Undergraduate Discussion Group

Meeting time: Wednesdays at 3:00 - 4:15 pm Central Time
Meeting place: Hybrid format - 737 Heller Hall and online via Zoom

The Undergraduate Discussion Group (UDG) reads and discusses works of mutual interest in the history and philosophy of economics. It concentrates on creating a conversational space where the next generation of scholars can engage with critical issues. This group is for undergraduates by undergraduates and is open to all undergraduates interested in conceptual questions about economics and its relation to the other social sciences, regardless of your declared major. Snacks are provided.

UDG is modeled on activities of the MCPS that aim to interrogate the assumptions and evidence behind scientific models and characterize the diversity of scientific practices so as to advance our understanding of how the sciences work and decipher what kinds of answers they deliver. The readings are accessible for those new to the topic but also allow in-depth discourse for those with prior experience in the subject.

All undergraduate students are welcome to attend whenever they would like (without invitation) and without giving advance notice. To learn more please contact Henri Chastain (chast061@umn.edu).

Fall 2023

This semester, our primary focus in the UGDG will be on two pivotal documents: Adam Smith's The Wealth of Nations and Karl Marx's Capital. Within this framework, we will begin by reading essays by Eugene Gendlin and Richard McKeon on hermeneutics to learn about the practice of ‘Deep Reading’ to better engage with these primary sources that deal with intricate themes such as history, freedom, and power. From this position, we will read excerpts from Smith’s Wealth of Nations, followed by those he influenced in the ‘Ricardian tradition’, and finally, end the semester by reading excerpts from Karl Marx’s Capital.
 
September 27th:  General Introduction and the Practice of 'Deep Reading' 
Optional: E. Gendlin. 1972. Two Ways of Reading a Philosophy—and Their Pitfalls, .(pdf) R. McKeon. 1990. Freedom and History. (pdf)
 

October 11th: The Wealth of Nations: Excerpts of Book I
A. Smith. 1776. An Inquiry into the Nature and Causes of the Wealth of Nations (E. Canaan, Ed). Chapter 1-2, 4-7. Liberty Fund. (pdf)

October 25th: The Wealth of Nations: Excerpts of Book II, III 
A. Smith. 1776. An Inquiry into the Nature and Causes of the Wealth of Nations (E. Canaan, Ed). Chapters 1,3 of Book II. Chapters 1-4 of Book III. Liberty Fund. (pdf)

November 8th: Ricardian Foundations: Political Economy in Formation. 
J.R. Mcculloch. 1853. Treatises and Essays on Subjects connected with Economic Policy. Section 1: Circumstances which led to the use of Money. Principal properties which every Commodity used as such ought to possess. Not a Sign or a Measure of Value, but a real Equivalent. Batoche Books. (pdf)
Optional: N.W. Senior. 1852. Four Lectures in Political Economy. Lecture 4: That Political Economy is a Positive, Not a Hypothetical Science–Definition of Wealth. Liberty Fund. (pdf)

November 22nd: Capital Volume 1: The Question of Value. 
K. Marx, F. Engels. 1996. Marx & Engels Collected Works Vol 35: Karl Marx Capital: Volume 1. Preface to the First German Edition, and Chapter 1: Commodities, originally published in 1867. London: Lawrence & Wishart. (pdf)

December 6th: TBD

 

Previous meetings

This semester, the UGDG will be reading key texts from the History of Economic Thought from 1770s-1870s dealing with the concept of value in Political Economy. In doing so, we will discuss its relation to the hypotheses, methodology, and disputes of influential Economist Philosophers during the period.

January 20:  Why use the History of Economics to Understand the question of Value in Political Economy?
R. Skidelsky. 2021. What’s wrong with Economics? Chapter 10: Why Study the History of Economic Thought? pp 137-148. Yale. https://doi.org/10.2307/j.ctvxkn7jq.14 

January 27: Adam Smith’s Moral Foundations of his Science of Value N. S. Hetherington. 1983. Isaac Newton's Influence on Adam Smith's Natural Laws in Economics. In the Journal of the History of Ideas, University of Pennsylvania Press. https://doi.org/10.2307/2709178 

February 3: The Wealth of Nations: The Text
A. Smith. 1776. An Inquiry into the Nature and Causes of the Wealth of Nations (E. Canaan,Ed). Chapter 4-7. pp 37-72. Liberty Fund.

