Throughout the history of economic thought, different political ideas have often been associated with different schools
Posted: Fri Jun 10, 2022 10:20 am
Throughout the history of economic thought, different political
ideas have often been associated with different schools of thought
about how economies operate. For example, Adam Smith used his
theories of trade and of the division of labour to argue for
laissez-faire government economic policies, particularly against
mercantilism. Interestingly, an oft-quoted aphorism by Philosopher
George Santayana that quote"Those who cannot remember the past are
condemned to repeat it" unquote. In your view, is it important for
modern-day economists to review the historical aspect of economics?
Give examples where appropriate.
ideas have often been associated with different schools of thought
about how economies operate. For example, Adam Smith used his
theories of trade and of the division of labour to argue for
laissez-faire government economic policies, particularly against
mercantilism. Interestingly, an oft-quoted aphorism by Philosopher
George Santayana that quote"Those who cannot remember the past are
condemned to repeat it" unquote. In your view, is it important for
modern-day economists to review the historical aspect of economics?
Give examples where appropriate.