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The Use and Abuse of the History of Economic Thought

The Cast of the Austrian School of Economics

Originally published in History of Political Economy

In this article, the author argues that essays on the history of economic thought are to be appreciated not only purely as history. No less important is the fact that they enable us to re-examine the present state of economic theory in the light of all attempts earlier generations made for their solution.

Nobody should believe that he will find in Smith's Wealth of Nations information about present-day economics or about present-day problems of economic policy. It is at best an historical introduction into the study of modern ideas and policies. In this article, the author argues that essays on the history of economic thought are to be appreciated not only purely as history. No less important is the fact that they enable us to re-examine the present state of economic theory in the light of all attempts earlier generations made for their solution.

Find the article at Duke University Press.

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