Hayek: business cycles linked to mismatch between savings and (mal)investment; markets as mechanisms to spread knowledge through price signals 

Schumpeter: innovation, creative destruction and economic cycles

Practical case 6

Veblen: evolutionary thinking and analysis of human behavior (consumption decisions)

Keynes: historical context (Roaring 20s and Great Depression of 1929), principle of effective demand and the role of uncertainty in consumption and investment decisions

Practical case 5

Marginalist Revolution: profound changes in the definition and method of economic analysis

Value theory: subjective utility, diminishing marginal utility and implications for supply, demand and income distribution

Alfred Marshall: establishment of neoclassical economics and discussion of limitations

Practical case 4

Marx: labor theory of value, origin of surplus value, business cycles and long-term trends in capitalist economies

Summary of Classical Political Economy: comparison of theories and authors

Practical case 3 & discussion

Classical Political Economy

Malthus: principle of population and the theory of subsistence wages; underconsumption crises

David Ricardo: marginal rent theory, law of the falling rate of profit and principle of comparative advantage in free trade

Friedrich List: productive powers of nations and defence of protectionism

Practical case 2 & discussion