Why study economic history

If you have questions about the Economics undergraduate program, please email us at econba northwestern. Economists study how these choices are made in various settings, evaluate the outcomes in terms of criteria such as efficiency, equity, and stability, and search for alternative forms of economic organization that might produce higher living standards or a more desirable distribution of material well being.

Why study economic history

Economics is the study of patterns. What then, is economic history? Simply put, economic history seeks to try to understand historical events by appealing to our knowledge of economic processes. But how robust are these stylised facts? A good example is the relationship between protectionism and growth: If we look at recent evidence, this is indeed the case.

But before the relationship is less clear cut — and there is even some suggestion that tariffs caused growth in the s.

Why study economic history

Of course, there are problems with going too far back in time — especially with regard to reliability of data. For this reason, most undergraduate economic history courses begin no earlier than — the start of the British Industrial Revolution.


But after that, there is a wealth to discover: This is a pity in some sense, as without a wide-ranging perspective we cannot know whether our theories are robust — and we cannot understand the important interplay between institutions and markets.

An economic history course will be much more reading intensive than most other options — and most questions will be in essay format. Unlike other disciplines, you will not be asked to solve for the Marshallian demand or compute some equilibrium.

This is not to say formal analysis does not have its place — it certainly does.In order to refresh my little acknowledgement about Economic History, I would like to tell what is Economics History. Economic history is the study of economi es or economic phenomena of the past. It consists of historical methods, statistical methods and application of economic theory.

May 17,  · The Department of Economics at UMass Amherst offers a broad range of online courses, including Microeconomics, Macroeconomics, Marxian Economics, and American Economic History.

Our courses are a.


Apr 01,  · The most important steps to improve the training of young economists would be to make economic history and the history of economic thought compulsory in all . Why study Economic History? Today I gave the first lecture for a new course I’m teaching at King’s College London, The World Economy and its urbanagricultureinitiative.com’s a compulsory first year course for a.

Economics is the study of patterns. Economists look for the similarities of different events and ask whether or not they support a particular economic theory or model. What then, is economic history?

Simply put, economic history seeks to try to understand historical events by appealing to our knowledge of economic processes. I'm Brad DeLong, and this is my morning coffee.

Jan de Vries ran our first Econ a class yesterday--"Introduction to Economnic History" for the first-year Ph.D.

Why study economic history

students in economics.

Economic History - Studying Economics