history of economics thought

History of Economic Thought

• Objectives

• Definition and Meaning of the History of Economic Thought

Objectives

 Define history of economic thought;

 Explain history of economic thought;

 Describe the approaches to the study of history of economic Thought;

 Understand the significance of history of economic thought;

Definition and Meaning of the History of Economic Thought

• This topic defines and explains the nature and significance of History of Economic Thought.

• History of Economic thought deals with the origin and development of economic ideas and their

interrelations.

• The authors argued that it is a historical account of economic doctrines. Prof. Schumpeter holds that

“economic thought is the sum total of all the opinions and desires concerning economic subjects especially

concerning with public policies of different times and places.”

• Bhatia argues that, “Ordinarily economic thought would be taken to cover the set of theories, doctrines,

laws and generalizations, and analyses applied to the study and solution of economic phenomena and

problems.”

• In the words of Haney (1949:4), the study of economic thought “may be defined as a critical account of the

development of economic ideas, searching into the origins, interrelations, and manifestations.”

Advantages

• This critical approach has three advantages. First, it provides a more complete understanding of the

current state of economic analysis and second, it may suggest alternative perspectives that will extend,

improve or alter the tools and analysis. Third, through an increased awareness of our own perspective

of the economic process, it encourages a degree of humility and respect for others. Most importantly,

the study of the history of economics thought can be fun and reveal many things about ourselves.

Economics