Indian Economics: Tragedy of a Forsaken Legacy

Dilip M. Nachane ()
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Dilip M. Nachane: IGIDR-Gen. A. K. Vaidya Marg

A chapter in Studies in International Economics and Finance, 2022, pp 1-17 from Springer

Abstract: Abstract This paper purports to bring out in a brief but coherent fashion the fundamental contributions to economic theory and policy made by Indian thinkers in the late 19th and early 20 th century. We divide this epoch into three distinct phases viz. the pioneering, the nationalist and the modern. We then assess these contributions against the background of two developments in economic theory viz. the unity of science principle and the ascendancy of neoclassical thought. We conclude with an analysis of how this rich legacy was abandoned and argue for its reinstatement in thinking about contemporary Indian economic issues.

Keywords: Early Indian economic thought; Pioneers; Nationalists and modernists; Unity of science principle; Neoclassical ascendancy (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:isbchp:978-981-16-7062-6_1

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DOI: 10.1007/978-981-16-7062-6_1

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