Historians, both famed and anonymous, have developed theories that try to explain the course of history. The “Whig theory” of steady progress was widely shared until the horrors of the twentieth century demolished it. Marx’s theory of one class replacing another had a long run. The “Great Man” theory (now, Great Person theory) still has some adherents.
I too am trying to develop a theory of history, but not a grandiose one. I’m trying to figure out if there are consistent ways to better understand certain historical outcomes. Why was St. Louis an “also-ran” to Chicago? Why did so many orphans work in the early factories of the Industrial Revolution? Was soil exhaustion a contributor to the Civil War?
In answering such questions, I borrow tools from my friends the economists. Economists don’t spend a lot of time digging into the past but when they do they come up with surprising findings. When Deirdre McCloskey explained the scattered private fields in medieval England, she solved a mystery that had stumped historians for decades, and Eric Edwards and Walter Thurman just revealed an explanation for the U. S. Corn Belt that historians have largely ignored.
So let me see if a few basic economic tenets can expand our understanding. Here are three important ones (from the book Common Sense Economics).[1] Continue reading “Toward a (Small) Theory of History”