History of Economics: The Great Debates From Aristotle to Today

Every economic idea was once an answer to a real problem. Follow the conversation from ancient philosophers and medieval scholars through Smith, Ricardo, Marx, Keynes, and Hayek to today, 1-on-1 with professors who know the history well.

History of Economics is one of the focuses you can choose in Elton's Heterodox Economics graduate certificate and master's concentration. Study it in depth, compare it with other traditions, or build your own synthesis, guided by professors who know each school well.

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What Is History of Economics?

The history of economics, often called the history of economic thought, tells the story of how people have tried to understand wealth, money, work, and trade. Aristotle asked what money is for. Medieval scholars debated the just price and usury. Mercantilists, physiocrats, and the classical economists turned those questions into a science.

Every school on this site grew out of that story. Neoclassical economics came from the marginal revolution of the 1870s, Keynes wrote in the shadow of the Great Depression, and Hayek and Friedman reshaped economics in response to the inflation of the 1970s. Knowing where ideas came from is the best way to see what they assume, what they answer, and what they leave out.

You will read the great economists in their own words and in their own context, and learn the historian's skills of reading sources closely, tracing how ideas travel, and judging them fairly by the standards of their time and ours.

Ideas in their time

See Where Today's Ideas Came From

These are the kinds of questions you can explore with your professors:

What did Adam Smith actually argue, and how has he been misread?
Why did economics become so mathematical in the twentieth century?
How did the Great Depression, World War II, and the 1970s change what economists believe?
Which forgotten ideas from the past deserve a second look?

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A grand library hall lined with bookshelves

In their own words

Key Thinkers You Will Read

You read the classic texts alongside today's research, so you understand not just what these economists argued but why.

Aristotle

Household management, exchange, and the purpose of money.

Adam Smith

The Wealth of Nations and The Theory of Moral Sentiments.

David Ricardo

Rent, distribution, and comparative advantage.

Karl Marx

Capital and the classical theory of value pushed to its limits.

Alfred Marshall

Supply and demand curves and the making of neoclassical economics.

John Maynard Keynes

The General Theory and the birth of modern macroeconomics.

What you study

Core Ideas

Ancient & Medieval Thought

Aristotle, Islamic scholars such as Ibn Khaldun, and the scholastics on money, the just price, and usury.

Mercantilism & the Physiocrats

Trade, gold, and national power, and Quesnay's first model of the whole economy.

Classical Political Economy

Smith, Ricardo, Malthus, and Mill on value, growth, population, and free trade.

The Marginal Revolution

Jevons, Menger, and Walras, and the turn to utility, prices, and equilibrium.

The Keynesian Revolution & After

Keynes, the neoclassical synthesis, monetarism, and rational expectations.

Reading Historically

How to read old texts in context, trace the spread of ideas, and use archives and letters.

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No party line

Debates and Critiques

Historians of economics disagree about whether economics progresses like a natural science, steadily improving on the past, or whether good ideas are often lost and rediscovered. Some argue the field should be judged by today's standards, others by the standards of each thinker's own time. You will study both views and see how the history itself is contested.

Elton's program is pluralist: your professors help you understand each school on its own terms, weigh it fairly against the evidence, and reach your own conclusions.

How it works

Learn 1-on-1 With Expert Professors

Map Your Interests

With your advisor, build a learning plan around History of Economics and the fields and questions you care about most.

Meet Your Professors

Meet each week in tutorials of one to three students. Read, discuss, and get feedback on your work from economists who know the tradition well.

Build Real Work

Write policy briefs, build models, analyze data, and research the questions that matter to you, with your professors guiding every step.

Graduate With a Portfolio

Leave with research papers, analyses, and policy proposals that show how you think, ready to share with employers or journals.

Admissions

Eligibility

To enroll in a master's program or graduate certificate, you need one of the following:

A bachelor's degree, or
Some college and 5 years of relevant work experience, or
Proof of your ability to engage in master's-level study.

No standardized tests are required: no GRE, no GMAT.

Tuition

Same Tuition as the Economics Program: $18,000

History of Economics is a focus within Elton's economics graduate certificate and master's concentration, so it shares the same tuition, financial aid, and timeline: $18,000 total, with a 10% discount if you pay in full upon enrollment. The graduate certificate on its own is $8,000.

Start Immediately - Other programs require you wait until September or January to start. With Elton you can start immediately.
No Risk First Month - If during the first month you or Elton decide that you are not a fit for the university, you will receive a full refund.
Stacking Credentials - If you stop the program early, you still earn your graduate certificate in economics if you have completed 1/3 of the program.

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Questions

Frequently Asked Questions About History of Economics

What is the history of economic thought?

The history of economic thought studies how economic ideas developed, from ancient and medieval writers through the classical, Marxian, neoclassical, Keynesian, and modern schools, and how each answered the problems of its time.

How is it different from economic history?

Economic history studies how economies themselves changed: growth, industrialization, trade, and crises. The history of economic thought studies how economists' ideas changed. You can study both, and many students combine them.

Is History of Economics a separate degree?

No. It is a focus within Elton's economics graduate certificate and master's concentration. You earn the same credential, with your reading, tutorials, and portfolio centered on this tradition.

Can I study other schools of thought too?

Yes. Many students compare two or three traditions, or study mainstream economics alongside a heterodox school. Your advisor helps you build the mix that fits your goals.

From the Elton blog