The Surplus Approach

Course Description

This course aims to delineate the surplus approach to economics. The surplus approach traces its origins to Sir William Petty in 1660’s and includes key thinkers such as:  Adam Smith, David Ricardo, Karl Marx, Wassily Leontief, Michal Kalecki, Joan Robinson, and Pierro Sraffa. The surplus approach primarily concerns itself with the nature of production, origin of profits, determination of prices, distribution of income, accumulation and economic growth, and the stability/demise of capitalism.

The development of economic thought is presented as a result of historical events and debates within the discipline. In so doing, this course emphasizes the evolution of economic reality and the corresponding evolution of the history of economic thought. The approach utilized in this course encourages a pluralist perspective within a broader historical framework. In seeking to promote more active and collaborative learning, the presentation of the history of economic thought follows two dimensions: the horizontal dimension considers the chronological order while the vertical dimension considers questions that emphasize the evolution of the discipline throughout history. Effort is made to present the same problems that past thinkers confronted and to retrace the solutions and policy prescriptions arrived at in an attempt to animate the models as responses to actual historical events and debates within the discipline.

History of Economic Thought Syllabus
(Skidmore spring 19)Download

Intended Learning Outcomes

  • The exposition of competing economic theories to develop critical thinking skills.
  • To contextualize learning in an environment which fosters authenticity and pluralism while developing debating and problem-solving skills.

Future Developments

In an effort to diversify the content, I am working on introducing a feminist critique using Nancy Folbre’s Greed, Lust, & Gender.