Trained as an economic historian one would obviously think I would endorse a strong role for economic history. Well, I do. However, Simon Ville made a similar argument in a fantastic essay at the World Economic Forum Forum blog (link). I frequently tell people that economic history is context, the background to the economic processes covered in the theory classes. In general, economic history provides perspective. When situations break down, whether due to political institutions, preference changes, or other major events, economic history, or at least economists with an appreciation for history, tend to understand the unfolding of events better. If the recent crisis breathes further life into economic history I think it would be a boon for economic as a whole.