Course code Ekon3006
Faculty Faculty of Business, Management and Economics
Credit points, number of lectures
Credit points ECTS Credit points Total number of auditorium hours Number of lecture hours Number of seminars and practical work hours Number of student independent work hours
4 6 64 48 16 96
E-courses 2EKO3967: History of Economic Theories
Course annotation The aim of this course is to provide knowledge about main economic theories, showing historical development from the ancient world till our days; Tasks: 1) to improve analytical and professional competences necessary for taking an adequate economic decision; 2) to form a complete understanding about processes of economics, to be able to explain the successes and failures of economic policies.

The course is taught in Latvian and in English
Course responsible lecturer Ērika Šumilo
Results By studying the course, student acquires
1. about historical development of notions of international economy and commercial diplomacy in economic theories,
2. to understand and critically evaluate facts in international economy and business, various theories and regularities,

3. to use knowledge about international economy and commercial diplomacy in evaluation of facts and processes,
4. to find, evaluate and creatively use information for resolving research and practical problems in economic policy,

5. ability to work in multinational teams,

6. ability to understand and to evaluate impact of professional activity on environment in a wider sense and on society
Course plan No. Topic Planned amount in hours
1. Economic concepts, ranging from the Ancient world to the present day. L 2
2. The creation of Economy as a science in the Aristotle's universe, the evolution of value theory. 6 - L4, S2
3. Economic views in Mercantilism, their consistency with the current situation in Latvia. 8 - L6, S2
4. Development of Classical School: theories of French physiocrats, classical politeconomists (Smith, Ricardo, Sismondi). Economic concept of Marx. 22 - L14, S8, Test.
5. Changes in development of economic thought that occurred at the end of the nineteenth century and the establishment of two opposite trends (historical school and mathematical school). 8 - L6, S2
6. Changes in evaluation of the role of the market caused by the Great Depression and emergence of Keynes economics regulation concept. L6
7. Diversity of economic views in second half of the twentieth century. Struggle between concepts of liberalism, which emphasizes the market mechanism, and the ideas of dirigism, which defends the role of the state in economy. 6 - L4, S2
8. History of economic thought in Latvia. L6

L - lecture,
S - seminar
Requirements for obtaining credit points Midterm assessment:
1. Semester work – 60% (activity 5%, seminar works and home works – 45%, workshop task 10%).

Final assessment:

2. written examination –40%.
Study programmes International Economics and Commercial Diplomacy
International Economics and Commercial Diplomacy
Accounting, Analysis and Audit