Emergence of Economics Theories in Economic Context
Standard View -- there is one correct economic theory. History of Economic Thought is the history of the search to find a good theory. We went through a standard scientific search process where we obtained a sequence of theories increasingly well matched with empirical experience. Our latest theories are the best.
ALTERNATIVE VIEW: Economic Systems change and evolve, Theories change and evolve BUT dominant theories remain adapted to the interests of the powerful classes of society. This places a strong barrier between TRUTH and economic theory - furthermore, it is the strongest explanatory principle of why certain theories become dominant and hegemonic (that is, they are taught in mainstream university departments.
Some books by Ha Joon Chang - Relevant reading materials for this course/lecture
Mercantilism: An Economic Theory VANQUISHED by founders of modern economics - Economist Article