What Economists Can Learn from History
THE SOURCE: “Economics, History, and Causation” by Randall Morck and Bernard Yeung, in Business History Review, Spring 2011.
Contemporary economics is totally in the thrall of advanced mathematical techniques. Economists should break the spell, argue Randall Morck, a professor of finance at the University of Alberta School of Business, and Bernard Yeung, a professor of economics and management at the National University of Singapore Business School. In particular, economists should mine the field of history, both for the information it can provide and for the methods its practitioners employ, Morck and Yeung say.