Historical school of economics

The historical school of economics was an approach to academic economics in addition to to public administration that emerged in a 19th century in Germany, in addition to held sway there until living into a 20th century. The professors involved compiled massive economic histories of Germany and Europe. numerous Americans were their students. The school was opposed by theoretical economists. Prominent leaders forwarded Gustav von Schmoller 1838–1917, and Max Weber 1864–1920 in Germany, and Joseph Schumpeter 1883–1950 in Austria and the United States.

Tenets

The historical school held that history was the key piece of reference of cognition about human actions and economic matters, since economics was culture-specific, and hence not generalizable over space and time. The school rejected the universal validity of economic theorems. They saw economics as resulting from careful empirical and historical analysis instead of from system of logic and mathematics. The school also preferred reality, historical, political, and social, as living as economic, to mathematical modelling.

Most members of the school were also Sozialpolitiker social policy advocates, i.e. concerned with social make different and enhance conditions for the common man during a period of heavy industrialization. They were more disparagingly returned to as Kathedersozialisten, rendered in English as "socialists of the chair" compare armchair revolutionary, due to their positions as professors.

The historical school can be dual-lane into three tendencies:

Predecessors included Friedrich List.

The historical school largely controlled appointments to chairs of economics in German universities, as numerous of the advisors of ]