Saving Economics from Disgrace

Abstract

This short article argued that economics is a wonderful dynamic subject which has undergone a metamorphosis in its themes and method of inquiry. But presently, it has come under attack for its failure to satisfactorily explain the financial crises episodes that have now become a rule rather than an exception. The article tried to provide an intellectual wall of defense against the disgrace it faces from the public. It traced a very brief evolution of economics from classical political economy to the highly mathematical form it has taken today. It contended that the subject has done quite well to respond to the changing realities, but at the same time, suggested that a lot needs to be changed and adopted if Economics is to justify its title of ‘Queen of Social Sciences’ both in spirit and letter. In this direction, some suggestions were forwarded in the paper.