Question

how economics helps to understand historical events​

Answer 1

Every single piece of economic theory is ultimately a piece of crystallised history. And you have a much deeper and sophisticated form of knowledge if you know the history, the events, what happened … if you just do the theory, if you just do the crystallised history stuff, there is a sense in which your thought processes are on crack – you’re doing the crystal stuff rather than the lines.’‘ -Professor Brad DeLong, University of California at Berkley

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