Why Study Economic History

Topics: Tax, Economics, Income tax Pages: 2 (744 words) Published: February 11, 2014
1. Why study economic history?

It is important to study economic history for a number of reasons, those which I will discuss in my answer include the fact that the study of economic history is fascinating and it tells us who we are, in addition to the fact that history gives perspective, and finally I will give a short account of how history tests theory.

To begin, the study of economic history is fascinating, and when it is valued on the grounds of its intrinsic worth, it is very valuable indeed. I believe that it is both intriguing, and crucial that the citizens of Ireland have an understanding of the economic history of this country. It is very interesting to study the fluctuations in our economy – for example, from bust in the 1950s to boom in the 1960s, and it is fascinating to learn about the rural disaster in the 1800s – for instance population decline and the famine and the influence that this had on the Irish psyche. I think that having the knowledge of this is not only relevant to academics, but it is also hugely important, and interesting to understand the kind of eras that our ancestors lived in. I feel that this understanding of our roots and backgrounds tells us who we are, as it gives us an idea of the hard times that our ancestors lived in. It provides us with a detailed account of the struggles and the hardship of those eras. On a personal level, having this knowledge of the horrendously hard times my ancestors lived in gives me a sense of appreciation for all that I have today. It is this understanding of the booms and busts that I think is fascinating because we are the descendents of those who experienced it, and so a little bit of this history is inbuilt in all of this, and this is what I believe is truly fascinating indeed.

Additionally, the study of economic history gives perspective which I feel is crucial. Imagine if the downturn in the global economy today was the first ever to occur – it would be disastrous. It would be...
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