There has long been a consensus in the international community of economists that the historical approach to economics is a matter of the past. The historical schools are a phenomenon we find not only in German economic thought, although here the approach has been more prevalent. The history of economic thought of all European cultures, but also in the Americas contains fine examples of historical analysis in economics. The purpose of this analysis is, of course, to develop and refine economic theory and contrast it with immutable data, in particular with data that are rich in institutional detail. It is for this reason that we currently witness a renaissance of the historical schools, going hand in hand with a renewed emphasis on economic theory that emphasizes institutional detail and differences.