The basic desideratum of the present volume is to threadbare the fundamental theories of economics and their evolutionary trajectory in a simplified way devoid of verbosity and rigmarole. The traces of economic theories have been analysed with reference to, inter alia, their methodological foundations and historical genesis. Past and present theories have been categorised under taxonomical schema into major schools to properly appreciate and differentiate their respective contributions. The historicity of some of the important micro and macro theories have depicted in a very precise way so as to keep the subject well within the area of bounded rationality of the average reader. The final part of the study briefly recapitulates the contemporary issues and changes in macro and monetary economics, and also the substantive development in development economics. It is believed that this little volume will enable the readers to have a bird's eye view of the broad panorama of economic theories both past and present. B.N. Ghosh, PhD (India), M.CIM (UK), GFCR (Harvard), is currently a Professor of Economics, Eastern Mediterranean University, North Cyprus. A specialist in Human resource Development and Political Economy, he has published extensively in refereed journals. His books are published, among others, by Arnold Heinemann, Longman, Macmillan, Routledge, Nova Science Publications of New York, Ashgate Publishing and Wisdom House of England. He has undertaken short-term consultancies for various organizations including the University Grants Commission and the United Nations Development Programme. Professor Ghosh is the Director (Hon.) of the Centre for the Study of Human Development in Leeds (England), and the Editor of International Journal of Human Development, Leeds (England). Professor Ghosh's research has ranged over a number of areas including political economy, human resource development, economics, sociology, and anthropology. Some of his recent publications include: Global Financial Crises and Reforms (ed.), (Routledge, London and New York, 2001); Privatisation: The ASEAN Connection (Nova Science Publications, New York, 2000); Gandhian Political Economy (Ashgate Publishing, London, 2006); Contemporary Issues in Development Economics (Routledge, London and New York); Economic Theories: Past and Present (Wisdom House, England, 2001); Contemporary Issues in Modern Macroeconomic Management ((Wisdom House, England, 2005) and Globalization and the Third World (co-ed.), (Macmillan, London and New York. 2006). Professor Ghosh is the recipient of the Emerald Award (UK) for 2005.