Two contrasting theories of history are the great person theory, which says that history is determined by great individuals, and economic determinism, which says that it is determined by economic factors

Both  the great person theory and economic determinism are contributing factors in determining history.   In many cases,  the great people in history influence the economy which can then attribute to the route history takes.  In history class we studied Franklin D. Roosevelt and the great depression.  If a historian focuses on the time period 1929-1939 in the United States they would be studying the Great Depression.  Some may say that studying this time period revolves around the economy, and thus economic determine determines history.  But the president at the time also greatly impacted the nation, and changed history forever.  Franklin Roosevelt proposed the New Deal which consisted of a series of agencies to boost the economy and provide as many jobs as possible.  This is an excellent documentary on the new deal: http://www.youtube.com/watch?v=2_7rg7xKnkU

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Therefore, I do not believe that the great person theory and economic determinism should be contrasting theories.  Rather, these theories can go hand in hand while studying history.  History is not composed of just one great man, it consists of a series of events and economic factors. Yet, the men and women behind these events are also a large component.