"Not their fathers' economics..."

This article precisely explains, questions what we all used to ponder about.
For example when teaching Economics to an Intermediate student belongs to a country from Sub-Saharan Africa how can one explain what "ADVANCED ECONOMY WITH UNUSED PRODUCTIVE CAPITAL - FACING DEPRESSION" really means. Things they witness in their lifetime are perpetual poverty, hunger, malnourishment, death - "UNUSED PRODUCTIVE CAPITAL" is a concept from MARS to them and to the majority of the world.

But because of the development of the subject in developed western world it never really bother about the problems faced by majority of the world.
Even the existing explanations of problems faced by developed world are widely argued over. Think about the never ending arguments over fiscal deficit, stimulus and debt. People not comfortable with fiscal deficit turns out to be great advocator of Bailing out of private companies by public money.
This may be the right time to put an end to these discrepancies and makes ECONOMICS more SCIENCE.

ECONOMIC THEORY & EVOLUTION of CIVILIZATION

Going through this "THE ECONOMIST" post today some questions pop up in mind.
Economics as a subject is yet to assert its authority on our daily life.
So far our knowledge is limited with the study of it since Industrial Revolution. Going through the major development of Economic Theory we find its queries are mainly centered with the problems of Advanced Economies.

But after reading this post we should also ask the question is why there are no major civilizations ( be it Greek or Roman or others) who reach the pinnacle at some point of time later just fade away.

Is this just a Philosophical question or are there some Economics Explanation to this as well?

With the ongoing economic crisis around the world and mainly with advanced economies like U.S.A. & EUROPE, this is a good time we start thinking about that and not only about SHORT TERM FLUCTUATIONS.