ECON30550 Philosophy of Economics

Academic Year 2023/2024

This module focuses on understanding the basic methodological principles of the science of Economics. It starts with an introduction to the history of the notion of Economics, and then it specializes in the basic economic thought throughout the centuries. The second part of the course focuses in the general philosophy of science with an interest in the philosophy of social sciences. The course will discuss in depth the basic methodological principles of the major Economic theories and the philosophers/scientists who evolved these theories (i.e. Rousseau, Hume, Locke, Hobbes, Mill, Proudhon, Smith, Ricardo, Marx). The students will be asked to study and think on the several theories, understand their basic basic principles and present their ideas through class discussions, presentations, and short essays.

This module may be taken as part of a Structured Elective in Economics. This means that if you combine this module with at least 10 additional credits from other economics modules you will be awarded a ‘structured elective in economics’ on your transcript.

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Curricular information is subject to change

Learning Outcomes:

On successful completion of this module, students should be able to understand the basic methodological principles of the theories of Economics and the basis of the science in general, with particular reference to the connection of these theories to their basic representatives. Further, students should be able to critically think, deeply understand, and criticize the principles and the evolution of the basic economic theories.

Student Effort Hours: 
Student Effort Type Hours
Autonomous Student Learning




Conversation Class




Approaches to Teaching and Learning:
Lecture in class: 2 hours per week
Debates and case-based learning: Students will be presented with the basic concepts and principles underlying Economic theories and they will be asked to present and debate on whether those theories manage to capture reality and human economic behavior. 
Requirements, Exclusions and Recommendations

Not applicable to this module.

Module Requisites and Incompatibles
Not applicable to this module.
Assessment Strategy  
Description Timing Open Book Exam Component Scale Must Pass Component % of Final Grade In Module Component Repeat Offered
Assignment: Small essay type assignment in week 6 Week 6 n/a Graded No


Assignment: Small essay-type assignment Coursework (End of Trimester) n/a Graded No


Group Project: Group presentation Throughout the Trimester n/a Graded No



Carry forward of passed components
Resit In Terminal Exam
Summer No
Please see Student Jargon Buster for more information about remediation types and timing. 
Feedback Strategy/Strategies

• Group/class feedback, post-assessment
• Self-assessment activities

How will my Feedback be Delivered?

Not yet recorded.