All the economic theories from 'Barter system' to Capitalism, to Communism, to Socialism, to Classical economic
theory to latest ‘Neo classic economic theory’ have failed on one count or other, at the place of their birth and
as a global system. Presently what is in vogue is a mixture of all and mostly the leftover of Neo classical economies
theory. Present proponents of any theory whatsoever are those people, who received the recipe late, and many are in
the habit of smoking the extinguished cigar.
The reason of failure of all economic theory so far developed is that none of the economic theories has taken in to consideration
the basic definition of the economics and Arthshastra. Every economist has defined the economics as per the availability
and suitability of their requirement and having found it successful in small place and time, proposed its generalization.
Whatsoever economic theory will develop without considering the basic tenet of ‘eco’ will fail and bound to fail (without
any ifs and buts).
In The countless definitions so far given, it is the ‘Oxford Shorter’ or Sanskrit dictionary which gives the basic definition,
and it is sure that future economic theory will evolve from it and will be admired and accepted and applied in whole world.
Arth -Economy (English word earth the base has been derived from it).
Arth - Means- Meaning and money.
Shastra - Collection of Methods, process, path and result in writing or through Shruti and Smriti (saying and remembrance.)
Niti - Ethics, the Niti which comes from Niyamak (Nature) or ethics, which comes from environment.
Eco - Sound of environment or ecology- Short form of Eco system.
Nomy – Niti - Laws, the natural law- which emanates from ecology.
Nomics - Collection of methods, process, plan and results in writing.
Arthshastra - Collection of Methods, path and result of, for and by means and money.
Economy - Collection of Process, plan and methods of material (money) shifting in environment.
Government has to form a group of normal and natural economists as well as proponent of various economic theories to asses
each theory and formulate fresh economic theory and practice for future. Sitting pretty, watching sky and just praying
won’t help. The above group will have to be requested to suggest stop- gap arrangement, in this chaotic phase, where
in every big body wants to loot all others, and where small running haywire to save them self.