If you hear the argument, put forward by the neoliberal economists, you would be inclined to believe that Modern Economics has delivered substantial benefits to society. They argue that we have been able to uplift many people out of poverty. While much of this argument might appear to be true, we should seek answers to some fundamental questions. Some of these questions relate to scale, rate of growth, social outcomes and environmental outcomes. The article delves in some detail on the fundamental aspects of why Economics was designed, what were the assumptions, where are we now, what are the challenges to the current model of growth economics, how ecological & social constraints must be brought into mainstream in design of the future economic system and what must be the characteristics of such an economic system. I have tried to present perspectives on some of these questions by referring to some contemporary trans-disciplinary thoughts on economics.