Modern economics needs to be based on Gandhian model of economics, says former vice-chancellor of Gujarat University at SPPU

Modern economics,Gandhian model of economics,vice-chancellor

Revisiting Mahatma Gandhi’s words which say that‘Economics is untrue which ignores or disregards moral values’, Prof Sudarshan Iyengar, former vice-chancellor of Gujarat University asserted that modern economics needs to be based on the Gandhian model of economics.

He was speaking at a colloquium programme organised by the Savitribai Phule Pune University on Friday at the university campus.

Iyengar said, “Modern economics teaches us to maximise the use with minimum resources. However, Mahatma Gandhi urged everyone to limit the wants. In modern economics, the biggest mistake that modern economic science has made is the interference with our preferences, thus causing imbalance between the need and limits.”Demonstration effect along with materialisation is another mistake made by the modern economics, he added.

Elaborating the mistakes of modern economics, Iyengar said, “The current economy is largely influenced by the materialism boosted by the demonstration effect. It is in the interest of humanity that we curb this orientation of materialism.”

Speaking about the sops offered by political parties during elections and welfare schemes run by the respective governments, Iyengar said, “Welfare programmes are weak political choices and needs to be stopped. Emphasis of such welfare programmes clearly indicates we are not focusing on increasing productivity which should be our current priority.”

Besides holding the position of vice-chancellor of Gujarat University, Iyengar has also been the director of centre for social studies, Surat and director of Gujarat Institute of Development Research.His areas of research interest are Gandhian thought and praxis, natural resource development and management, people’s institutions and role of non-government organisations in initiatives in societal development.

[“source-“bbc”]