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Questions and Answers
What is the meaning of the word 'economics' in Indian thought?
Arthshashtra
Which of the following terms is associated with the four 'purusharthas' in Indian philosophy?
What did Kautilya discuss in his book 'Arthashashtra'?
The purpose of economic activity undertaken by a state and society.
The English word 'economics' is derived from the Latin word 'Oikonomos'.
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According to Aristotle, what subject matter does his book 'Oeconomica' relate to?
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Economics developed as a philosophy and science of __________ economic behaviour.
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What does the Greek word 'oikos' refer to?
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Study Notes
Meaning of Economics
- The Sanskrit word 'arth', meaning 'purpose' or 'goal', derives the term 'arthshashtra' in Indian thought.
- 'Arthshashtra' translates to "the science of benefits or purpose in practical life".
- The English word 'economics' originates from the Greek words 'Oikos' (households) and 'nomos' (management), implying 'management of households'.
Economics in Indian Thought
- Indian philosophy emphasizes achieving the four 'purusharthas': 'dharma' (duty), 'arth' (benefits), 'kama' (desire), and 'moksha' (liberation).
- 'Arth', the pursuit of benefits, forms the foundation of economics in Indian thought.
- Kautilya, also known as Chanakya, articulated the purpose of economic activity in his book 'Arthshashtra' around 2500 years ago.
- Kautilya emphasized the importance of 'arth' (wealth) as a key driving force for societal and individual prosperity.
Development of Economics as a Science in the West
- The industrial revolution triggered specialization both in industrial processes and philosophical knowledge.
- This specialization led to the emergence of distinct social sciences, including economics.
- Economics shifted from purely descriptive methods to incorporating scientific tools and methods.
- Greek philosopher Aristotle, in his book 'Oeconomica', provided early perspectives on economics.
- The shift towards scientific methods in economics reflects a broader trend across various academic disciplines.
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Description
Explore the meanings and foundations of economics in both Indian and Western thought. Learn about the significance of the Sanskrit term 'arth' and the contributions of Kautilya in the field of economics. This quiz delves into the evolution of economics as a science and its practical implications in life.
