The modern concept of the economy is a construction of the conceptualization and mapping of the understanding that existed in the nineteenth century and twentieth century. The concept of economics, as it exists, has an input from various aspects of society. State policies, as well as individual actions, contributed towards economic development and the manner in which it is perceived. Politicians projected powers and as such created policies that defined the economy while the people despite not having any political power, they engaged in activities meant to improve their living standards and as such contributed towards the development and shaping of the economy. Therefore, to develop a well-grounded and realistic understanding of economics, it is essential to understand the society. The Society Historical developments clearly indicate that the economy of humankind is rooted in the social relationships that exist during the time of the society’s existence. All steps which were taken by the society in the process of social interactions eventually defined the economy of man. As such, economic systems end up running on non-economic motives. For example in India, there were engagements where items were exchanged in the form of gifts. As such, a gift economy was created where jewelry and other artifacts changed hands, driven by acts of generosity. The measure of economic achievement in the gift economy was mainly geared towards determining who had given the most gifts to the other person. The leaders who lived at the time of these gift economies, engaged in vicious competition on the basis of who had issued the most gift, as well as the most valuable gifts. The gifts went beyond mere artifacts to sewing machines, expensive blankets, and other expensive items that at times led to wealth destruction and sinking of previously wealthy individuals. It is clearly evident that societies need to have an economy for them to continue their existence. The history of the human economy indicates that the economy is not always driven by the closely related economic factors. To understand, the economy it is, therefore, paramount that one develops an understanding of the society and its practices. Colonial Relation The origin of modern economics can be traced to the colonial times. For example in India, before the colonial era, national planning was inexistent 5 . The existing roles that are played by scholars and different institutions did not exist until the years when the British Empire colonized India. The present discourse on India’s economy can be traced back to the colonial era. During the colonial period, the impact of state policy was used to define what the country would achieve economically. Experts in economic theory measured economic aspects by relying on data whose foundation was based on state policies. The scholars and other economic theorists presented economic arguments in a manner that indicated their political affiliation. Political opposition, on the other hand, attributed economic failure to the existing policy measures. As such, economics in the colonial era was mainly rationalized using policy data. Market Economy The concept of the market economy has also been in existence in Indi