History of Economic Thoughts: From Evolution to Revolution

Abstract

The study of the History of Economic thoughts (HET) is generally held in low esteem by mainstream economists. However, there are many reasons for teaching students of economics the history of their own discipline. This paper surveys the main reasons for studying and teaching among the reasons discussed are keeps alive research paradigms that are alternatives to the prevailing orthodoxy. According to earliest that ‘dead men tell no tales’ - that there is nothing of value in the history of economic thought (or at least nothing of value that isn’t already distilled into modern works) - to the other end of the spectrum: the scriptural view that all the great works of economics were created in previous decades or centuries and that the task of present-day economists is merely to interpret, teach and apply them. There are of course, many views along the spectrum between these two extremes. This paper on history of economic thoughts exposes students to the comprehensive, holistic systems of economic and social thought constructed by Marx, Smith, Keynes, Marshall and the other great figures in HET. There is quite a variety of views on the relevance of the study of the history of economic thought to an education in economics.