1.4       ndian    onom
     on many internal and external factors, the results    picture, its essence has been very simple—the
     are likely to have diversities. The level and quality betterment of human life on earth. Improving
     of natural resources, the quantity and quality of     living conditions of the humanity at large has
     human resources, the socio-political milieu, the      been the real and ultimate goal of the discipline.
     historical background, the psychic make of the        In this process, economists have been articulating
     human resource, etc., are some of the factors         a number of theories and propositions as to how
     which individually as well as collectively impact an  an economy may maximise its economic potential
     economy while carrying out economic activities.       and worth. The first and the most famous work
     These things make it highly difficult for economists  in this direction was by the Scottish philosopher-
     to forecast the kind of impact a particular economic  economist, Adam Smith in The Wealth of Nations
     policy will have on a particular economic setting.    (1776). One can trace the origin of the classical
     Ultimately, implementation and delivery systems       school of economics to this work. Similarly, in the
     also play a highly vital role in solving economic     following years and centuries, many outstanding
     challenges in a country, which economists started     works were produced by many great economists
     studying after the 1960s. Therefore, it is correct    who were trying to improvise better ways of
     to say that economics has less diversity than the     maximising the fruits of economic activity.
     economies. There will not be any exaggeration         Economics and the economists have a common
     if we say that no two economies of the world          goal, i.e., searching for possible alternatives for the
     are exactly the same, though we might classify        betterment of human life.
     them into broader categories like developed and
     developing, agrarian and industrial, etc.             chAllenges of the economies
          This diversity makes economics a highly          The main challenge of any economy is to fulfil the
     interesting discipline. It is through these diverse   needs of its population. Every population needs
     facts of the economies that economists have been      to be supplied with some goods and services for
     able to modify and remodify their ideas on the        its survival and well-being. These goods might
     subject of economics. The evolutionary history of     include basic needs such as food, shelter, garments,
     economics is nothing but modifications in the past    etc., while it might also consist of refrigerators,
     theories on the basis of contemporary results and     air conditioners, cars, medicines, computers, etc.
     experiences of the economies. It will be correct      Similarly, the services people need may range
     to say that economics has developed out of real       from healthcare, drinking water supply, education
     life practices and especially from the evolution of   to advanced and highly sophisticated services
     practice into theory. As practices will be having     like banking, insurance, airways, telephones,
     newer dimensions, the theories of economics will      internet, etc. As an economy moves up the ladder
     also have newer and more imaginative dimensions.      of development, the process of fulfilling the
                                                           needs of the population becomes a never-ending
     the focus of economics                                phenomenon. As an economy achieves success
     What is the real purpose of studying economics?       in supplying one set of goods and services to its
     What have economists ultimately been trying           population, the population starts demanding
     to articulate? And what has been the focus of         another set of goods and services, which are of a
     economics and the economists since the birth of       higher order. And thus goes on the struggle of the
     the discipline?                                       economy—solving one challenge and focusing
          Though economics today studies a wide            on another. The standard of living of one set of
     range of issues and topics, if we take an overall     population varies from another depending upon