Cliometrics and Case Studies
Business education’s concession to times past is the use of economic history (whose use is declining) and case studies. The former is the application of economic theory to historical study using econometric measuring techniques called cliometrics, a combination of mathematical economics and statistics. Its purpose is to provide economic interpretations of history, à la Adam Smith’s 18th-century theory about free trade, which played an important part in the Industrial Revolution. While providing a valuable macro-perspective of how financial systems work, which may be practical for economists and important to academics, it is only of peripheral benefit for sharp-end businesspeople who have to deal with the micro-issues ...
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