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Economic history is the study of history using methodological tools from economics or with a special attention to economic phenomena. Research is conducted using a combination of historical methods, statistical methods and the application of economic theory to historical situations and institutions.
Economic history as it relates to economic growth in the modern sense first occurred during the Industrial Revolution in Britain and then in the rest of Europe, due to high amounts of energy conversion taking place. Global nominal income expanded to $100 billion by 1880.
The history of economic thought is the study of the philosophies of the different thinkers and theories in the subjects that later became political economy and economics, from the ancient world to the present day. This field encompasses many disparate schools of economic thought.
In the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a mutual perspective on the way economies function. While economists do not always fit within particular schools, particularly in the modern era, classifying economists into schools of thought is common.
The modern period has been a period of significant development in the fields of science, politics, warfare, and technology. It has also been an Age of Discovery and globalization. During this time, the European powers and later their colonies, strengthened its political, economic, and cultural colonization of the rest of the world. It also ...
The first industrial nation: The economic history of Britain 1700–1914 (Routledge, 2013) Price, Roger. An economic history of modern France, 1730–1914 (Macmillan, 1981) Stolper, Gustav, Karl Häuser, and Knut Borchardt. The German economy, 1870 to the present (1967) Toniolo, Gianni. An Economic History of Liberal Italy, 1850–1918 (1990)
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
In their macroeconomic models, the economic system is a subsystem of the environment. In this model, the circular flow of income diagram is replaced in ecological economics by a more complex flow diagram reflecting the input of solar energy, which sustains natural inputs and environmental services which are then used as units of production ...