Economics 451 - Institutional Economic Theory

Syllabus

Instructor Information

James I. Sturgeon

Office: Manheim Hall, 202B

Phone: 816/235-2837

E-mail:

Office Hours: Tuesday 8:30-10:30A.M. and Thursday 4:30-5:00P.M.

Other times by appointment

Introduction

Institutional Economic Theory builds on knowledge that has emerged and is emerging from a number of areas including social psychology, sociology, anthropology, and even some of the physical sciences. It will probably be of assistance to you in grasping the content and implications of the institutional way of thinking to be reminded from the beginning that it cannot be best understood as a mere modification of conventional economic and social thinking, but rather, represents a significantly different way of thinking about man, the economy, social activities generally, and human economic and social potentials.

Reading Requirements

C. E. AyresThe Theory of Economic Progress(TEP)*

Brian Arthur, "Positive Feedbacks In the Economy" Scientific American, Feb. 1991 (BA)*

Carl Becker The Heavenly City of the Eighteenth-Century Philosophers (HC)

Paul David, "Clio and the Economics of QWERTY," American Economic Review, May 1985. (PD)*

John Munkirs with Janet Knoedler, "The Existence and Exercise of Corporate Power: An Opaque Fact" Journal of Economic Issues, December 1987. (Munkirs)

Robert Montgomery, "Historical Fact" Unpublished Paper (RM)*

Thorstein B. Veblen "Why is Economics Not and Evolutionary Science" (TBV1)*

_____, "The Limitations of Marginal Utility" (TBV2)*

_____ ,The Theory of the Leisure Class (TBV3)*

_____ , The Barbarian Status of Women (TBV4)*

William T. Waller Jr., "The Evolution of the Veblenian Dichotomy: Veblen, Hamilton, Ayres, and Foster," Journal of Economic Issues, September, 1982. (Waller)

The acronyms in parenthesis following each reading are used below in the reading guide.

Please note that other readings will be suggested during the course. These will be "recommended" and will sometimes be the source for discussion

*Available electronically. Click on courses, the Econ 451, then readings.

Course Requirements

Examinations: There will be two examinations. Each will be a combination of multiple choice, true/false and essay questions. The second examination will be comprehensive.

Mid-term Examination - 100 points October 26

Final Examination - 150 points December 14, 8-10pm

Essays: Each student is required to write two essays dealing with a topic in institutional thought. The topic for each is to be chosen by the student with the advice of the instructor. Each essay will count up to 75 points.

The length of each essay should 1000-1500 words
It should be grammatically correct.
It is highly recommended that an electronic copy be kept so that revisions may be more easily accomplished.
There are three ways to submit the essays you may any 2 of these:
Printed on standard (letter) size and weight paper.
On 31/2" computer disk as a Word 7.0 (or earlier) file
By e-mail , also as an Word 7.0 (or earlier) file.

The first essay is due October 12
The second essay is due November 16

Community Service

As a subject that is vitally concerned with ongoing nature of the relationship between groups in the community, each student is expected to devout 8 hours over the semester to community involvement. Avenues for this involvement and the verification of same will be explained later in the course.

In the event that community service hours cannot be completed a third paper, following the procedure above will be substituted.

It is necessary to complete one of the two above requirements or a course grade of incomplete will be registered.

Requirement Weights

Mid-term 100

Essays 150

Final 150

Total points 350

Reading and Course Outline

This outline is presented as a suggestion of the broad outline of the course, but, more importantly as a guide to the reading of the textual materials. I have been reluctant in suggesting such a guide to the texts on the grounds that something of their relevance might be lost by attempting to subdivide their contents with regard to specific problems.

Please note the Key which is used to refer to a specific textual source.

TEP, C. E. Ayres The Theory of Economic Progress

TBV1, Thorstein B. Veblen "Why is Economics Not and Evolutionary Science"

TBV2, Veblen, "The Limitations of Marginal Utility"

TBV3, Veblen The Theory of the Leisure Class

TBV4, The Barbarian Status of Women

RM, Robert Montgomery, Unpublished Paper

BA, Brian Arthur, Positive Feedbacks In the Economy

PD, Paul David, Clio and the Economics of Qwerty

HC, Carl Becker, The Heavenly City of the Eighteenth Century Philosophers

I. Economic and Social Thought in Historical Perspective -- an Overview

Standard Economics

Pre-classical and Classical/Neo-classical

Keynes and Keynesian

Socialist Reaction, including Marxism

Reactions and Criticisms of Classical/Neo-classical

German Historical School

Institutionalist Thought

Reading

TEP, Chs 1-4

TBV2

HC, pp. 1-70

II. The Nature and Characteristics of Theory and Theoretical Systems

Points of view - static, taxonomic - dynamic, evolutionary paradigms, theories, frame of reference

Method - Methodology

Science and Sciencing

Selected Confoundings

Reading

TBV1

HC, pp. 71-168

III. Institutional Theory as a Way of Thinking: Basic Concepts

A. Introduction

Reading

TEP, Preface & 1962 Introduction

TBV3, Introduction, Chapter

B. The Concept of Culture

Reading

TEP, Ch 5

C. The Veblenian Dichotomy

Reading

TEP, Chs 6-9

Waller

IV. Institutional Theory of . . . .

D.Resources and Production

Reading

Munkirs

E. Consumption

Reading

TBV3, Chapters 2-7.

TBV4

F. Value
Reading

TEP, Ch 10

G. Progress

Reading

TEP, Chs 11-13

TBV3, Chapters 8-14.

||Department of Economics ||News ||Degree Programs||Courses || Faculty&Staff ||Associates||CFEPS || CEI || Economics Club || Journal || Links || School of Arts & Science ||
||UMKC Home ||

Department of Economics
211 Haag Hall
University of Missouri-Kansas City
5100 Rockhill Road
Kansas City, Missouri 64110

Send e-mail to,