Analysis of the development of economic thought in the context of the social and political environments in which these doctrines developed. This analysis begins with the rise of Marginalism and the contributions of Alfred Marshall and the Neoclassicalist School. It covers Keynes and the Keynesians, the New Classicalism of Milton Friedman. The course will also examine the work of the Institutionalists such as Galbraith and the work of Walras, Hicks, and others in formalizing economics. Prerequisites: ECON 109, ECON 101 and ECON 102.