While reviewing the video posted, I got an idea in the beginning stated by the author about the

importance of historical ideas, that is economics is a pretty difficult area to master, because it takes
several years to get an understanding about modern day economics. The ideas have a specific value
other than a particular application. The problems do not change over time but old economic ideas
were created in a manner to solve previous problems which have chances for it to occur again. The
present economic ideas are not always the best for solving the current problems. If people are
believed to operate in good faith, then it's a likely case of economic rediscovery. The older economic
ideas could be a nice teaching tool, as they are much more simpler compared to the modern
economic thoughts and they can be a good way to begin to think about the new economic ideas.
Although it's very important to think carefully about how to interpret economic ideas of the past.
The point of historical reconstruction is to basically understand the real world rationale for the idea
and to discover the effectiveness of the idea resolving the problem. Alternative is to construct logical
constructions apart from their historical circumstances. Thus, we start to observe a narrow range of
economic issues or ideas, the practice of economics becomes more experimental in nature.