A must read short paper by Prof Peter Boettke of George Mason Univ. It is actually a speech given at 42nd Annual Meetings of The Association for Private Enterprise, Hawaii.
He calls to bring back history into economics (how many such calls will be made to a profession and yet be ignored):
Economics, properly understood, makes sense out the complex web of historical relations that constitute reality, namely by utilizing economic theory. Economics without price theory is not economic theory, and measurement without theory isn’t empirically meaningful. However, graduate students are being increasingly trained in sophisticated procedures of optimization and statistical testing, remaining largely ignorant of economic theory as a tool to understanding economic history. This address is a renewed call for my fellow economists to continue to instill in their teaching the beauty of economic theory, as well as the empirical importance of economic history. In short, economic teaching and…
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