Wrong opinions of Dead Men? On the relevance of the history of economic thought for modern economics – A plea for the history of economic thought

Over the last 250 years economic thinking has undergone considerable changes. This article gives a brief overview of major developments and their respective representations within this scientific field. It then elaborates on the fact that the development of these different opinions – or approaches – is mainly due to changing historical circumstances. Economists try to solve contemporary problems; their aims, objects, and methods vary accordingly. However, this does not affect the relevance traditional approaches might have for modern economics. They can indeed prove to be very helpful in tackling today’s economic problems, if economists manage to adjust them to actual circumstances. Within the history of economic thought those traditional concepts are preserved and assembled to enable contemporary scientists to learn from the past.