DID ECONOMICS AND ECONOMISTS FAIL US?

During the last 50 years, unfortunately, the claims of what economics as a science considered rational, logical and manageable and the economists thought that they understood the underlying economic processes have been proven false by economic realities. Recession that has afflicted the global economy during the last five years has placed both economics and the economists amid fire. It is being said that the neoclassical economics of the post-war years failed lead to the promised sustained economic growth. The economists have misread the business cycles and are thus dumbfounded. They do not know how and when the world economies would recover. The failures on both fronts have provoked a severe lack of confi dence in the validity of economic theories and the economists have been branded incompetent and useless. The authors, in the following pages, intend to reflect upon some of the related issues and express their opinion.