Economics is a very tradition bound subject. It is decidedly not an easy field of study; this does not mean, however, that it is dull and uninteresting. As a field, economics has gone through a series of transformations since World War I. Then, was a period when the economy seemed to be performing well and economists accorded the economic system applause and themselves a considerable volume of self-congratulations. The approval and self -approval continued even after the performance of the economy faltered.