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Economic History and Economic Policy

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  • EICHENGREEN, BARRY

Abstract

“The lessons of history” were widely invoked in 2008/09 as analysts and policymakers sought to make sense of the global financial crisis. Specifically, analogies with the early stages of the Great Depression of the 1930s were widely drawn. Building on work in cognitive science and literature on foreign policy making, this article seeks to account for the influence of this particular historical analogy and asks how it shaped both perceptions and the economic policy response. It asks how historical scholarship might be better organized to inform the process of economic policymaking. It concludes with some reflections on how research in economic history will be reshaped by the crisis.

Suggested Citation

  • Eichengreen, Barry, 2012. "Economic History and Economic Policy," The Journal of Economic History, Cambridge University Press, vol. 72(02), pages 289-307, June.
  • Handle: RePEc:cup:jechis:v:72:y:2012:i:02:p:289-307_00
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    Cited by:

    1. Brownlow, Graham, 2014. "Back to the failure: An analytic narrative of the De Lorean debacle," QUCEH Working Paper Series 14-08, Queen's University Belfast, Queen's University Centre for Economic History.
    2. Emmanuel Carré & Guillaume L’Œillet, 2017. "Une revue de la littérature récente sur le nexus finance-croissance après la crise : apports, limites et pistes de recherche," Revue d'économie financière, Association d'économie financière, pages 271-290.
    3. Ran Abramitzky, 2015. "Economics and the Modern Economic Historian," NBER Working Papers 21636, National Bureau of Economic Research, Inc.

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