Why is it important to study the (old) schools of economic thought?

Why is it important to study the (old) schools of economic thought?

While present economic theories are the ones that govern the current economic system and therefore our lives, these theories did not appear out of the blue. In general, new economic theories appeared as a product of the elaboration of existing theories, or as a better answer to the persistent failures of a previous theory, that may just simply become outdated. The thing is, economic theory has no other ‘testing terrain’ rather than reality to prove its points. Therefore, in the economic field there is no better way to understand the present than to look at the past, in order to see current economic affairs in a fuller and more precise manner, while also enabling us to confront the reality of the future in a more prepared way. Ultimately, this not only stimulates one’s interest to explore further the subject and its historical development, but also provides the reader with the necessary background to deal with more advanced current developments in economics.