You have two alternative choices:
1. You can pick one of the pre-assigned topic, listed in the next section of this document.
2. You can modify any of the assigned topics, or suggest a brand new title that matches your research interests.
It is recommended that you choose a topic you are interested and enthusiastic about, as this reflect in the Evaluatative Conversation at the end of the module.
Pre-assigned Topics
You can choose one of the following topics:
1. Identify similarities and differences in the way Keynes and Hayek think about information and knowledge in the economic system. Discuss how their disagreement affects the way they think about either (i) the relationship between ethics and economics, or (ii) their position with respect to policy-making.
Core Reference Reading: Carabelli, A., and De Vecchi, N. 1999. ‘Where to Draw the Line’? Keynes veruses Hayek on Knowledge, Ethics and Economics. Journal of the History of Economic Thought, 6(2), 271-296.
2. Compare and contrast Mill’s principles for the methodology of Economics with the ones stated by Friedman, identifying their main similarities as well as their differences.
Core Reference Readings:
Freidman, M. 1966. The Methodology of Positive Economics. Hausman D. (ed). 2012. The Philosophy of Economics, An Antology. 145-178. Cambridge University Press.
Mill, J.S., 1836. On the Definition and Method of Political Economy. Hausman D. (ed). 2012. The Philosophy of Economics, An Antology. 41-58. Cambridge University Press.
Consult relevant chapters of our course textbook, as well as the auxiliary textboook: Blaug, M. The Methodology of Economics.
3. Hayek is considered one of the principal contributors to the Austrian School research programme. Some of elements of his thinking correspond to those of Mainstream Economics (e.g. Monetarists, as well as Chicago School of Economics). Identify similarities and differences of Hayek’s thought with the fundamental principles of Mainstream Economics.
You are welcome to focus on a restricted set of issues. These could be: the theory of markets and prices, policy-making, information, economic modelling, etc. However, you must indicate your choice in your essay title.
Some Reference Readings: – Caldwell, B. (2011). The Chicago School, Hayek, and Neoliberalism. Building Chicago Economics, pp.301-334. – Wilber, C. and Wisman, J. (1975). The Chicago School: Positivism or Ideal Type. Journal of Economic Issues, 9(4), pp.665-679.
4. While establishing the Monetarist School research programme, Milton Friedman attacked Keynes’ legacy vehemently. Identify the divergence beetween Keynes and Friedman in terms of their understanding of (i) the principles regulating economic modelling, and (ii) the way economic agents find and process information in the economic system.
Some Reference Readings: – Friedman, M. 1966. The Methodology of Positive Economics. Hausman D. (ed). 2012. The Philosophy of Economics, An Antology. 145-178. Cambridge University Press. – O’Donnel Rod M. (1990), Keynesian uncertainty and the Weight of Arguments. Economics and Philosophy, Vol. 6, pp. 275 – 295
The reference readings are just here to help students to begin their research. They do not necessarily need to be used. This will depend on what students will decide to include in their analysis. It is perfectly acceptable to imagine that two students writing on the very same topic will submit two very different essays based on their choices about the focus, the references, and the context within which they decide to organise their essay. Essays will be evaluated within their own individual merit.
Free-choice topics
• You are welcome to make your own suggested amendment to either of the two topics above or suggest a completely different essay topic. (An example of a modified essay topic could be: comparing Friedman to another author, rather than Keynes, or the other way around).
• You should feel that you have maximum freedom in developing your essay ideas. Being innovative and creative will be rewarded.
• Nevertheless, if you decide to deviate from material covered in lectures and seminars, you are strongly encouraged to consult with your lecturer about your suggested and essay title and your readings. I will be more than happy to support you.
• Some suggestions for essay topic ideas may be found by reading any of the chapters of the The Philosophy of Economics book, which collects interesting seminal papers.
• Other essay topic ideas might be gathered by thinking about general issues, such as: the concept of equilibrium, rationality and expectations, the mathematisation of economic analysis, Economics after the recent Great Recession, etc.
• However, please make sure that you narrow down to an essay topic that is specific enough so that it can be covered within the word-limit and the time you have available. Consulting with your lecturer will be helpful.
• It would be preferrable that you engage with some of the material covered after the Classics (after Smith, Ricardo, and Marx). However, this is not a strict requirement. Just avoid to repeat the analysis conducted in your presentation as this will be noted.
