Economic PhD Student at UMKC, USA
She considers relevant to study the History of Economic Thought:
YES YES YES!!!
History of Economic Thought enables us to connect the dots in economic theory -we no longer need to swallow the rhetoric of the invisible hand. Instead, we can view it in the context of Smith’s other writings such as the Theory of Moral Sentiments.
Also, we can study neoclassical economics as separate from classical political economy and discuss the context of how it evolved -that way it can lose some of its immutable character.
Most importantly, we can talk about the revolutions in economic thought brought about by Marx and Keynes and what these revolutions meant for how we view contemporary capitalism.