Philosophy of economic sciences and application of micro and macroeconomics
- Study programme and level:The joint doctoral study programme Governance and Economics in the Public Sector (third cycle)
- 1st year
- 10 ECTS
- Course type: Core course
- Lectures: 30
- Seminar: 30
- Other forms of study: 30
- Individual work: 210
- Lecturer: Dragomir Sundać, PhD
1. Objectives and competences
Acquire basic knowledge about the philosophy of economy: the categorial apparatus, paradigms and basic principles of functioning of economic systems, including the implementation of economic philosophy in business economics
2. Content (Syllabus outline)
- The definition and method of the Philosophy of Economy and Political Economy (Petty-Smith-Ricardo vs John Stuart Mill);
- Objectivity and understanding in the Economy (Max Weber);
- The nature and significance of Economic Science (Lionel Robbins);
- Economy and human activity (Knight Frank);
- Philosophical foundations of the Economy (Karl Marx);
- The limitations of marginal utility (Thorstein Veblen);
Positivist and Popperian views:
- The methodology of positive Economics (Milton Friedman);
- Verification and approximations (Herbert Simon);
- Purposefulness of the positivistic approach (Daniel M. Hausman);
- Popper and Lakatos in economic methodology (D. Wade Hands);
Ideology and Normative Economics:
- Science and Ideology (Joseph Schumpeter);
- Postulates for welfare in economics and interpersonal comparisons of utility (Nicholas Kaldor);
- Philosophical foundations of mainstream normative economics (Daniel M. Hausman and Michael S. McPherson);
- Controversies of "cost-benefit" analysis (Robert Frank);
- Capability and well-being (Amartya Sen);
The branches and schools of Economics and their methodological problems:
- Econometrics as observation: the Lucas critique and the nature of econometric inference (Kevin Hoover);
- The importance of microeconomic foundations of macroeconomics (Kevin Hoover);
- Economics in the laboratory (Vernon Smith);
- Neuroeconomics: use of neuroscience for financial forecasting (Colin F. Camerer);
- The market as a creative process (James M. Buchanan and Viktor J. Vanberg);
- The essence of institutional economics (Geoffrey Hodgson);
New directions in economic methodology:
- Rhetoric of Economics (Deirdre McCloskey);
- Realism (narrow Maki);
- Realism and Economic Methodology (Tony Lawson);
- Feminism and Economics (Julie Nelson);
- Credibility in the Economy: the status of theoretical models in Economics (Robert Sugden).
- The concept and philosophy of the so-called New Economy
- Hausman, D.M. (ur.): The Philosophy of Economics: An Anthology, 3. izdanje, Cambridge University Press, Cambridge, 2007.
- Rupnik, V., Sundać, D.: Dominacija kapitala; klopka čovječanstvu, IBCC, Rijeka, 2005.
- Pulić, A., Sundać, D.: Intelektualni kapital - ključni resurs 21. stoljeća, IBCC, Rijeka, 2001.
4. Intended learning outcomes
Develop competency in order to a PhD student to acquire: the ability of philosophical understanding of economic theory and its applications in business processes, especially from the standpoint of the Knowledge Economy and globalzation proces…………….
5. Learning and teaching methods
- Lectures and interactive relationship with students
- Seminars, where each topic is treated with the active participation of all
- Analysis of examples: theory and practice
- Individual work from the perspective of scientific disciplines, from the field of student's doctoral thesis.
Based on the knowledge acquired from lectures and 1-3 books, Student writes a clitical work which is related to scientific field and topic of his doctoral (PhD) dissertation.
Discussion with the Professor on written critical work.
Active participation in classes is also assessed.