what is the history of economics?

Answer 1

Economics has been a social science since before the day's of Aristotle in Greece. The word is Greek in origin, and means "Family - Household - Estate".

Economics is a social science which strives to measure and study the production, distribution, and usage of goods and services. It is broken down into two main sciences: Macro-Economics (broad overview of a society like the USA government), and Micro-Economics (singular view of a component of an economy like Pepsi-Cola Corporation).

Economics became a sought after science in the 1920's especially after the 'Great Depression'. Neo-classic economists were the founding economic principal of the USA, but, a new comer by the name of Keynesian came along, and we're still divided by the economic models that we should follow. Our current 'Chairman of the Federal Reserve' Dr. Bernike is a well know Keynesian economist so this study will help you understand the political decisions based off this economical model.

Answer 2

History of Economics
1) The approach to analysis is based on an evaluation of relevant tendencies and linkages in actual economics - instead of a methodology that sanctifies fictions and diverts attention from the difficult task of analysing the practice and culture of economics.
2) The analysis is open-ended and interdisciplinary in that it draws upon relevant material in psychology, anthropology, politics, and history - instead of a definition of history of economics in terms of a rigid method that is applied indiscriminately to a wide variety of economic approaches.
3) The conception of economics is of a cumulative and evolutionary process unfolding in historical time in which economists are faced with chronic information problems and radical uncertaintly about the future - instead of approaches to theorizing that focus exclusively on the product of this process.
4) The concern is to address and encompass the interactive, social process through which economics is formed and changed - instead of a theoretical framework that takes economists and their interests as given.
5) It is appropriatr to regard economics itself as a social institution, necessarily supported by a network of other social institution - instead of an orientation that takes economics itself as an ideal or natural order and asa a mere aggregation of individual economists.
6) It is evaluated how the socio-economic system is embedded in a complex ecological and environmental syatem - instead of a widespread tendency to ignore ecological and environmental considerations or consequences in the history of economics.
7) The inquiry seeks to contribute not only to history of economics but also to economics - instead of an orthodox outlook that ignores the possibility of such cross-fertilization.