The economy has changed in the twentieth century but the situation has not improved

Classical Economists Roughly 5 years ago economics was started by Adam Smith, David Riccardo, Robert Malthus, John Stuartmill, etc. Scholars from England and Scotland. Prior to that, Aristotle and Kautily had made observations on economics, but they did not establish any theories (such as Marx's labor surplus value and its loot and supply and demand theory). The beginning of economics was the year of American independence. In the 5th, the Philosopher of Scotland (in that time the economists were called Natural Philosophers) with his short book called Wealth of Nations.

In this he asserts that the factors of the market are self-governed in economics and that there is no need for state intervention in the management of it and that the market is governed by 'invisible hands' (not by the state or God's hands). His book defied thousands of different taxing small fuddle states on the market. And suggested removing markets from these taxes and any kind of state intervention. This was the beginning of the entry into market world. Imagine that in India in the days of the monarchy, the goods going from Mumbai or Gujarat to Saurashtra would be stopped and the money levied on it. In history, we consider this era to be the commercial era (mercantile period). Adam Smith's writing broke the commercial era.

Mercantilism broke

Adam Smith replaced the Economist's commercialist paradigm. Capitalism started in those days but there was a surge of mercantilism. Commercialism currents exports the largest quantities of each country, greatly reducing imports, and putting the surplus resulting from gold into the state treasury. Mercantilists believe that the prosperity of the state depends on the storage of gold. East India Company, founded in England It was believed in this kind of tradeism that happened in the 5th and hence entered India for business. Smith said in his book that the country's prosperity is not in the collection of gold. The prosperity of the country lies in its industries and in the numerous producers and producers of capital. The division of labor for that was around the time of the industrial revolution. There were wrought iron and garment factories. Railways were also established. The liberation of the markets has given a big boost to industrialization.

Evolution in society.

Currently there are only five states in the world that are common plaintiffs. From wandering life to tribal society, from tribal society to feudalism, from feudalism to capitalist, from socialism to socialist social formation, and from it to the dream of mankind, success has not been successful. In fact, the dream was wrong, but the failure and the cruelty of communism result. Our knowledge of the rules of social and economic evolution is still incomplete. Religious thinking is spreading everywhere. After Nazism, a new religion called ultra-nationalism has emerged. At the moment in capitalism, capitalist countries are turning themselves into welfare states. This means that even though capitalist countries keep a large part of the wealth they create in the world and economic inequality increases in the world, a small portion of GDP growth should be used to help people's health, education and the destitute and the unemployed. Today's welfare states keep people alive, but the income of the wage earners goes up.

Malthyses in England predicted a population increase three years ago that would result in starvation and pandemic conditions. He also introduced a mathematical formula for that. Grain production increases by one-fold, two-fold, three-fold, four-fold, while population growth increases by two, four, eight, sixteen. Why? As new babies give birth to older children and these additional populations give birth to new babies, then population growth increases at compound interest rates. The world and India have limited the population in terms of extras.

The enormous Englishman of England who rescued the world from the Great Depression of the Sixth, J. M. Keynes, suggested the means of eliminating the Great Depression through the Keynesian theory, named after him, and established Macroeconomics. He invented brand new concepts such as multiplayer, liquidity preference. His book "General Theory of Employment, Interest and Money" is considered as a replacement for the paradigm of economics. Keynes worked in economics, as did Newton in science. Of course, Karl Marx also has a great place in economics as a staunch critic of capitalism and the uproar of establishing a society without its overthrow, but right-wing mainstream economics and economists have marginalized him. Paul Baran, Paul Sweezy, and Rosa Luxembourg are no longer the only ones to handle communism's "Analytical Monthly Review". 'Every dogma has its day.'

Conclusion It should be noted that the economics of Rs 2 years old and the resulting economy did not constitute any stable economy, wealth and income disparity and any economic system that guarantees no employment or full employment to eliminate pollution on earth. In this regard, it may be noted that Behavioral Economics, Experimental Economics, Minsky Movement, Institutional Economics, 'Rational Experiments' or 'Eugene's Contribution', 'Effective Market Hypothesis, Game Theory' have not worked.