Syllabus
Instructors and moderators of debates:
Tomáš Sedláček (TS), Vladimír Benáček (VB), Michal Paulus (MP).
Topics (as of 6 February, 2016): 1. [16.02.2016] Capitalism I - evolutionary/descriptive aspects. VB
· Creative, redistributive and destructive motivation in social systems
· The role of capital and labor
· Entrepreneurial vs crony capitalism
Literature:
Baumol, W. J. (2008). Entrepreneurs, Inventors and the Growth of the Economy. Princeton Univ.
Benáček, V. (2008). The Rise of Grand Entrepreneurs in the Czech Republic and Their Contest for Capitalism. Czech Sociological Review, 42 (6), 1151-1170
Baumol, W. (1990). Entrepreneurship: Productive, Unproductive, and Destructive. J. of PE.
ASSIGNMENT i. VB 2. [23.02.] Capitalism II - (normative aspects). TS
· Alternative models (Christian Felber, David Graeber)
· Critique of capitalism (Slavoj Zizek)
· Capitalism as an ideology/religion (Deirdre McCloskey, Robert Nelson, Tomas Sedlacek)
Core Literature:
McCloskey, Deirdre N. The Rhetoric of Economics. Madison, WI: U of Wisconsin, 1985.
Nelson, Robert H. Economics as Religion: From Samuelson to Chicago and beyond. University Park, PA: Pennsylvania State UP, 2001.
Sedláček, Tomáš, David Graeber, and Roman Chlupatý. (R)evoluční ekonomie o systému a lidech: Rozhovor s Romanem Chlupatým. N.p., n.d.
Others resources:
Felber, Christian. Die Gemeinwohl-Ökonomie: Das Wirtschaftsmodell Der Zukunft. Wien: Deuticke, 2010.
McCloskey, Deirdre N. If You're so Smart: The Narrative of Economic Expertise. Chicago: U of Chicago, 1990.
McCloskey, Deirdre N. Bourgeois Dignity: Why Economics Can't Explain the Modern World. Chicago: U of Chicago, 2010.
Žižek, Slavoj. First as Tragedy, Then as Farce. London: Verso, 2009.
Web: video BOOKTalks - Economics as Religion https://www.youtube.com/watch?v=a_-EMNXoV8Y 3. [01.03.] Capitalism III - The loop of cycle and contemporary capitalism. VB
· The theory of cycles (crises)
· Eternal recurrence and antagonism in social systems (state vs markets, L vs K, prosperity and recession, equilibrium vs transition, cooperation vs competition, socialism vs capitalism)
· What can be predicted and what can be learned?
Literature:
Articles by and on T. Picketty and on his book "Capital in the Twenty-First Century"
Baumol, W. J., Litan, R. E. & Schramm, C. J. (2007). Good Capitalism, Bad Capitalism and the Economics of Growth and Prosperity. New Haven: Yale University Press
Teulings C. and Baldwin R.: Secular Stagnation: Facts, Causes and Cures. London, CEPR, 2014 4. [08.03.] Economics - normative or positive? Or both? MP
· What is the role and position of economics, where is it crossing lines and where it should be more focused?
Literature:
Davis, J. B. (2013). Economists’ odd stand on the positive-normative distinction: A behavioral economics view.
Hands, D. W. (2012). The positive-normative dichotomy and economics.Philosophy of economics, 219-240.
Friedman, Milton. The methodology of positive economics. In: Friedman, M. Essays in positive economics, Chicago Press, 1953. 5. [15.03.] Economic growth. TS
· Pros and cons
· What we are bringing on the altar of economic prosperity.
· Discussion of currently new books of Tomas Sedlacek
Literature:
We will discuss books that are in progress and are being currently written, which gives you unique opportunity to enrich the final format of book through your active discussion.
