Chapter 3
Flaw in Economic theory!
(1) The absence of Human element
The major flaw in the Western Economic theories is that there is no human element in the theories.
The Economics is an activity in any society is:
(1) by the people, (2) for the people and (3) of the people.
The issues that are associated, such as products, services, production, distribution, investments, profits and a host of other issues are entirely incidental to the People, who produce, distribute and consume.
The sixty plus Economic topics discussed in world’s top most schools will fall flat if the people are absent. So each theory should have people as one of the component. Today’s poverty and economic downturn has a direct bearing on the flawed economic policies.
The following is the list of Topics discussed in Economics in the world’s top economic schools. You will find no discussion about people in the following list.
