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The article written by Donald N. McCloskey has dramatically changed my attitude to the usefulness of knowledge from the field of economic history. The phrase from the article: “History is a stimulus to the economic imagination, defining and stretching the limits of economic craft…” took my thoughts away from everyday casual duties and made me to spend several hours thinking about it. I have reminded myself several historical events, the details of which I know from the course of economic history, I tried to apply micro and macro based theories to these events, interestingly, history supports economic ideas…or, should I state the other way round?
The article starts by mentioning well-known Adam Smith, Marx, Marshall, Keynes, Schumpeter and others, those economists based their theories and policies on stylised facts from economic history and were deeply historical in their studies. Unfortunately, nowadays thinking of majority contemporary economists is based only on micro-, macroeconomics, econometrics and statistics. The majority of contemporary economists form their studies only…
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