DISCUSSION.

This article focuses on the current relevance of early history of developed countries for economic development and the role of economic history in a professional economist's education. The article argues that the change in the social climate is the one which is most important. True enough, some of the lessons may be negative. But the knowledge of what not to do is most valuable, not less so than the knowledge of what is to be done. It Is indeed hard to acquire the latter without first learning the former. The article asserts strongly that economic history has a role-and an important role-to play in an economist's education. Economic history is, or should be, concerned with-studying, at various times in the past, all the standard economic relationships with which the students will be concerned in their work in economic theory, money and credit, international trade, and the other applied fields. How have these relationships changed over time, and in response to what institutional, demographic, and other forces?