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Learn about the concepts of the Great Thinkers of Economics and their lasting influence
Updated on Sep, 2026
Finance and Accounting, Economics, Global Economics
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What will this course cover? This is a great opportunity to learn how rich, diverse and versatile history in the history of economic thought is, starting from the pioneering ideas of Adam Smith and David Ricardo up to the revolutionary theories of Karl Marx. This is how we will trace the development of economic theory through time as we consider how neoclassical economics, derived from the marginal revolution, helped answer some of the shortcomings of classical economics. Along the way, you'll meet some of the more influential thinkers, including William Stanley Jevons, Carl Menger, Léon Walras, Alfred Marshall, Arthur Pigou, and Vilfredo Pareto. We will also discuss the development of Keynesianism, as a reaction to the Great Depression, which was developed as a challenge to classical economics' inability to explain or account for long-term unemployment and which argued for government action. The Austrian School of Economics was a reaction to socialist thought and increasing interventionism, and Monetarism, led by Milton Friedman, developed in response to the failure of Keynesian policies in the 1970s, mainly concerning inflation. Last but not least, we shall witness the new schools of thought that will combine elements from the preceding traditions: neoclassical and new Keynesian schools, as well as behavioural economics, that will question the classical and neoclassical assumption of the fully rational decision-maker.
Origins of Economic Ideas: Understand the founding theories that arose to address the challenges these economies faced.
Influential Economists and Their Theories Get to know the key figures in economic history and understand the impact of their ideas.
Evolution of Economic Schools Trace out the various stages of development of economic schools, from classic to modern.
Economic thought in practice: See how the historical economic theories have influenced policies, shaped societies, and affected our lives today. Now is a very good time to learn how rich.
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