Reality usually manifests too harshly to make people learn to know their shortcomings if they fail to observe and to accept them otherwise.
The fragility of the economies of US and Europe have got exposed that, without hyper consumption and spending spree their economies (splashing 60% of what they earn in 5 days in the weekends which starts from Friday afternoon- this is not a judgment but an observation, nothing wrong about it- at least the Epicurean philosophy makes one live happily- "eat, drink and be happy, for tomorrow you may die" concept) are in really very bad shape.
Many economies which acted as feeder cells to these consumers either in terms of manufacturing products or providing services have been hugely impacted.
This also brings into focus the necessity to study functional reality of livelihood of many with at least basic necessities in place.
Is the world ready to see the obvious and simple facts without jargons and jam-packed theorists jostling for acceptance of their versions?
Economics as a mere academic and/or theoretical construct based on data, surveys, statistical analysis, extrapolation of past trends or experiences is one aspect which is predominant, prevalent and pervades the media space and gets wide visibility.
But what about that functional aspect of economics which impacts life and all its concomitant activities on a daily and hourly basis unmindful of all the academic predictions or macroeconomic policy promises.