Treating economic history as a discrete academic discipline has been a contentious issue for many years. Academics at the London School of Economics and the University of Cambridge had numerous disputes over the separation of economics and economic history in the interwar era.
Cambridge economists believed that pure economics involved a component
of economic history and that the two were inseparably entangled. Those
at the LSE believed that economic history warranted its own courses,
research agenda and academic chair separated from mainstream economics.
In the initial period of the subject's development, the LSE position
of separating economic history from economics won out. Many universities
in the UK developed independent programmes in economic history rooted
in the LSE model. Indeed, the Economic History Society had its inauguration at LSE in 1926 and the University of Cambridge
eventually established its own economic history programme. However, the
past twenty years have witnessed the widespread closure of these
separate programmes in the UK and the integration of the discipline into
either history or economics departments. Only the LSE retains a
separate economic history department and stand-alone undergraduate and
graduate programme in economic history. Cambridge, Glasgow, the LSE and Oxford together train the vast majority of economic historians coming through the British higher education system today.
The study of dis-equilibrium may proceed in either of two ways. We may
take as our unit for study an actual historical case of great
dis-equilibrium, such as, say, the panic of 1873; or we may take as our
unit for study any constituent tendency, such as, say, deflation, and
discover its general laws, relations to, and combinations with, other
tendencies. The former study revolves around events, or facts; the
latter, around tendencies. The former is primarily economic history; the
latter is primarily economic science. Both sorts of studies are proper
and important. Each helps the other. The panic of 1873 can only be
understood in light of the various tendencies involved—deflation and
other; and deflation can only be understood in the light of various
historical manifestations—1873 and other.
There is a school of thought among economic historians that splits
economic history—the study of how economic phenomena evolved in the
past—from historical economics—testing the generality of economic theory
using historical episodes. US economic historian Charles P. Kindleberger explained this position in his 1990 book Historical Economics: Art or Science?.
The new economic history, also known as cliometrics, refers to the systematic use of economic theory and/or econometric
techniques to the study of economic history. The term cliometrics 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.
Cliometricians argue their approach is necessary because the
application of theory is crucial in writing solid economic history,
while historians generally oppose this view warning against the risk of
generating anachronisms. Early cliometrics was a type of counterfactual history.
However, counterfactualism is no longer its distinctive feature. Some
have argued that cliometrics had its heyday in the 1960s and 1970s and
that it is now neglected by economists and historians.
In recent decades economic historians, following Douglass North, have tended to move away from narrowly quantitative studies toward institutional, social, and cultural history affecting the evolution of economies.However, this trend has been criticized, most forcefully by Francesco Boldizzoni, as a form of economic imperialism "extending the neoclassical explanatory model to the realm of social relations." Conversely, economists in other specializations have started to write on topics concerning economic history.
Well-conducted, and with good health status.
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