51³ÉÈËÁÔÆæ

Course Description

Summary

In this course we study the economic system we live in through theoretical perspectives provided by three major economists, Karl Marx, John Maynard Keynes, and Friedrich Hayek. We will start with an introduction to Marxian critical analysis of capitalism, emphasizing the concept of capital as a social relationship, the theory of the production of surplus-value and its distribution, the theory of the falling rate of profit, and Marxian theory of capitalistic crisis. We will continue the course with the alternative perspective provided by Keynes, who portrayed capitalism as an economic system prone to crisis, but focused on concepts such as fundamental uncertainty and the inherent instability of the financial sector. We will also critically study the set of solutions Keynes suggested for managing free market capitalism, including the creation of effective demand through government intervention in the economy.  The third part of the course will be devoted to Hayek, whose philosophical perspective diametrically opposed both Marx and Keynes. Additionally, we will learn about the Hayekian concept of spontaneous order, Hayek’s theory of capital, and his concern about the "road to serfdom."