Featured Post

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 ...


Economics needs to be redefined. We can easily demonstrate that the traditional definition of economics as the study of meeting unlimited wants by limited means is incorrect.

An important principle given to us by Gandhiji is

means = ends

After all, only truthful means can lead to truthful ends and only nonviolent means can result in nonviolent ends.

From the definition above we focus on the term "limited means." We must agree that

limited means = limited ends

If our means are limited our ends must by necessity also be limited. Furthermore if our ends are limited our wants can not be unlimited: After all a want is a desire for an end!

We can thus redefine economics as the study of meeting whole but limited wants by whole but limited means with the goal of creating whole and unlimited people.

No comments: