A Historical Survey- Indian Economic Thought

Abstract

Indian economists did not seek a divorce between ethics and economics, between moral and material aspects of life. The Indian economists ‘would not accept the purpose of life to be incessant struggle for the survival of the fittest , in terms of the physical force or material goods ,and emphasised the obligation of civilized society to ensure an equal chance at least for the survival of the weakest.thus ,greatest stress in Indian economics is on welfare , social justice and morality and less on material wealth. While in the western economics thought , analytical and practical aspects developed side by side ,Indian economics remained primarily a normative and practical science.The history of Indian economic thought is little known either in India or elsewhere. Hardly any research is being done by economists. The subject has the potential in offering a variety of principles that could help Economics evolve further. It is important to revitalise the discipline and instill a fresh zeal among students and others.