Week 1
June 19 - 11:30 EST- Introductory Lecture by Jesús Fernández-Villaverde - Slides
In this introductory session, we set the stage for the course by explor ing how economic ideas have evolved from the Middle Ages to the modern era. We will delve into the contributions of early thinkers like Thomas Aquinas and the Scholastic tradition, focusing on their discussions of morality, justice, and the ethical dimensions of eco nomic exchange. This week also covers the influence of Aristotle’s philosophy on medieval thought, particularly through the School of Salamanca, which laid early foundations for concepts such as value, fair pricing, and property rights. By examining these intellectual bi ographies, we will establish a framework to understand how early economic principles paved the way for later developments leading to modern liberal economic thought. This exploration provides context for the thinkers we will study in-depth in subsequent weeks, such as Adam Smith, Karl Marx, and John Maynard Keynes
Week 2
June 24 - 11:30 EST - Lecture by Jacob Hall
June 26 - 11:30 EST - Lecture by Daniel Klein
This week focuses on Adam Smith, widely regarded as the father of modern economics. We explore his foundational contributions to the understanding of markets, trade, and economic growth. Smith emphasized the benefits of specialization and the division of labor, showing how these could significantly increase productivity. His theory of absolute advantage laid the foundation for modern trade theory, illustrating how countries can benefit from trade by focusing on the efficient production of goods in which they excel. Additionally, we will discuss Smith’s insights on the role of institutions, governance, and how economic systems are shaped by human behavior and social structures
Week 3
July 1 - 11:30 EST - Lecture by Andrej Svorenčík
July 3- 11:30 EST - Lecture by Fernando Arteaga
This week examines Karl Marx’s critique of capitalism and his influential contributions to economic theory and political thought. Marx developed his labor theory of value, arguing that the value of goods is determined by the amount of socially necessary labor invested in their production. He introduced the concept of surplus value, highlighting how capitalists extract profit by paying workers less than the value of what they produce, leading to exploitation. Marx’s analysis of class struggle, economic cycles, and the contradictions within capitalism provided a framework for understanding social and economic inequalities. We will explore how Marx’s ideas emerged in response to the social disruptions of the Industrial Revolution and continue to influence debates on labor, class, and economic systems today.
Week 4
July 8 - 11:30 EST - Lecture by Ivan Luzardo
July 10 - 11:30 EST - Lecture by Keith Tribe
This week delves into the contributions of Alfred Marshall, a key figure in the development of microeconomic theory and the formalization of economics as a discipline. Marshall introduced crucial concepts such as elasticity of demand, consumer surplus, and producer surplus, which continue to be fundamental to understanding market behavior. His work also emphasized the role of marginal utility in determining value based on the insights of the Marginal Revolution. Marshall is credited with integrating supply and demand analysis into a coherent framework for understanding prices and market equilibrium. In addition, he contributed to the understanding of market structures and the theory of the firm, exploring how competition, monopolies, and imperfect markets affect economic outcomes. His ability to combine theoretical rigor with practical policy insights made his work foundational for economics and public policy.
Week 5
July 15 - 11:30 EST - Lecture by Harald Hagemann
July 17 - 11:30 EST - Lecture by Jesús Fernández Villaverde
This week covers the groundbreaking contributions of John Maynard Keynes, whose theories transformed economics and laid the foundation for modern macroeconomic policy. Keynes challenged the prevailing classical economic thought by arguing that markets do not always self-correct during economic downturns. He introduced the concept of aggregate demand as the primary driver of economic activity, emphasizing that insufficient demand can lead to prolonged periods of high unemployment and stagnation. Keynes advocated for active government intervention, particularly through fiscal policies such as public spending and taxation, to stabilize economies during recessions. His ideas revolutionized economic theory and influenced global policy, particularly during the Great Depression and the post-World War II era, leading to the development of welfare states and demand-driven economic management.
Week 6
July 22 - 11:30 EST - Lecture by Jennifer Burns
July 24 - 11:30 EST - Lecture by Bruce Caldwell
In this final week, we study Milton Friedman and Friedrich Hayek, two leading champions of free-market economics in the 20th century. Hayek emphasized the efficiency of decentralized markets, warning that government control and central planning could undermine individual freedoms. He argued that only the price system could effectively coordinate complex economic activities. Friedman focused on the role of monetary policy, advocating for controlling the money supply to prevent inflation rather than using government spending to manage the economy. Both thinkers were critical of heavy state intervention, and their ideas heavily influenced the shift toward free market policies in the late 20th century, shaping economic reforms around the world.