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I = S - M

The modern way of thinking about economics has been I = M - S Where I is the I as in me, M is what is 'mine' and S is what ...

4/9/15


In all honesty there should be no such thing as Gandhian economics. There is only good economics and bad economics. In our own time the economy of more more more has falsely claimed the throne and established greed as the guiding principle of life. What is commonly called economics is really just bad economics. 

Gandhiji revolutionized economics and was recognized for it by E. F. Schumacher, author of Small is Beautiful, who called Gandhiji "the greatest economist of our age." Oddly enough though, this revolution in thinking was totally ignored by the economics profession and continues to be ignored today. 

Imagine if Einstein's work had been ignored and physics had remained piously Newtonian. Imagine if instead of physics encompassing Relativity it were totally ignored. Then people would have to invent a physics called Einsteinian physics. Imagine if their pleas that this be the Truth were to fall on deaf ears. No it is too absurd to imagine such a thing you say.

And I say just such a thing has happened in economics. Gandhiji revolutionized economics much as Einstein revolutionized physics. The difference is this:

While good physics is synonymous with the ideas of Einstein, what parades around as good economics bears not a trace of the ideas of Gandhiji. 

That is the tragedy. 

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