how economy works." The intellectual idea on economics, however, is not this simple. Borne out of behavioural traits of people, economics builds on rational choices of individuals and firms for developing theory. The economic agents are expected to maximize their utility in a frictionless market economy following the axiom of rational choice theory. The market is seen as coordinator of economic agents through price mechanism. In the process, a general equilibrium is ensured by the price

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... m and frictionless and competitive rational choices of market participants. The causes of growth, allocative efficiency and equity are expected to be best served through the invisible hands of efficient market. However, the reality is not as smooth and frictionless as the theory assumes. • Agents behave differently over time and space. We need empirical on competing theories, including complex systems theory, for which we need micro-macro linkage. NSS-Four levels Country State District/Taluka Village Panchayat