To anonymous,

Hello Anonymous. Your views on current recessionary tsunami, are worth noting. They sound to have strong base and proofs. But at some points, I do disagree with you. See, the recession started from the US, where prime and sub-prime crisis ate the market and it affected, slowly and gradually the entire global economy.
What is worth noting is the emergence of a guide, or as you said, a road map. Few months ago, Indian government was about to infuse Rs. 60000 crore liquidity, which means that the market will be flooded with such a huge amount of money, without really earning it. The money will be printed and added to the flow in the market. Doesn't that sound too 'unrealistic.
A dynamic structure like a market do needs a road map, but the government, especially in India, is trying to become the road itself and not the guide. What happens is that the state makes an artificial stability, which lacks any strong base, which yields a downfall in future, just as in the case of our share market which touched a whooping 21000 and now 11000!
Your views are correct, but that is not being followed there. There are mainly 3 classes of economists right now, the free markets, the socialists and the Communists. The last two are followers of government rule, while the first one support, zero control of state. We definitely need a middle path, but it still needs a much more awareness at the top level.
Keep discussing.

Are the steps taken to fight this Recession really required?

Free market Austrian Economists advocate a market where least government, or say, no government control is present. I have a Doctor of Economics in my relation, who's a free market Austrian economist. We had a discussion on the current Recessionary storm in the world. He pointed out that our Government, though is trying hard to fight the Recession, but still it is more concerned with 'Artificial' plot creation, which definitely means a 'a boom and then a downfall'.
He gave a very good example of this. He said that our Share Market reached a whooping 21000(Sensex), but after this boom, it felt down to 11000, and now maybe 9000!. The figure that has been reached today is the actual figure and the high-sky figure of 21000 was an artificially created plot of growth.
The American Empire is also working hard, under the reign of Obama, to overcome this downfall hurricane. We then discussed that what should be the further steps. Being a Free-Market Austrian economist he suggested that the Market must be left all alone, without any artificial plotting of the resources. Markets would recover themselves. There occurs a very less need of strong liquidity infusion steps, as being taken right now. Do speak your views too.

A discussion on the Indian Economy

Well, while going through one of a book on Indian Economics, I came across some very beautiful things about the Indian Economy in the Pre-colonial as well as during the Colonial age in India. India was having a PARADOX in the presence of the industries. It had, on the one hand self-sufficient villages and on the counter hand, well developed, well administered towns.
These regions were a plethora of muslin, sarees etc. Thus they dominated a great deal of global industrial share, not definitely as much Europe did! Indian Economy thus, was a healthy industrial nation. This tries to prove wrong, the so believed concept that India was always agro-dominated.
Let me have an opportunity to hear something from you about the Indian Economy during the British rule. If you're from another country, let us know your country's scenario when it was being ruled by some other body.

Welcome to the lovers of economics

Economics is the mammoth collection of knowledge, that mainly pertains to analysis of individual and aggregate behaviors in context to economic acts such as earning, spending or say, borrowing. Economics definitely occupies an unbreakable position in today's highly dynamic market scenario. I am here, not to have a mind exhausting technical discussion about economics, but to make all the lovers of economics realize that Economics is an art too. We definitely agree, that the classical views, say for example, of Lionel Robbins speak the idea that economics is more of a science, a positive science, but still, what about the other side, where economists have to explain and suggest various measures.
Today, Economics has been accepted, as both, an art and a science. I've tried to make a platform whereby, we, the lovers of economics can discuss, deliberate and share our economics thoughts. Lets come ahead and bring out our understanding about Economics.
I hereby, heartily invite you to come and express your views and share it with the entire world. Our main discussion topic, is 'whether the current literature of economics is the real-world economics?'. Do ask this question to yourself, and share your answer with me and the world. Welcome to the ever-growing blog of knowledge.