Gandhian Economics and the Rethinking of Economic Theory and Policies

The collapse of the current system has been caused by the progressive degeneration of many of our democratic institutions and ideals and only a regeneration of them can change the course of events. But this is not an easy task and a first necessary step in this direction is a change in the approach and values that shape mainstream thinking in economics. Gandhian economics offers a more humanistic approach to economics which points to broader and higher values. Its reflections on the true aims of life and on the basic principles of proper living in family and society can act as a catalyst and contribute to the building of an alternative economics. Gandhian economics requires methodological and ethical perspectives that go well beyond the still prevelant forms of reductionism and this book stresses the links between Gandhian economics and both the systemic approach and the rebuttal of ethical individualism in favour of a combination of deontological and virtue approaches. The book also examines alternative economic and social policies informed by the classical Gandhian distinction between different functions of goods and the different role of their markets. These policy discussions focus in particular on the real (as opposed to induced) needs of people, particularly families and local communities, and on their technological and consumption choices. This book also considers the intersections between Gandhian economics and the works of Amartya Sen, Martha Nussbaum, Elinor Ostrom and others to demonstrate the contribution that Gandhian economics has made, and can continue to make, to the psychology of economics, economics of happiness and well-being, sustainability economics, and more.