History of Modern Economics

Up to the middle of the 20th century the history of Economics was dominated by accounts of its founders and followers, such as Smith, Ricardo, and Mill. Economic History, for its part ,  focused on retelling specific events from an economic perspective. Regarding the former, this changed after the publication of Schumpeter's magisterial tome History of Economic Analysis(1954), which brought the story to include Keynes and Walras, whom Schumpeter  considered to be the greatest economist. A decade later, in their foundational work A Monetary History of the US (1963) Friedman and Schwartz changed the focus of Economic History from  qualitative to quantitative .

More recently the research spotlight of History of Economics has been on developments in economic theory, policy applications and models covering the 20th and early 21st centuries. Similarly the emphasis in Economic History has progressed to Cliometrics, the application of econometrics and sophisticated economic models to analyze historical events that involved economic phenomena.