Economics

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 generalization...