February 10: Reactions to The Wealth of Nations: The Formation of Value in Political Economy
J.B Say. 1803. A Treatise on Political Economy. Book I: Of the Production of Wealth. Book I, Chapter I. Of what is to be Understood by the Term Production.
D. Ricardo. 1817. Principles of Political Economy and Taxation. Chapter 1: On Value. Sections 1-3. Batoche Books. 

February 17: Reactions to The Wealth of Nations continued: Ricardian Foundations
J.R. Mcculloch. 1853. Treatises and Essays on Subjects connected with Economic Policy. Section 1: Circumstances which led to the use of Money. Principal properties which every Commodity used as such ought to possess. Not a Sign or a Measure of Value, but a real Equivalent. Batoche Books. (pdf)
Optional: N.W. Senior. 1852. Four Lectures in Political Economy. Lecture 4: That Political Economy is a Positive, Not a Hypothetical Science–Definition of Wealth. Liberty Fund. 

February 24: Preliminary Remarks on Marx’s Critique of Political Economy
K. Marx, F. Engels. 1976. Marx & Engels Collected Works Vol 05: Marx and Engels: 1845-1847. pp 26-28: Theses on Feuerbach, originally published in 1845. London: Lawrence & Wishart. 
K. Marx, F. Engels. 1987. Marx & Engels Collected Works Vol 29: Marx: 1857-1861. pp 261-265. A Contribution to the Critique of Political Economy Part One: Preface, originally published in 1859. London: Lawrence & Wishart. 
K. Marx, F. Engels. 1996. Marx & Engels Collected Works Vol 35: Karl Marx Capital: Volume 1. pp 7-11: Preface to the First German Edition, originally published in 1867. London: Lawrence & Wishart.

March 17: Capital Volume 1: Value, Exchange, and Money
K. Marx, F. Engels. 1996. Marx & Engels Collected Works Vol 35: Karl Marx Capital: Volume 1. pp 45-94: Chapter 1: Commodities, originally published in 1867. London: Lawrence & Wishart.

March 24: Capital Volume 1: Value, Exchange, and Money
K. Marx, F. Engels. 1996. Marx & Engels Collected Works Vol 35: Karl Marx Capital: Volume 1. pp 187-209: The Labour Process and the Process of Producing Surplus Value, originally published in 1867. London: Lawrence & Wishart.

March 31: Affirmations and critiques of Surplus Value by Luxemburg, Hilferding, Bawerk
E. Böhm-Bawerk. 1896. Karl Marx and the Close of His System. Chapter 1: The Theory ofValue and Surplus Value. pp 9-19. English Translation. Von Mises Institute.
R. Luxemburg. 1913. The Accumulation of Capital. Chapter 3: A Criticism of Smith’s Analysis.English Translation. pp 35-48. Routledge.

April 7: The Austrian School, Subjective Value, and the Beginnings of the Marginal Revolution
C. Menger. 1871. Principles of Economics. Part 3: The Theory of Value. The Nature and Origin of Value, The Original Measure of Value part 1: Differences in the Magnitude of Importance of Different Satisfactions (Subjective Factor). pp 114-128. English Translation. Von Mises Institute.

April 14: Walras, Edgeworth: The New Determinations of Value of the Marginal Revolution
L. Walras. 1874. Elements of Theoretical Economics, or the Theory of Social Wealth. Part 2: Theory of Exchange, Lesson 5: The market and competition:. The Problem of the Exchange of Two Commodities for Each Other. pp 41-51. English Translation. Cambridge. 

April 21: Veblen and the Birth of Neoclassical Economics
T. Veblen. (1900). The Preconceptions of Economic Science. The Quarterly Journal of Economics , Feb. 1900. 14(2): 240-269. Oxford Press.