![]() Biddle, Warren Samuels, and John Bryan Davis. But because of the rise to power of the Nazi’s and the Second World War, the influence of the historical school was abruptly ended. Another useful book is A Companion to the History of Economic Thought by Jeff E. Germany was the centre of academic life during the 19th century, in doing so it inspired an English (and French) historical school of economics and institutional economics in the US. Monetary Institutions and Monetary Theory: Reflections on the History of Monetary Economics. ![]() To understand how people behave and economies work, one thus has to look at the history of a specific place instead of just making assumptions about individuals that are supposed to be universal. Human beings were understood as part of cultural and historical specific nations. Furthermore, it was opposed to the deductive approach which had become dominant within classical political economy, and developed inductive historical and statistical approaches to studying the economy. ![]() ![]() The German historical school, together with the partially overlapping American school (or national system), arose as a reaction to classical political economy which argued free markets and free trade create prosperity. Davis (Eds) A Companion to The History of Economic Thought (Oxford: Blackwell, 2003) pp. ![]()
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