The first semester of this course focuses on theories concerning economic systems. It begins with mercantilism; moves on to Adam Smith and the rise of market economics in the late-18th and early-19th centuries; then gives an overview of the challenges to market economics presented by utopian socialism, Marxism, anarchism, fascism, etc. The second semester deals with 20th-century challenges to neoclassical economic analysis. The economics of Schumpeter, Hayek, Coase and Buchanan will be highlighted. Grades will be based on two essay tests.