People pursue scientific study to learn about the riddle of the world we live. Assuming that the ontological vocation of the academic profession is to transform the world for better living, economics as a scientific discipline will have to develop theories and tools to understand social reality and work towards its creative transformation. This article tries to argue that mainstream economics that reduces social life into exchange value calculus or mathematical formalism rules out such a process of building a better society. It has dismissed vital issues like structural inequalities, social injustices and the like as central issues of development economics. This may be seen as an effort to draw attention towards rethinking the domain of the discipline of economics and set its epistemological foundation on a more relevant footing.
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