Question

Why does Economics need a history at all? Some people argue those theories that do not appear in the textbooks are not worthwhile studying. Please provide a critique on this view. Do your answer apply to the other social science disciplines too

Answer 1

Economics really need history.for that matter all social sciences.

" Economics is the study of wealth of nations".It is the definition of economics given by the person who is known as the father of economics. Imagine that we are studying wealth of nations as Adam smith described, can we learn the subject without studying history of the wealth of nations.

When we are studying economics, the history of economics as well as the history of that economy and the world are very much important. We can't move deeper in to the cause and effect relationship that exists in economics without knowing history. Economics itself was a part of social science earlier.

Look at the history of economics and economists of various ages like mesopotemian, greek, roman, indian, chinese, arab, renaissance, modern times. It is clearly visible that all economists developed new theories and knowledge of the economy on the basis of the knowledge of their predecessors. For example arabs took it from india and for that matter all its predecessors.

Again look at the case of the economy. can we learn anything about a single economy without knowing its history. No, we can't. Because the entire economics of that economy is very well connected with its geography, political conditions, social situations, natural resources and national and international relationships.How can we study economy of that nation without knowing all these conditions. For example when we begins to learn about the great depression of 1930s we can't learn anything about it without knowing world history and politics of that time.

So this is the case of economics.It needs history very much we can't learn economics without studying history. For that matter all branche of social sciences are inter connected. So a wholistic approach is actually required. When we study any discipline in social science it is better to study history of that subject too in order to have a better understanding of that subject.