Economic history and economic theory

Journal of Economic Methodology 13 (4):447-467 (2006)
Abstract
Since the mid?1950s the spread of formal models and econometric method has greatly improved the study of the past, giving rise to the ?new? economic history; at the same time, the influence of economic history on economists and economics has markedly declined. This paper argues that the contribution of history to the advancement of economics is still paramount, as is evident from the evolution of monetary theory and institutions.JEL classification: NO1, A12.
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