Syllabus Economics 451 Institutional Economic Theory Instructors: James Sturgeon

Office: Manheim Hall, 202B E-mail: sturgeonj@umkc.edu Office Hours: Tuesday 6:00-6:45pm, Other times by appointment

Linwood Tauheed
Office: Manheim Hall, 202A E-mail: tauheedl@umkc.edu Office Hours: TBA

Graduate Assistant: Sudeep Regmi

Office: Royall Hall 410A Email: regmisd@gmail.com Introduction Institutional Economic Theory builds on knowledge that has emerged and is emerging from a number of areas including social psychology, sociology, anthropology, biology, and some of the physical and biological sciences. A grasp of the content and implications of the institutional economics is more likely if, from the beginning, it is understood not as a mere modification of conventional economic and social thinking, but rather, represents a different way of thinking about human behavior, the economy, social activities generally, and human economic and social potentials. Reading Requirements
C. E. Ayres The Theory of Economic Progress (TEP)* Jared Diamond Collapse Paul David, "Clio and the Economics of QWERTY," American Economic Review, May 1985. (PD)** John Munkirs with Janet Knoedler, The Existence and Exercise of Corporate Power: An Opaque Fact Journal of Economic Issues, December 1987. (Munkirs) Robert Montgomery, "Historical Fact" Unpublished Paper (RM)*

Thorstein Veblen ,The Theory of the Leisure Class (V1)* _____ , Why is Economics Not an Evolutionary Science (V2)*
William T. Waller Jr., "The Evolution of the Veblenian Dichotomy: Veblen, Hamilton, Ayres, and Foster," Journal of Economic Issues, September, 1982. (Waller)* The acronyms in parenthesis following each reading are used below in the reading guide. *Available at: http://cas.umkc.edu/econ/economics/faculty/sturgeon/451webpage/index.html **Available at: http://www.jstor.org

Course Requirements Examinations: There will be two examinations. Each will be a combination of multiple choice, true/false and essay questions. The final examination will be comprehensive. Mid-term Examination - 100 points, Final Examination - 150 points, October 9 December 11, 8-10pm

Essays Each student is required to write five essays dealing with a topic in institutional thought. The topic for each is to be chosen by the student with the advice of the instructor and should be roughly within the subject area covered prior to and between the due dates. For example, essay one should be related to the material covered between August 21 and September 4, inclusive. Each essay is worth up to 20 points. The length of each essay should be in the range of 500 - 750 words It should be grammatically correct. Essays to be submitted via e-mail to sturgeonj@umkc.edu and tauheedl@umkc.edu as a Word file. Essay Due dates: September 10 September 24 October 15 November 12 December 3 There are several issues that may arise during your academic career, including your participation in this course. Below are several links to pertinent student resources. Your attention is specifically drawn to the links to Academic dishonesty, Academic Inquiry, Course Discussions & Privacy and Grade Appeals. If you are having difficulties beyond those related to academic work we encourage you to seek the assistance of the UMKC, Arts & Sciences Life Coach.

Academic Student Resources

Academic Dishonesty: http://www.umkc.edu/catalog/Student_Conduct.html http://www.umkc.edu/provost/policies/academic-integrity-dishonesty-and-plagiarism.pdf Academic Inquiry, Course Discussions & Privacy: http://cas.umkc.edu/pdfs/academic-inquiry-course-discussion-privacy.pdf A&S Life Coach: Email: aslifecoach@umkc.edu Phone: (816) 235-1446 (816) 235-1446 Grade Appeals: http://www.umkc.edu/catalog/Procedure_for_Appeal_of_Grades.html Services for Students with Disabilities: http://www.umkc.edu/disability/ Sexual Harassment/Discrimination: http://www.umkc.edu/provost/downloads/harassment-statement.pdf UFirst: https://ufirst.umkc.edu/index.cfm Writing Center: http://cas.umkc.edu/writingcenter/

Reading and Course Outline This outline is a broad summary of the course. More importantly it is a guide to the reading of the textual materials. It is recommended that students keep up with the reading on a daily basis. Please note the Key which is used to refer to a specific textual source. TEP, The Theory of Economic Progress V1, The Theory of the Leisure Class V2, Why is Economics not an Evolutionary Science RM, Historical Fact PD, Clio and the Economics of Qwerty JM, The Existence and Exercise of Corporate Power: An Opaque Fact.
Diamond, Collapse

I.

II.

III.

IV.

Economic and Social Thought in Historical Perspective -- an Overview Standard Economics Pre-classical and Classical/Neo-classical Keynes and Keynesian Socialist Reaction, including Marxism Reactions and Criticisms of Classical/Neo-classical German Historical School Institutionalist Thought Reading Week 1 TEP, Chs 1-4 The Nature and Characteristics of Theory and Theoretical Systems Points of view - static, taxonomic - dynamic, evolutionary paradigms, theories, frame of reference Method - Methodology Reading -- Week 2 V2 RM Institutional Theory as a Way of Thinking: Basic Concepts A. Introduction Reading Week 3 TEP, Preface & 1962 Introduction V1, Introduction, Chapter 1 B. The Concept of Culture Reading Week 4 TEP, Ch 5 Diamond, Ch 1-2 C. The Veblenian Dichotomy Reading Weeks 5 & 6 TEP, Chs 6-9 Waller Institutional Theory of Production, Consumption, Value and Progress. A. Resources and Production Reading Weeks 7 & 8 Diamond, Chs. 3-4 PD JM B. Consumption

Reading Weeks 9 & 10 V1, Chs 2-7. C. Value Reading Weeks 11 12 TEP, Ch 10 V1, Chapters 8-14 Diamond, Chs. 6- 10 D. Progress Reading Weeks 13 14 TEP, Chs 11-13 Diamond, chs 11 - 16