Hi Dr. Herbener, after watching the first lecture, I’m having some trouble understanding the distinction between the fields of economic history and applied economics.
You say that economic history is a blend of theory with specific knowledge of human action. The history adds to the knowledge of economic theory. Later you state that applied economics is economic theory tailored to a particular case with its particular circumstances.
When we discuss historical instances, aren’t we examining history with economic theory? In your example with the law of demand and the computer industry, aren’t we applying the economics of the law of demand to the particular case of the computer industry, choosing relevant facts that help explain it? Or is the difference that economic history is like empirical evidence backing up our particular theory, while applied economics is applying the theory to a particular case?
Thanks for your time,
-Bharat