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.
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.
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