History of Economic Thought as the title implies deals with the
origin and development of economic ideas and their interrelations. It is
a historical account of economic doctrines. Prof. Haney has defined it
as “a critical account of the development of economic ideas, searching into their origin, interrelations and manifestations”. According to Prof. Bell, “It is the study of the heritage left by the writers on economic subjects”.
Prof. Schumpeter holds that “economic thought is the sum
total of all the opinions and desires concerning economic subjects
especially concerning with public policies of different times and
places”. Schumpeter further says that the history of economic
thought traces the historical change of attitudes. It also speaks about
the economic problems and the approaches to those problems.
History of Economic Thought is different from Economic History and
History of Economics. While History of Economic Thought deals with the
development of economic ideas, Economic History is a study of the
economic development of a country. On the other hand, History of
Economics deals with the science of economics.
Even though Economic History and History of Economic Thought
constitute separate branches of study, they are closely related.
Economic ideas are directly and indirectly motivated by the economic
conditions and environment of the country. Ideas and environment are
equally important and hence close relationship between History of
Economic Thought and Economic History.