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Date: Friday, 07 June Date: Thursday, 23 May 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. 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. Further the history of Economic Thought may be broadly divided into two parts.
The first part deals with the origin and the development of economic ideas before the development of economics as a science. The second part deals with the economic ideas after the development of economics as a science. In this approach, economic ideas are discussed in order of time.
The economic ideas of different economists can be presented year-wise and can be studied. In this approach we can find a continuity in the economic ideas of different economists. It speaks about the evolution of different economic concepts ideas and the interdependence of these concepts.
Conceptual approach can also be called as ideological approach.
This was first adopted by the Greek philosopher, Plato. In the past, economics was considered as a hand maid of ethics. Naturally philosophical approach was adopted by the early writers to discuss the economic ideas. The classical economists adopted deductive method. They believed in the universal application of economic laws. The Historical School emphasised the inductive method.
These economists believed that the laws of economics are not universal in nature. This approach aims at improving the classical ideas by modifying them. Neo-classical approach was first adopted by Marshall.
Moreover, over half of the school learners in South Africa attend school in these three provinces, with the learning population in the remaining six provinces being much smaller. They believed that passing the NSC exam helped set the stage for tertiary education as a way of improving future employment prospects and that there was, therefore, no need to go out of their way to take advantage of the skills that they had acquired from such opportunities. In a nutshell this linguistic theory claims that humans inherit a mental language faculty which highly constrains the shape that human languages can take and therefore severely limits the kind of hypotheses that children can entertain regarding the structure of the language they are exposed to. Students would explore how the memory of past events can be reconstructed and used for present day purposes. A study of Economic Thought provides a broad basis for comparison of different ideas.
It aims at providing the basis for adopting policies which are likely to maximise social welfare. The institutionalists questioned the validity of classical ideas and gave importance to psychological factors. A major development in modern economics is associated with the name of J. His approach is new and different from the classical school. It takes into consideration the operation of business cycles that affect the entire economic policies.
Keynesian approach deals with the problem of the economy as a whole.