Economic Ideas - A Study Of Historical Perspectives

The history of economic thought, like all other history, needs to be rewritten for every generation—not only because another chapter which has enriched our experience needs to be added to its books, but because the remainder needs to be interpreted anew. Without interpretation history is meaningless. Interpretation means adding spirit and life to the mere collection of facts, taking part in the issues of the period by understanding them and not merely passing sentence on them from the judge’s seat.