Revisiting evolutionary understandings of the dismal science: A fundamentalist outlook

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Unmilan Kalita
Madhumita Das

Abstract

With the global economy being inflicted by financial market upheavals or dysfunctional political economy, a need for substantive reconsideration of the principles of modern economics is fundamental. Economics was not originally regarded as a science but as a form of moral philosophy or social morality. With time, the need for economics in which all relevant facts were presented as quantities in a rigidly mathematical model with the possibility of being treated with all the rigour of science was emphasized upon by contemporary economists. This essay makes an attempt to discuss the existing state of economics as a discipline and whether it can adequately work as a remedy for all sorts of disruptions in an economy. The write-up deals elaborately on how the discipline has moved away from its fundamentals into the ambit of mathematical sciences. The need for revisiting its intricate theoretical understanding has been emphasized upon. The study concludes that restructuring the workings of the discipline so as to include different aspects of human philosophy and deeper workings of an economy, can considerably augment the quality of policy prescriptions as a remedy for disruptions in an integrated world economy.

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