Introduction

Dharmanomics: A Blend Of Dharma And Economics

The concept of dharma in economics is a synergistic value system. Dharmanomics deals with integrating dharma into economics. The concept of dharmanomics implies an idea wherein ancient values of dharma are integrated with modern-day economic practices. The word dharma is a codified set of principles for good living, it is perhaps the right way of living. The basic principles of dharma are love, compassion, truth, non-harming nature, duty, and selfless service. Dharmanomics implements these ancient principles to the contemporary economic landscape, to create a model in which sustainable practices and ethical guidelines are integrated with economic growth. It, therefore, represents a system that prioritizes righteous conduct with wealth creation.

 Role Of Traditional Indian Values In Shaping Economic Practices

Ancient Indian Values have played an important role in shaping economic practices.  Milton Singer, in his article “Cultural Values in India’s Economic Development,” describes how Ancient Indian values have significantly influenced economic practices, integrating material goals with spiritual values. Scholars like Milton Singer and Hajime Nakamura highlight the spiritual-material balance in Indian culture.

The ethical duties mentioned in Dharmashastra include economic responsibilities like right conduct in trade, charity, etc. There was also a focus on the dignity of labor and localized economies. Modern reformers disagree with ancient Indian thought, often contrasting worldly life with spiritual pursuits. They reinforced the idea that economic development could be harmonized with ethical living. Texts like Arthashastra state that the ethical pursuit of wealth is vital for individualistic and societal well-being. Wealth and power are portrayed as achievements of virtue and as tools for maintaining harmony in society. Indian philosophy emphasizes renunciation and balance apart from materialism, which helps maintain a cautious approach to wealth collection, reinforcing that economic practices sync with ethical values.

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