Whither the history of economic thought? Going nowhere rather slowly??

Abstract

The paper argues that economics is not a perfect selection mechanism that preserves each and every economic idea that is valid and useful and jettisons all ideas that are not. The teleological view of the subject cannot be sustained. Therefore the task of the history of economic thought cannot be limited to the study of the past from the present state of economics. Another important task is to study the present state of economics from the standpoint of past authors in order to see what has been gained and what lost in the course of time. The history of the subject is a treasure trove of ideas. The history of economic thought may play a useful role by preserving valuable ideas which otherwise would fall into oblivion. To foster the subject is therefore also in the interest of general economists.