Economic History
Economic historians have stressed on the importance of studying economic history to help in bringing suggestions to the problems experienced in the world’s economy today. Economic history helps economists and any other party in general to understand where and to live in this dynamic economic. The current economic and financial crisis has heated up a debate about the state of economics and the training made to the students undertaking the course. State economic awareness and preparedness to the shifting trends equips the learner full knowledge on when and how to apply economic policies effectively.
According to Yuichi Shionoya, Mark Perlman (2012), economists have insisted that the study of the importance of economics involves capitalism as an evolutionary process. Among those who are arguing strongly for change are young economists who are undergraduates on the course who seem not to fully understand how financial systems work and not fully aware bout appropriate policies at times of crisis. The economic history group has hopes to be the bearing for capacity building. This history analyzes education progress in institutions offering these courses
The study of economic history has significantly changed the perspective on with which most economists look at economic history. With reference to Historical Analysis of Economic Change in the dynamic, local and national change, studies have intensified interest on the effects of technological change on economic growth and development. These studies have utilized the structure of local development to involve economic dynamics at all spatial scales.
According to Gary Walton, Hugh Rockoff (2013), most academic economists do not see courses on the history of economics thought as integral or even useful part of economics. Standard studies have shown validity and policy implications that evolve from past endeavors. Learners have also conceived analogous preconceptions. This is partially or wholly influenced by their elders who tend to better natural market for their labor. However, persuasive part of this argument teaches more in macro and micro theory rather than the involvement of history of economics thought as a separate discipline.
Economic history student adds an extra technical knowledge on how to handle critical in the field of economics. Economic history in the current economy has greatly influenced learners who are interested in perusing the course to higher levels. Economic history is an unapologetically practical field, exclusively dedicated to understanding the real world. A consistent exposure to economic history leads to an empirical frame of mind that enables critical thinking and proper handling of economic issues with ease.
References
Heertje, A. (2012). Evolving technology and market structure: Studies in Schumpeterian economics. Ann Arbor: University of Michigan Press.
Walton, G., & Rockoff, H. (2013). History of the American economy (6th ed.). San Diego: Harcourt Brace Jovanovich.
Tuma, E. (2010). Economic history and the social sciences; problems of methodology. Berkeley: University of California Press.
