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451WI Institutional Economic Theory

Reference #16641

Fall 1999

Class meets in Rm 109 Haag Hall  at 05:30pm T-Tr

INSTRUCTOR INFORMATION

Ben Young

Phone (home): 962-9563

(UMKC) 235-5699

E-mail: byoung@cctr.umkc.edu

Office: 203E Manheim Hall

Office hours: To be assigned

Please feel comfortable in contacting me at any of these addresses for any problems or questions that may arise.

COURSE INFORMATION

Credit hours: 3

Prerequisites: none

Supplies: Computers available in lab for typing papers

FOREWORD TO STUDENTS:

Institutional Economic Theory makes use of and builds upon 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
different way of thinking about man, the economy, social activities generally, and human economic and social potentials.

This course will require observation of detail, critical inquiry , and a good bit of time. As this outline reveals, reading and
discussion will be an integral part of the course, and the reading material, while not voluminous, is significant.

The work in this course will be divided into two areas of emphasis. Part I will be devoted to an examination of the basic
elements of institutional theory as a way of thinking about the economy, economic activities, economic and social problems, and
approaches to solving them. During this part of the course we will make frequent comparisons between traditional and older
schools of thought and institutional theory. The basic principles are established in this section.
 
The second part of the course will be devoted to the application of institutional analysis to some contemporary social and
economic problems and to tracing out the implications which this application has for social and economic policy and the quality
of human life.


COURSE REQUIREMENTS

1. There will be three essay examinations of equal weight.

2. Each student will be required to write two essays dealing with a topic in institutional thought. The topic for the essays will be
assigned. The essays should be 5 or more typed pages, double-spaced. Standard writing form and correct English are
expected. Diana Hacker's A Writer's Reference, Third Edition, is a good guide. Each essay should be grammatically correct.
Each essay should be typed on nonerasable paper. A photocopy from erasable paper is acceptable.

Grading:

3 tests @ 100 300 points

2 papers @ 100 200 points

Total 500 points

Class participation is important and may be important in determining borderline cases.
                                                 


                                     READING RESOURCES

ON RESERVE

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

http://cei.haag.umkc.edu/institutional

PV, Thorstein B. Veblen, The Portable Veblen

http://cei.haag.umkc.edu/institutional

IN LIBRARY

JEI, The Journal of Economic Issues

ELECTRONIC SOURCES

http://cei.haag.umkc.edu/institutional

Paul David "Clio and the Economics of QWERTY. 

W. Brian Arthur "Positive Feedbacks in the Economy 

http://epn.org/idea/economy.html

REQUIRED TEXTS

WN, Robert B. Reich, The Work of Nations

LAS, James Fallows, Looking at the Sun

AEP, James Sturgeon et al., Alternative Economic Perspectives

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



                                            OUTLINE

PART I

A.

Institutional Theory as a Way of Thinking: Basic Concepts

The Concept of Culture

The Institutional Approach

TEP, 

Foreword

Chapter 1 The Science of Price

Chapter 2 The Price System

Chapter 3 The Concept of Capital

Chapter 4 The Theory of Value

Chapter 5 Elements of Human Nature

Chapter 6 Technology and Progress

AEP, PP 125-173

Resources, Production, Consumption

     JEI, June 1967, Louis Junker, "Capital Accumulation, Savings-Centered, and Economic Development."

B. The following will be touched on in lecture for background material. No reading is required unless specifically assigned.

Economic and Social Thought in Historical Perspective

Pre-classical and Classical thought

Neo-classical and Keynesian thought

Reactions and Criticisms of Classical/Neo-classical thought

German Historical School

Socialist Reaction, including Marxism

Institutionalist Thought

AEP, PP 174-202

C. The following will be touched on in lecture for background material. No reading is required unless specifically assigned.

Nature and Characteristics of Theory and Theoretical Systems

Science and Sciencing

Point of view - static, taxonomic - dynamic, evolutionary

Paradigms, theories, frame of reference 

Method - Methodology

PV, pp. 215- 240, "Why Economics is Not an Evolutionary Science?"

AEP, pp. 125-173


                                            PAPER #1 (9-30)
 
                                            TEST 1 (10-7)
                                                   
      
      
      
      
      
      
      
     PART II.
    
 This section serves as a laboratory for PART I.
 
    The Work of Nations(WN)
 
    Entire book.

 
                                            TEST 2 (11-4)
 
    Looking at the Sun(LAS)

   
                                        PAPER #2 (11-18)

                                             TEST 3 (12-2)
                                                  or
                                            FRIDAY, 12-10
      


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