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How much of previous economics (historically) is still relevant today?

How is it determined?

Is e.g. 18th century economics still relevant today? Is it accurate/useful to cite Adam Smith for example?

It's clear that people still cite e.g. Smith or Marx, but one could question, whether such citing serves a "purposeful" description of contemporary reality or whether it's merely made plausible to "apply Marx today", because one can.

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  • $\begingroup$ This question is relevant, displaying a summarised history of the evolution of economics. $\endgroup$ – JoaoBotelho Mar 24 '18 at 14:03

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