Dieter B=F6genhold's reference to Schumpeter as well as Kevin Quinn's re=  
mark   
that history of thought is not all history of error bring to mind a   
quotation that I have used in the first lecture of my graduate history o=  
f   
thought classes.  Schumpeter is writing about monetary theory:  
  
"We know of course that history repeats itself.  But it is amazing and   
perhaps a little sad to observe that economists, swayed by the prevailin=  
g   
humors of the hour, also repeat themselves and that, blissfully ignorant=  
 of   
their predecessors, they believe in each case that they are making unhea=  
rd   
of discoveries and building up a brand-new monetary science.  However,   
there are some things to be gleaned from a history of analysis."  (Histo=  
ry   
of Economic Analysis p. 712)  
  
Earlier he writes that the point of history is not to assign credit, but=  
   
has real force for the practice of economics:   ". . . the advance of   
economics has been and is being impaired by . . . recurrent losses of   
previous accumulation of knowledge."  (History p. 706)  
  
Kevin Hoover