Economics and History

Economics and History:

Economics and history are directly related. History is an evidence of the past events. In history, we survey political, economic, and social situation of the people in the past. To a student of history, marriages, love affairs, and even murders of kings are significant subjects of study. For illustration, the murder of Julius Caesar is significant for a student of Roman history. In our country, the religious policy of Mughal emperors is significant for a student of history. However we are interested in history only to the extent that it will assist us in understanding economic troubles of the past.

As students of economics, we are concerned in things such as taxation and other sources of revenue and standard of livelihood in the past.

In economics, we make utilization of historical data to formulate economic laws. We make employ of history in economics to study the material circumstances of people in the past. There is a separate branch of economics termed as “Economic History”.
We might say economics is the fruit of history and history is the root of economics.

“Economics lacking history has no root; History lacking economics has no fruit”.

Economics and Ethics:

Ethics is a social science. It deals with ethical questions. It talks about the rules which govern right conduct and morality. It deals with the questions of right-wrong. It goals at promoting good life.

There is an association among economics and ethics. While economics, according to Marshall, goals at promoting material welfare, ethics goals at promoting moral welfare. Whenever we discuss economic troubles, frequently we consider ethical issues.

However Lionel Robbins strongly believes that an economist as an economist must not consider ethical aspects of economic troubles. However many economists do not agree with him. They believe that economics can’t be dissociated from ethics. Even Marshall believed economics as a handmaid of ethics. He looked at economics as the study of means to better the situations of human life.


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