Case study (TBA)
Jackson, Tim. Prosperity without Growth: Economics for a Finite Planet. London: Earthscan, 2009. 6. [22.03.] Euro. MP
· Past issues (ideas, expectations and errors)
· Pros and cons of a common currency
· Sovereign debt crisis in EMU; Failing stability mechanism
· Present disputes and debates about policies
Literature:
Selected articles by C. Wyplosz, B. Eichengreen, U. Panizza, D. Gros, J. Winiecki, etc.
Other sources: to be updated
Assignment ii (delivery). MP 7. [29.03.] Financial crisis and Minsky´s hypothesis: 5 minutes fame of heterodox schools? MP
Literature:
Minsky, Hyman. The Financial Instability Hypothesis: A Restatement. Hyman P. Minsky Archive, Paper 180, 1978
Other sources: to be updated 8. [5.04.] EU policies: appropriate and efficient? MP
· Teams will present key findings of the assignment II (in the assignment they are asked to evaluate selected significant EU policies).
· Each team must deliver written report on the topic and during the class shortly present the findings and discussion points. 9. [12.04.] How much is enough? Consumerism/ hedonism vs. ascetism / abstinence? TS
· On the stationary state (R. Skidelsky, J.M.Keynes)
Literature:
Skidelsky, Robert, and Edward Skidelsky. How Much Is Enough?: Money and the Good Life. New York: Other, 2012.
Keynes, John Maynard. Economic Possibilities for Our Grandchildren. Seattle, WA: Entropy Conservationists, 1991.
Sedláček, Tomáš. Economics of Good and Evil: The Quest for Economic Meaning from Gilgamesh to Wall Street. Oxford: Oxford UP, 2011.
Assignment iii. (TS) 10. [19.04.] New Development Economics (EU vs China). VB
· Strategies of development
· Why the central command economies failed
· Dynamics in tradables vs non-tradables
· The rise of BRICs and the role of China
· Lessons from transition and crises
Literature:
Winiecki, J.: Developmental Strategies and Structural Change: Over the Past Century. Budapest, CEU Press, 2014
Benáček V: Model of comparative advantage with infinite number of products
Articles on "New protectionism" (t.b.a.) 11. [26.04.] The leaders of tomorrow and their concerns. VB
· Study: Global Perspectives Barometer survey results for 2015
· Taking an active part in the new GPB survey 2016 of the St. Gallen Symposium.
· Reviewing alternatives to the features of leadership in 2017-2025.
Literature:
Global Perspectives Barometer study and data. 12. [03.05.] Assumption of Perfection of Markets - under inspection. TS
· Dan Ariely - experiments connected to money,
· Laurie Santos - A monkey economy as irrational as ours.
Literature:
Ariely, Dan. Predictably Irrational: The Hidden Forces That Shape Our Decisions. New York, NY: HarperCollins, 2008. Web: Ted Talks - Laurie Santos - A monkey economy as irrational as ours - https://www.ted.com/talks/laurie_santos#
Alternative Topic: MONEY - DEBT - GIFT. TS (t.b.d.)
Felber, Christian. Geld Die Neuen Spielregeln. Deuticke: n.p., 2014.
Graeber, David. Debt: The First 5,000 Years. Brooklyn, NY: Melville House, 2011.
Sokol, J. Co Jsou Peníze? N.p., n.d. Web. 20 Aug. 2014. Sokol, J. Money and the Sacred. N.p. Web. 20 Aug. 2
Annotation
Venue and time: IES/FSV, Opletalova St 26, Hall 314 (2nd floor), Tuesdays 11:00-12:20
This course is elective for the IEPS students. It is also open for other FSV students or Erasmus visiting students up to the limit of 40 participants.
Intensity: 13 weeks, 1 hour of lectures and 1 hour of seminars (exercises) each week in the Summer Semester (16 February - 10 May 2016). Students can enroll without passing the PEP I course taught in the winter semester (even though it is recommended).
### Instructors and lecturers:
Tomáš Sedláček, Vladimír Benáček and Michal Paulus
REMARK: PLEASE DOWNLOAD THE HANDOUT (e.g. THE PPT SLIDES) BEFORE THE LECTURE AND GET ACQUAINTED WITH ITS CONTENTS.