... 4 Academic Support ........................................................................................................................................................................ 4 Assessments ................................................................................................................................................................................... 5 Study Session 1 6 Nature and Significance of History of Economic Thought .......................................................................................... 6 Introduction .................................................................................................................................................................................... 6 1.1 Definitions of Economic Thought ................................................................................................................................... 7 1.2 The Approaches to the Study of History of Economic Thought ........................................................................ 9 1.3 The Significance of History of Economic Thought ................................................................................................. 12 1.4 Difficulties in the Study of History of Economic Thought................................................................................... 12 Session Review ............................................................................................................................................................................ 13 Assessment ................................................................................................................................................................................... 13 Resources ....................................................................................................................................................................................... 14 Study Session 2 14 Ancient Economic Thought .................................................................................................................................................... 14 Introduction .................................................................................................................................................................................. 15 2.1 The Importance of Studying Ancient Economic Thought ................................................................................... 16 2.2 Economic Views of Romans ............................................................................................................................................ 19 Session Review ............................................................................................................................................................................ 21 Assessment ................................................................................................................................................................................... 21 Resources ....................................................................................................................................................................................... 22 Study Session 3 23 Medieval Economic Thought ................................................................................................................................................. 23 Introduction .................................................................................................................................................................................. 23 3.1 The Middle-Ages ................................................................................................................................................................. 24 3.2 General Significance of the Middle Ages Period .................................................................................................... 29 ii Contents Session Review ............................................................................................................................................................................ 30 Assessment ................................................................................................................................................................................... 30 Resources ....................................................................................................................................................................................... 30 Study Session 4 33 Physiocracy ................................................................................................................................................................................... 33 Introduction .................................................................................................................................................................................. 33 4.1 Origin and Meaning of Physiocracy ............................................................................................................................. 34 4.2 The Physiocratic Concepts ............................................................................................................................................... 37 Session Review ............................................................................................................................................................................ 40 Assessment ................................................................................................................................................................................... 41 Resources ....................................................................................................................................................................................... 41 Study Session 5 42 The Rise of Socialist Thought and the Marxian School of Economic Thought .................................................. 42 Introduction .................................................................................................................................................................................. 42 5.1 The Origin of Socialist Thought ..................................................................................................................................... 43 5.2 Karl Heinrich Marx (1818-1883) ..................................................................................................................................... 44 5.3 Marxian Stages of Societal Development ................................................................................................................. 49 Session Review ............................................................................................................................................................................ 55 Assessment ................................................................................................................................................................................... 55 Resources ....................................................................................................................................................................................... 56 Feedback to SAQ Items 57 Glossary of Terms 61 References 63 Appendix Section 64 Linked Articles 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