This course covers the key methodological revolutions within the economic theory that shaped the current state of economics as a science. Second, using our historical investigation, we discuss the evolution of the views on economic policy and the role of the state in general. We end up with the changes in economics after the Great Recession.

Our coverage of historical milestones and economic schools is arbitrary to fit our primary goal, i.e., to follow the gradual development of economics towards science based on mathematical methodology and explain selected policy debates. Therefore, students should not expect that we will cover all schools of thought mentioned in numerous textbooks on the history of economic thought.