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The paper analyzes Eli Heckscher's dual nature: as both an economist and an economic historian. Emphasis is put on his insistence on the use of economic theory in economic historic analysis, as manifested in a large number of publications throughout his life; and Heckscher's practical employment of his theoretical principles is examined. Since Heckscher was one of the founders of the modern theory of international trade, special attention is paid to his applications in this area. The paper highlights Heckscher as a precursor in the areas of Public Choice and New Political Economy. [ABSTRACT FROM AUTHOR]