How Economics Forgot History

<p>In arguably his most important book to date Hodgson calls into question the tendency of economic method to try and explain all economic phenomena by using the same catch-all theories and dealing in universal truths. He argues that you need different theories to analyze different economic phenomena and systems and that historical context must be taken into account.<br><br>Hodgson argues that the German Historical School was key in laying the foundations for the work of the pioneer institutional economists who themselves are gaining currency today; and that the growing interest in this school of thought is contributing to a more complete understanding of socio-economic theory.</p>