Ancient Indian Economic Thought in INDIA

 

Ancient Indian Economic Thought: Wisdom Beyond Time

    In the quiet corridors of history, long before economics became a formal discipline, Indian thinkers were already reflecting deeply on the nature of wealth, work, and welfare. Their insights preserved in scriptures, treatises, and epics offered not just practical guidance but a moral framework for economic life. These ideas, rooted in philosophy and governance, reveal a society that saw prosperity not as a pursuit of profit alone, but as a path to balance and justice.

A Philosophy Grounded in Purpose

    Ancient Indian thought placed artha (material well-being) among the four aims of life, alongside dharma (duty), kama (desire), and moksha (liberation). But artha was never isolated from ethics. Economic activity was meaningful only when it upheld social harmony and individual responsibility.

    Wealth was to be earned through honest means and shared with generosity. The practice of dāna, or charitable giving, was not an act of excess it was a duty, a way to ensure that prosperity flowed through society rather than pooling in the hands of a few.

Kautilya’s Arthashastra: A Manual for Governance

    Among the most remarkable contributions to economic thought is Kautilya’s Arthashastra, written around the 4th century BCE. Far from being a theoretical text, it reads like a manual,practical, detailed, and deeply strategic.

Kautilya envisioned the ruler as a steward of prosperity. His recommendations were clear:

• Control key sectors such as mining, forestry, and trade to safeguard national wealth.

• Design taxation systems that are fair, scalable, and tied to productivity.

• Supervise markets to prevent hoarding and ensure ethical pricing.

• Invest in public infrastructure like roads, irrigation, and granaries to support resilience.

• Protect labor through structured wages and oversight.

His approach was grounded in realism, but always tethered to the idea that economic strength must serve the collective good.

Everyday Economics in Epics and Law

    The Ramayana and Mahabharata are more than epic tales they are reflections of economic life. Trade routes, royal treasuries, and debates about wealth and justice appear throughout their narratives, revealing a society that understood the complexities of economic decision-making.

    Legal texts like the Manusmriti and Sukraniti offered guidance on property rights, occupational roles, and commerce. Agriculture was revered, trade was encouraged, and labor was respected not just as a means of production, but as a pillar of social stability.

A Living Tradition

    Ancient Indian economic thought is not a relic but it’s a living tradition. It reminds us that economics is not only about growth, but about balance. Not only about profit, but about purpose.

    For students, educators, and curious minds, these ideas offer a timeless lens to understand prosperity in its fullest sense rooted in justice, responsibility, and collective well-being.

INDIAN KNOWLEDGE SYSTEM

 Arthashastra: Ancient Economic Wisdom with Modern Relevance

    The Arthashastra, attributed to the ancient scholar Kautilya, (also known as Chanakya or Vishnugupta) is far more than a relic of India’s past and a blueprint for governance and economic strategy that still echoes in today’s policy frameworks. Written over two thousand years ago, this treatise outlines a pragmatic approach to managing a state’s resources, markets, and institutions.

Economic Foundations Rooted in Statecraft

    Kautilya envisioned a ruler not just as a sovereign, but as a steward of prosperity. The text emphasizes the importance of state involvement in key sectors like mining, agriculture, trade and advocates for structured taxation, public investment, and market oversight.

Among its core principles:

• State-led economic regulation to ensure stability and prevent exploitation.

• Taxation systems designed to be fair, scalable, and tied to productivity.

• Public infrastructure projects, including irrigation and granaries, to support welfare and resilience.

• Market supervision through appointed officials to maintain ethical trade practices.

• Labor protections and wage structures that reflect skill and contribution.

• Agricultural innovation and land management to boost food security.

Echoes in Contemporary Governance

Modern governments, knowingly or not, reflect many of these ideas:

• Central planning and public sector enterprises mirror Kautilya’s emphasis on strategic control.

• Progressive taxation and diversified revenue streams remain fiscal cornerstones.

• Regulatory bodies like SEBI and the FTC carry forward the legacy of market oversight.

• Infrastructure development and welfare programs align with ancient prescriptions for public good.

• Agricultural reforms and food security initiatives continue to draw from similar logic.

A Timeless Guide

    The Arthashastra offers more than historical insight—it provides a lens through which we can evaluate modern governance. Its blend of ethical pragmatism and economic foresight makes it a valuable reference for policymakers, economists, and scholars seeking grounded wisdom in a rapidly changing world.

Environmental economics

 MA ECONOMICS

ENVIRONMENTAL ECONOMICS

Environment and Economy

Environmental Economics

Environmental Economics can be defined as that part of Economics which deals with the inter-relationship between environment and economic development. It focuses on the application of the principles of economics to study why and how human beings interact with their environment the way they do, how they use and manage the environmental resources, and what are the impacts of human activities on the environment. It also seeks to understand environment issues and to make necessary policies. Environment Economics incorporate various economic disciplines to study about the environment- economic linkages and externalities arising out of it. Environmental Economics involves non- market goods, amenities and services and economic problems associated with it. Environmental Economics is more anthropocentric. Economics development focused on controlled pollution and optimal use of resources are its objectives.

Ecological Economics

‘Ecology’ literally means the study of habitat. It involves the set of relationships between living and non-living elements. Ecological Economics emphasizes the economy as a subsystem of the ecosystem with it focus upon preserving natural capital with strong view of sustainability and reject the proposition that human made or physical capital can substitute for natural capital.

Natural Resource Economics

Natural resource Economics deals with the supply, demand and allocation of the Natural resources. Main objective of Natural resource Economics is to better understand the role of natural resources in economy in order to develop more sustainable methods of managing those resources to ensure their availability to future generations. Resource economists study interactions between economic and natural systems, with the goal of developing a sustainable and efficient economy.

