Classical Economics – ECON 350

CG • Section 8WK • 11/08/2019 to 04/16/2020 • Modified 05/26/2022

Course Description

This course is open to students who desire to further understand the concepts and tools of economic analysis. Classical Economics will also be investigated from the perspective of the Christian Worldview. Specific topics include examination of the social philosophy of classical economics, classical macroeconomics, classical microeconomics, classical methodology, the classical economists Sismondi and Mill, the mysteries of Marxian economics and finally thoughts on the history of economics.

For information regarding prerequisites for this course, please refer to the Academic Course Catalog.

Rationale

The classical era of economics is not only an important historical era of economics; it also ushered in many of the important thinkers and scholars: Adam Smith, Say, Ricardo, Malthus, and Mills. This era was the foundation for many economic concepts/analytical tools of today. It provided the world a better understanding of economics, monetary policy/theory, and the underpinnings of international trade.

Measurable Learning Outcomes

Upon successful completion of this course, the student will be able to:

  1. Analyze elements and economists of the classical economic period.
  2. Determine the coordination of various economic variables of the macroeconomic system.
  3. Compare various classical economic schools of thought.
  4. Integrate Christian worldview considerations with classical economics.

Course Assignment

Textbook readings and lecture presentations

Course Requirements Checklist

After reading the Syllabus and Student Expectations, the student will complete the related checklist found in the Course Overview.

Discussions (4)

Discussions are collaborative learning experiences. Each Discussion contains 2 parts. For the first part, the student will be required to read the instructor’s prompt and submit a thread of at least 350 words in length. Each thread must contain outside research from at least 2 scholarly sources to corroborate the central points of the thread. For the second part, the student will submit replies of at least 250 words in length each to 2 classmates’ threads.

Essay Assignments (4)

The student will complete 4 short essays that are based off of questions pertaining to a Christian worldview. Each essay must be at least 300 words in length and include a citation from the Bible in addition to 1 citation from The Wall Street Journal, The Economist, or Fortune Magazine.

Critical Writing Assignments (4)

The student is required to complete 4 essays based upon specific questions listed in each assignment’s instructions. Each essay must contain a minimum of 1,000 words. The essays require external research. A minimum of 3 scholarly economic journals is required for each assignment, not including the textbook.

Quizzes (8)

The student is required to complete 8 quizzes. The quizzes are open-book/open-notes and must be completed individually. Each quiz will consist of 30 multiple-choice and true/false questions taken from the textbook readings and other materials in the assigned modules/weeks. Each test must be completed within 2 hours and in one sitting.