Economics is a compelling force that has helped shaped countries and empires as far back as history records. Economic trends have had diverse effects which include triggering World War Two, the collapse of the Soviet Economy, the democratisation of South Korea and Japan and many others. The story of successful economies cannot be told with a mention of their respective histories.
Economic History studies the evolution of the phenomena from a historical standpoint. The analysis is taken using a combination of statistical and historical methods and applying theories to historical situations.
Economic historians argued that the two are split into distinct parts:
1.Economic History: The study of how economic phenomena evolved in the past
2.Historical Economics: Testing the generality of theory using historical episodes
This explained in lay terms could be an attempt at a distinction between Arts and Science -the former being primarily an economic history and the latter primarily an economic science.
Renowned economic historians have disputed over the separation of economic phenomena and economic theory in the inter-war era. Continue reading Economic History As an Academic Discipline