 Economy and the Environment and interlinkages

The environment performs four vital functions they are:

1. Supplies renewable and non- renewable resources.

2. Assimilate wastes by either absorbing them or dispersing them.

3. Provides life support services by maintaining ecological balance and genetic diversity.

4. Provides natural services such as aesthetic enjoyment and recreation.

All the functions of the environment are interlinked and these functions have positive economic use. Thus, the economy is clearly a part of the environment.

Interlinkages

The word ecology and economics have the same root from the Greek word ‘Oikos’ means house. These two sciences are interdisciplinary subjects. Because Ecology is the study of the relationship between living organisms and their environment. Where as, the economic theory studies how the resources can be efficiently allocated to maximize human happiness. It is concerned with transformation of environmental goods into economic goods.

An integrated approach to environment problems is needed to identify both curative and preventive aspects. The various social science such as Economics, Sociology and Anthropology offer preventive tools for proper environmental planning and management. Due to this multidisciplinary nature and linkages of environmental issues several economists have called for an integrated study of Economics and Ecology.

For example, in the production process nature is polluted by emissions and wastes. Hence a conflict arise due to sustainability of ecological system and rate of economic growth. Hence, to reconcile the interests of human beings and nature, an ecological reoriented economic policy is required. This is the interlinkages between economy and environment.

For making the interlinkages more clear, a diagrammatic illustration can be made:

Here the economy is shown in two sectors, namely production and consumption. Exchange of goods and services, and factors of production takes place between these two sectors. The environment is shown as E1,E2 and E3. The production sector uses energy and materials from the nature and these are transformed into output and finally consumed. The generation of waste material also happens and some of them are recycled within the production stage itself (R1) and During the consumption stage (R2).

Thus, the environment supplies resources both renewable and non-renewable resources and it absorbs waste products.

Courses of River

Digital lesson plan

Name of the teacher    : Aparna Suresh

Subject                            : Social Science

Class                                : 9B

Chapter                           : By The Hands Of Nature

Topic                               : Courses of a River

Date                                 : 28.09.2022

Learning outcomes

1. Students will be able to analyse the origin and flow of a river

2. Students will be able to understand different stages of a river

3. Students will be able to evaluate the reason for formation of different landforms near river

Introduction

Teacher shows a video of flowing river and asks students to share their views and experience about river.

https://youtu.be/rl4SldJ76JE

Then teacher explains different Courses of rivers and its peculiarities.

Courses of a river

The river is divided into 3 different parts.

1. Upper Course – This part is closest to the source of the river. The land is usually high and mountainous. The river is fast flowing in this part.

2. Middle Course – In this part the river starts to slow down. It gets wider and starts travelling in winding loops. There is a lot of erosion, deposition and transportation.

3. Lower Course – It is the last course of the river. In this part, the river approaches the sea. The speed of the river is the slowest in this part.

Activity

Teacher ask the Students to discuss in groups about the erosional and depositional features and various landforms of water.

What are the Main Features of a River?

There are many features of a river, which can be broadly classified into erosional features and depositional features.

Below table gives the list of features of a river

Erosional Features

 1. Interlocking Spurs

2. Meanders

3. Ox-Bow lakes

4. V-shaped valleys

5. Waterfalls

Depositional Features

 1. Deltas

2. Flood Plain

3. Levee’s

Concluding Activity

Teacher shows two videos and asks the Students to analyse and write a breaf note on it.

Follow up activities

Collect pictures of different erosional and depositional landforms of water and make a collage.

Landslide

 Landslide

Learning outcomes

• Students will be able to analyze the process of landslide

• Students will be able to evaluate the causes and consequences of landslide

• Students will be able to define landslide and remedial measures.

  Landslides, also known as landslips are several forms of mass wasting that may include a wide range of ground movements, such as rockfalls, shallow or deep-seated slope failures, mudflows, and debris flows. Landslides occur in a variety of environments, characterized by either steep or gentle slope gradients, from mountain ranges to coastal cliffs or even underwater, in which case they are called submarine landslides.

PPT Landslide 

Watch my vedio on landslide

Summery

A landslide is defined as the movement of a mass of rock, debris, or earth down a slope. Landslides are a type of "mass wasting," which denotes any down-slope movement of soil and rock under the direct influence of gravity. The term "landslide" encompasses five modes of slope movement: falls, topples, slides, spreads, and flows. These are further subdivided by the type of geologic material (bedrock, debris, or earth). Debris flows (commonly referred to as mudflows or mudslides) and rock falls are examples of common landslide types.

Questions

1. When a boulder tumbles down a hillside, it's a good example of what type of landslide?

2. If a large amount of debris, rock and soil slides down a slope, it is what type of landslide?

3. Land slide can be defined as?

Fill out the questions below 

Commonomics

COMMONOMICS

Commonomics is nothing but common sense Economics which is needed for personal and societal survival and development. According to Dr.Ridgely Abdul Mu'Min Muhammad, "Commonomics" is a conceptual model and analytical tool that allow almost anyone to understand how economies work and how well the economy is working. Here we are dealing with Economics in Common Man's Sense. Commonomics facilitates common man to understand the rhythm of  working of an economy. How: prices are fixed, consumers are forced to buy, budgets are planned, stoke markets clash, banks work, economies developing or clashing, different countries are associating and how society works. 

Commonomics includes management of everything around us in its micro and macro levels. There is no such a defined branch for Economics in this head,  this is merely an attempt to make complex economics concepts simple and clear to everyone and equip them to think rationally about the economic activities.