Question

Is studying the history of economic thought valuable? If so explain why, if not explain why not. In particular can studying the HET make people better economists or does it just make them better-read economists? explain in details

Answer 1

history of economic thought sheds light on how the numerous economic ideas have originated and how they have developed over time. it helps to understand the holistic approach of how various economists have given their theories and how they differ from each other. also, it gives us a comprehensive picture of the development of economics over a period of time. however, now-a-days, "dead men don't tell us tales" is a prevailing view and respect for this subject is declining. but the theoretical understanding of concepts is necessary to understand their practical meaning. for e.g. to understand inflation, we need to know how the various theories of inflation explain the concept of inflation. the contemporary knowledge of various theories will help to make current policies to control inflation. further, in order to expand the past economic hypothesis, their knowledge is important as economics can not be done in isolation. also, for system building in economics, students need to go through the past theories and explanations. therefore, knowledge of HET is necessary to become better economists.