Why Studying Economic History is Crucial?
Introduction.
Economics is a field and science in the mini fields and sciences of social sciences. Studying the history of economics is considered to be one of the most important steps to take when wanting to understand and learn economics as a whole. Studying economic, history, hopes in expanding or knowledge in the field itself, and in all other social sciences as well, and it helps the learner to understand, and comprehend the current economic affairs, and paved the way for a better analysis, and prediction of the future in all economic aspects. This blog post will reveal why studying economic history is a must to anyone interested in economics, and it will emphasize on the many benefits that is offered from comprehending economics throughout the history.
1. Understanding Human Beings
One of the main benefits that studying economic history provides us, is the ability to understand and comprehend how human beings act or behave, not only economically, but also in all other aspects of life. By examining and studying previous economic history, we get to know why people did what they did and why institutions took the decisions they took. After gathering enough data regarding how individuals and firms act in terms of economics, analysis would come in and provide us with important insight on revealing human motives, choices, and logic.
2. Establishing Rules and Laws
when studying economics, every learner will have to pass by rules, and laws that are established by experts of economics. Experts gain data and gather information including both quantitive and qualitative, in order to see if there are any patterns in our economic activities, both in a macro level and in a micro level. These patterns have helped us throughout history to establish rules laws and formulas that are still used to date.
3. Differentiating Societies
When we look at the history of economics, we see that not all countries or all empires had one specific model for economics, neither do we see fixated rules and laws in economic governing. This is because economics is a dynamic and then ever changing science. Economics revealed that each society needs different ways to be dealt with, especially when there are many factors are considered interrelated and relatively complicated that form a society. Some of these factors include, politics, culture, history, human choice, geography, and these are only to name a few.
Conclusion.
All in all, studying economic history, provides numerous benefits, ranging from understanding and analysing human behaviour in relation to economics, as well as understanding the past to comprehend the present, and utilizing the present to predict the future. Case studying in economic history is crucial to have a deep understanding how economics function in specific areas and in specific conditions, specially, considering that economics is not only based on general theories in general rules, because when we look at the economic history, we can see that there have been many exceptions and many situations that go against general economic expectations. That is why both general studying of the economic history and deep case studying is key to have a complete understanding of economics in general.
Anas Mousa.
Social Sciences University of Ankara — Department of Economics.
