ABSTRACT
[The historical economists'] approach to the history of political economy and economics did much to raise scholarly and intellectual standards by inculcating a realisation that … economics is a house of many mansions … a subject to which there are many different approaches, a number of which possess both validity and interest as well as weaknesses and defects; and that economic truth is not the monopoly of some one particular school or method, or of some one particular academic or political group. Such an approach promotes the idea of synthesis and compromise rather than the lasting confrontations of revolutionary extremes.
