History Of Economic Thought

History of Economic Thought as the title implies deals with the origin and development of economic ideas and their interrelations. It is a historical account of economic doctrines. Prof. Haney has defined it as “a critical account of the development of economic ideas, searching into their origin, interrelations and manifestations”. According to Prof. Bell, “It is the study of the heritage left by the writers on economic subjects”.

Prof. Schumpeter holds that “economic thought is the sum total of all the opinions and desires concerning economic subjects especially concerning with public policies of different times and places”. Schumpeter further says that the history of economic thought traces the historical change of attitudes. It also speaks about the economic problems and the approaches to those problems.

History of Economic Thought is different from Economic History and History of Economics. While History of Economic Thought deals with the development of economic ideas, Economic History is a study of the economic development of a country. On the other hand, History of Economics deals with the science of economics.

Even though Economic History and History of Economic Thought constitute separate branches of study, they are closely related. Economic ideas are directly and indirectly motivated by the economic conditions and environment of the country. Ideas and environment are equally important and hence close relationship between History of Economic Thought and Economic History.