A fab speech by Bruce Caldwell of Duke University on importance of econ history (Blogpost here).
Positivism is a philosophy of science based on the view that in the social as well as natural sciences, information derived from sensory experience, and logical and mathematical treatments and reports of such data, are together the exclusive source of all authoritative knowledge. It assumes that there is valid knowledge (truth) only in scientific knowledge.
Well most econs think econ history and history of econ though is not based on positivism. Hence history is not taught etc in schools. He obviously disagrees and makes a case for teaching history at both the undergrad and grad levels.
He points to several reasons to study econ history:
- All people love original stories
-
The history of economics provides a means, through the reading of original texts and related
documents, of engaging with some of the Greatest Minds that the world has known
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The history of economics course is ideal for developing what are often called “critical thinking” skills.
- History is presented in new settings and new wrappings. Basically it keeps repeating or rhyming in new forms. Friedman called its Old Wine in New bottles
- Helps correct egregious errors of interpretation
- Provides alternatives to mainstream views
Extracting from PDF is tough. So leaving it for the viewers to read and discuss..
January 1, 2013 at 8:32 pm |
professor Caldwell made reference to key issues as to the teaching
of economic history or history of economic thought.Some authors,
namely Pierre Joseph Proudhom were omitted,while the book written
“the philosophy of Misery”in 1845 preceeded Karl Mark’s book”The
Poverty of Philosophy”bublished in 1847.As far as Paul Samuelson
who criticized John Keynes”General Theory”(1936),namely the
comments suchas”a very badly written book…after all it is the work
of a Genius”(paraphrase).The course”History of Economic Thought”
is a required course for graduate students,depending on the field of endeavor of the student concerned.Finally,the Nobel Laureate
Professor Arthur Solow,once said:”All theory is based on assumptions which are noot quite true,this is what makes it a
theory.”According to Emile Durkheim,a well known French sociologist”To better understand the future,you must study the past.”In the area of economic growth and economic development,
Sir Arthur Lewis,a co-winner of teh Nobel Prize for Economics,in 1979,made reference to many schools of htought,such as the
Mercantilists,the Physiocrats,the Classical School,the Neo-Classical School,the Fabians,the Stalinists,and the University of Chicago,
knowing that WW Rostow envisioned”the Stages of Economic Growth”which brought a lot of criiticism,due to the fact that the”historical background” of the countries involved was totally
ignored,that was in the early 1960s.