This course examines the philosophical foundations of classical economics through the writings of central figures who contributed to the development of the field. We explore how philosophical concepts of pleasure, utility, wealth, and welfare shaped economic thought.
The authors covered include David Hume, Jeremy Bentham, J.S. Mill, Adam Smith, Karl Marx, John Maynard Keynes, and Friedrich Hayek.
Course Structure
Session 1: Hedonism, Utility, and Pleasure
- David Hume: Human nature and economic behavior
- Jeremy Bentham: Utilitarianism and the greatest happiness principle
- John Stuart Mill: Refined utilitarianism and individual liberty
Session 2: Free Market, Division of Labor, Self-Interest
- Adam Smith: The Wealth of Nations and the invisible hand
- Market mechanisms and moral sentiments
- Division of labor and economic efficiency
Session 3: Capitalism, Historical Materialism, Class Struggle
- Karl Marx: Critique of political economy
- Historical materialism and class consciousness
- Labor theory of value and alienation
Session 4: Socialism, Laissez-faire, and Decentralized Information
- John Maynard Keynes: Government intervention and economic stability
- Friedrich Hayek: Spontaneous order and the knowledge problem
- Competing visions of economic organization
Learning Approach
Each session combines philosophical analysis with economic theory, examining how fundamental questions about human nature, value, and social organization shaped economic thinking. We explore both historical development and contemporary relevance of these ideas.
Key Themes
- The relationship between individual self-interest and social welfare
- The role of government in economic life
- The nature of value and exchange
- Justice and distribution in economic systems
- The intersection of ethics and economics