Everything about Economic History totally explained
Economic history is the study of how
economic phenomena evolved in the past. Analysis in economic
history is undertaken using a combination of
historical methods,
statistical methods and by applying economic theory to historical situations. The topic includes
business history and overlaps with areas of
social history such as
demographic history and
labor history. Quantitative economic history is also referred to as
cliometrics.
Description
Practitioners and advocates of the first approach, which was for a long time dominant in the
United Kingdom, generally regarded economic history as being either an independent discipline or a subfield of
history. Practitioners of the second approach, which is more influential in the
United States, usually regard economic history as a subfield of economics. In France, economic theory and demographics was early integrated into mainstream historiography due to the large impact of the
Annales School of history from the
1920s and onwards.
Economic history has been a contentious issue in the United Kingdom for many years. The
London School of Economics and
Oxbridge had numerous duels over the separation of economics and economic theory. Oxbridge believed that pure economics involved a component of economic history and that the two were inseparably entangled. The relative newcomer, the London School of Economics (LSE), believed that economic history warranted its own course, program, study and research apart from pure economics.
The Economic History Society had it's inauguration at LSE in 1926. Eventually, the LSE position seems to have won out and now many schools in the UK and the US have now developed programs in economic history which have their roots in the LSE model of separating economics and economic history. Often, economic historians such as
Robert Fogel and
Douglass North, both
Nobel laureates in economics, and
Nicholas Crafts, of LSE fame, are called upon to advise for some of the world foremost economic institutions: WEF, WTO, OECD and others.
Cliometrics
Cliometrics refers to the systematic use of economic theory and
econometrics techniques to study
economic history. The term was originally coined by Jonathan R.T. Hughes and Stanley Reiter in
1960 and refers to
Clio, who was the
muse of history and heroic poetry in
Greek mythology. This term is also sometimes used referring to
counterfactual history.
Notable economic historians
Further Information
Get more info on 'Economic History'.
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