are proper and important. Each helps the other. The panic of 1873 can only be understood in light of the various tendencies involved—deflation and other; and deflation can only be understood in the light of various historical manifestations—1873 and other. Scope and focus of economic history today The past three decades have witnessed the widespread closure of separate economic history departments and programmes in the UK and the integration of the discipline into either history or economics departments. Only the LSE retains a separate economic history department and stand-alone undergraduate and graduate programme in economic history. Cambridge, Glasgow, LSE, Oxford, Queen's, and Warwick together train the vast majority of economic historians coming through the British higher education system today, but do so as part of economics or history degrees. Meanwhile, there have never been specialist economic history graduate programs at universities anywhere in the US. However, economic history remains a special field component of leading economics PhD programs, including University of California, Berkeley, Harvard University, Northwestern University, Princeton University, the University of Chicago and Yale University. Despite the pessimistic view on the state of the discipline espoused by many of its practitioners, economic history remains an active field of social scientific inquiry. Indeed, it has seen something of a resurgence in interest since 2000, perhaps driven by research conducted at universities in continental Europe rather than the UK and the US. The overall number of economic historians in the world is estimated at 10,400, with Japan and China as well as the U.K and the U.S. ranking highest in numbers. Some less developed countries, however, are not sufficiently integrated in the world economic history community, among others, Senegal, Brazil and Vietnam. Part of the growth in economic history is driven by the continued interest in big policy-relevant questions on the history of economic growth and development. MIT economist Peter Temin noted that development economics is intricately connected with economic history, as it explores the growth of economies with different technologies, innovations, and institutions. Studying economic growth has been popular for years among economists and historians who have sought to understand why some economies have grown faster than others. Some of the early texts in the field include Walt Whitman Rostow's The Stages of Economic Growth: A Non-Communist Manifesto (1971) which described how advanced economies grow after overcoming certain hurdles and advancing to the next stage in development. Another economic historian,