The Economics and Econometrics sub-panel for the 2008 RAE in the United Kingdom seems to
have delineated the range of material it will consider for evaluation and it includes all
empirical, theoretical, strategic, applied and policy-focus research. Thus it appears that
the history of economic thought is not part of the material it will deem suitable for the
panel to evaluate.
  
On the other hand, it may be possible for publications in the history of economic thought
to be submitted to the history sub-panel under the area of history of ideas or history of
science; and it may be possible for publications in the history of economics to be
submitted to the sociology sub-panel under the area of social studies of science.
  
However, these options seem to suggest that the history of economic thought and history of
economics is not considered to be appropriate material for economics and for economists to
engage in. Therefore in the context of the RAE, the "rational" British academic economist
should stop doing research in HET and history of economics and hence should stop
publishing such research (and maybe even stop going HET conferences and subscribing to HET
journals?
  
On the other hand, if a British economist wants to pursue this type of research and
publications, they should move to history and sociology departments where it would be
acceptable (at least according to the RAE criteria)? But this would mean that the British
economists who made such a move would perhaps cease to be an economist. Comments on my
observations and queries are welcome.
  
Below are links to the various relevant documents:  
  
http://www.rae.ac.uk/pubs/2006/01/byuoa.asp?u=i   
  
http://www.rae.ac.uk/pubs/2006/01/byuoa.asp?u=n   
  
http://www.rae.ac.uk/pubs/2006/01/byuoa.asp?u=j   
  
http://www.rae.ac.uk/   
  
Fred Lee