Quantitative (econometric) economic history also referred to as cliometrics which was well-liked within the 1960s and Seventies argued that the inclusion of history is terribly paramount to formulating substantive economic theory. The twenty first century has however witnessed the closure of the separate programs and has seeded the discipline into either economics or history departments respectively. The study of economic history incorporates business history and financial history and additionally relates to social history in terms of demographics and labor.
Economic History is now considered a kind of applied economics and is taught as a special field part of normal economics Ph.D. programs thus, there’s no specialized graduate program on the discipline.
Economic History studies the evolution of the economic phenomena from a historical standpoint. The analysis is taken employing a combination of statistical and historical methods and applying economic theories to historical situations. Economic historians argued that the two matters are split into distinct elements which are Economic History (The study of how economic phenomena evolved in the past) and Historical Economics : Testing the generality of economic theory using historical episodes.
Economics may be a compelling force that has helped formed countries and empires as far back as history records. Economic trends have had diverse effects that embody triggering World War Two, the collapse of the Soviet Economy, the democratization of South Korea and Japan and several others. The story of successful economies can not be told with a mention of their respective economic histories.
This explained in lay terms may be an attempt at a distinction between Arts and Science -the previous being primarily an economic history and the latter primarily an economic science. Renowned economic historians have disputed over the separation of economic phenomena and economic theory in the inter-war era. Some propose that the 2 things were inseparable since, pure economics involved a vital part of economic history. Others believe that the study of Economic History, that has research and tutorial branches, ought to be separated from mainstream economics.
I recommend reading A Concise Economic History of the World: From Paleolithic Times to the Present as one of your major resource for more details and understanding on the Economic History.