Economic phenomenon is always in the phase of transition. Right from the Greek poet ‘Hesiod’ to the present ‘ Amartya Sen’ and ‘Paul Krugman’, economics has always been in the state of flux, that is always dwindling and stretching from its core principles to the extreme, but at the same time never been detached from the same.
The transition phase of economics, thereby, reflected the transition and ever-changing nature of human society. As there will not be a complete understanding and comprehension of the society, so, there will not be a complete comprehension of the economics and the concepts residing within it. Furthermore, the concepts in economics unlike that of Physics will never be absolute in nature. This very much characteristic makes the subject of economics lying somewhere rests, just upon the fulcrum, in between the two opposing ends, where one end is bordered by pure sciences and the other by the social sciences. Now, how much divergence the economics make with respect to ‘fulcrum’, rests upon the fine judgment and the sagacity of the human society itself.