Classical Economics – ECON 350

CG • Section 8WK • 11/08/2019 to 04/16/2020 • Modified 07/28/2020

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.

Prerequisites

None

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.

General Education Foundational Skill Learning Outcomes (FSLO): [Critical Thinking]

    1. Critical Thinking – Students will gain the ability to use analytical, evaluative, logical, and reasonable patterns of thought to establish coherent beliefs, ethical, and strategic decisions.
    2. Specific assignments that will integrate and apply this FSLO will be identified in section VI below and will align with the core skills students are anticipated to gain through the course content.
    3. The FSLO of Critical Thinking will engage the following CILs listed below.
    4. CT 1: Determine the validity and logical consistency of claims and/or positions using reading comprehension strategies when relevant.
    5. CT 2: Structure an argument or position using credible evidence and valid reasoning.
    6. CT 4: Compare and contrast the biblical worldview with a non-biblical worldview, evaluating the influence of assumptions and contexts on ethics and values.
    7. CT 5: Plan evidence-based courses of action to resolve problems
    8. CT 6: Relate critical thinking and ethics to participation in God’s redemptive work.

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 Module/Week 1.

Discussion Board Forums (4)

Each Discussion Board Forum 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.

Essays (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.

Tests (8)

The student is required to complete 8 tests. The tests are open-book/open-notes and must be completed individually. Each test 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.