Benefits to be gained from the Study of the History of Econo

This is why the study of past economic thought is extremely important. Especially to those who are attempting to move economics to a higher plain of evolution. It is for this reason that the theory stated by Jean Baptiste Say - "The more perfect a science becomes the shorter becomes its history" (Barber, W. J. 1997, "Reconfigurations in America's Academic Economics: A General Practitioners Perspective", Daedalus, vol. 126, no.1, pp. 87-103) is inherently flawed. The science of economics will never be perfect as it is constantly evolving to suit the different and varied conditions that may occur in any one economy or all the economies around the world. "The study of the history of economic thought promotes understanding of the dynamic, evolutionary interaction of economic theory with the prevailing real world economy and with other non economic dimensions of society." (Kerr et al, pp. 90) .
             .
             It is extremely important to always have consideration for the history of economic thought as it is always invaluable to ensure that the lessons of the past have been learnt. Not only that but a sound appreciation and knowledge of the thought processes of those who have gone before us. This can help us not only understand the past and add to that knowledge, but also there may be an opportunity for us to profit from past knowledge. As a great mathematical genius and probably the most successful stock trader in American history, William D. Gann wrote "After fifty two years of experience and research going back hundreds of years, I have proved to my entire satisfaction that history repeats and that when we know the past, we can determine the future of prices." (Gann W. D., 1954, W.D. Gann Economic Forecaster, "Why Money Is Lost On Commodities and Stocks And How To Make Profits", Lambert Gann Publishing, US, pp. 13). Obviously Gann spoke mainly about stock and futures markets, but the majority of his research was based around forecasting the longer term (54 year) economic cycles which he had an uncanny knack of forecasting extremely accurately.