Do we need economists????/

Akbar didn't had any economist off his 9 NAVRATANS. Was there any reason for that????
Yes, because they had GOLD STANDARD in place...!!!!!

Will you believe that, in case you are planning to buy a second hand car worth some 10,000 $US, then wait for some 300 years, because the value of your money will become some 22.7 billion $US(22.7 crore times) by then, which can easily fetch you the Hutchison Essar Limited, the debatable deal.......
Added to it, will you believe me if I tell you that from 1700's to 1914, the value of currency, remained almost constant, that is same 10 coins gave you, same amount of rice for those 200+ years........

Yes, both the statements are very true, the world has witnessed such periods of stability, and is witnessing a very unstable form right now. But what can be cited as the reason for such vast differences in stability in such two different periods of time? The answer lies in the system of currency that we follow.

From thousands of years, till 1914, the world followed a currency system, it was called the GOLD STANDARD.
It said, the currency throughout the world will remain GOLD, and the currency exchange between various countries will also be in this currency during trade. This resulted in the application of the basic rule, “GOLD WILL FLOW FROM THE DEFICIT COUNTRY TO THE SURPLUS COUNTRY”. This made the definitions of the strata of country very simple, with the rich country having more gold than the poor country. Also, as the total quantity of money throughout the world remained same, there was stability in system, the goods had the same value throughout, with very less deviation in prices.
But with the currency system, after the WORLD WAR II, with the BETTWOOD SYSTEM in place, the countries were instructed to print their own currencies, which should be proportional to amount of gold they have, which made them print their currencies according to their requirement, be it fiscal deficit, calamities or anything else. But in the long term, it gave more money in hands of more number of people, leading to an increase in the prices of goods, leading to the INFLATION. This is the reason why a bag of wheat which costs around 1000 bucks today, same bag used to cost less than 50 bucks few years back.

The GOLD STANDARD may have some disadvantages, but it brought stability of money, of prices and with the world economies finding their major problem in maintaining the money stability. But this is true that this unstability is giving the economists worldwide, their bread and butter, as the problems arising because of this unstability keeps them busy, trying to make the economies throughout the world stable......With the GOLD STANDARD again in place, I don't think we will need economists any more.....!!!!!!!!