History affects the present – not simply because it is what came before the present but also because it (or, rather, what people think they know about it) informs people’s decisions. … History also forces us to question some assumptions that are taken for granted. … History is useful in highlighting the limits of economic theory. Life is often stranger than fiction, and history provides many successful economic experiences (at all levels – nations, companies, individuals) that cannot be tidily explained by any single economic theory.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "History affects the present – not simply because it is what came before the present but also because it (or, rather, what people think they know about it) informs people’s decisions. … History also forces us to question some assumptions that are taken for granted. … History is useful in highlighting the limits of economic theory. Life is often stranger than fiction, and history provides many successful economic experiences (at all levels – nations, companies, individuals) that cannot be tidily explained by any single economic theory." in the context of "Ha-Joon Chang, Economics: The User's Guide (2014), Ch. 3 : How Have We Got Here?" to mean that wisdom is timeless.