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Indian Economic Thought (IKS)

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Course Type Course Code No. Of Credits
Discipline Core NSUS1EC110 4

Course Coordinator and Team:                  SES Faculty

Email of course coordinator:                       pcbabed@aud.ac.in  

Pre-requisites:                                               No

Course Description: 

This course introduces students to the history of economic thought in India from the most ancient recorded history to the eve of Independence. Moving at a brisk pace the course will cover the major thinkers from different eras helping students appreciate the rich history of economic thinking in India and the connections of economic thinking to economic conditions and to the broader currents of ideas.

Course Objectives:

  • Introduces students to the history of economic thought in India from the most ancient recorded history to the eve of Independence.
  • Discuss the major thinkers from different eras helping students appreciate the rich history of economic thinking in India and the connections of economic thinking to economic conditions and to the broader currents of ideas

Course Outcomes:  At the end of the course students should be able to:

  •      Describe the major features of the thoughts of the thinkers covered in the course and provide a critical evaluation.
  •      Describe the broad economic conditions that provided the context to their thought.
  •      Describe the continuity and changes in their thought over time as well as the give and take of ideas between India and the rest of the world.

Brief description of the modules: 

Introduction to the study of the history of economic thought

  • Dasgupta, A.K. (1993) A History of Indian Economic Thought, Routledge (Chapter 1)

Pre modern Indian Economic thought Buddhist economic thought, Kautilya and his Arthashastra, Economic thought of the Sultanate and Mughal period

  • Dasgupta, A.K. (1993) A History of Indian Economic Thought, Routledge (Chapter 2-4)

Economic thought during the Independence movement: Beginning of nationalist economic thought: Naoroji, R.C. Dutt, Ranade, Gokhale, Ambedkar’s economic thought, Gandhian economics

  • Dasgupta, A.K. (1993) A History of Indian Economic Thought, Routledge (Chapter 6-9)
  • Ambedkar B. R. (2014) Writing and Speeches Vol 6 Book 3, 4
  • Jadhav, N. (2015). Ambedkar: An economist extraordinaire. Konark Publishers Pvt Limited.

Economic thought and policy in the post-Independence period: Ambedkar, Mahalanobis, V. K. R. V. Rao, Bhagwati, Sen, Devaki Jain, Gail Omvedt, Vina Mazumdar

  • Dasgupta, A.K. (1993) A History of Indian Economic Thought, Routledge (Chapter 10)
  • Mungekar B. (2017) The Essential Ambedkar, Rupa (Selected chapters)
  • Ambedkar B. R. (2014) Writing and Speeches Vol 10, Part 1 (Selected writings)
  • Jadhav, N. (2015). Ambedkar: An economist extraordinaire. Konark Publishers Pvt Limited.
  • Rao, V. K. R. V. (1970). The Gandhian alternative to western socialism. India Quarterly, 26(4), 331-352.
  • Rao, V. K. R. V. (1952). India's first five-year plan-a descriptive analysis. Pacific Affairs, 3-23.
  • Sen, A., (1999). Development as freedom, Random House.
  • Jain, D. (2005). Women, development, and the UN: A sixty-year quest for equality and justice. Indiana University Press.

Contemporary issues in the light of Indian Economic Thought: These modules will look at contemporary economic issues and debates in the light of Indian economic thought and draw policy implications.

State. Markets and Citizens: Their respective rights and duties and mutual dependence. How individual ambitions and motivations can be reconciled with the promotion of the common good.

  • Constitution of India
  • Sen, A., (1999). Development as freedom, Random House. Ch 5

India in the world: Benefits of international linkages versus the need to maintain sovereignty.

  • Bhagwati J. (1979) International Factor Movements and National Advantage, Indian Economic Review , October 1979, new series, vol. 14, no. 2
  • R. P. Dutt (1949) India Today People's Pub. House, Ch 16-17

Justice: Poverty, inequality and anti-poverty policies. Women in the economy. Gender justice within and outside the family. Discrimination and social justice.

  • Guru, G. (2002). Ambedkar’s idea of social justice. Dalits and the state, 40-50.
  • Ambedkar B. R. (2014) Writing and Speeches. Vol 17, Part-1-3 (Selected writings)
  • Sen, A. K. (1997). From income inequality to economic inequality. Southern Economic Journal, 64(2), 384-401.
  • Sen, A., (1999). Development as freedom, Random House. (Selected Chapters)
  • Jain, D. (2005). Women, development, and the UN: A sixty-year quest for equality and justice. Indiana University Press.
  • Agnihotri I., Mazumdar V., Changing Terms of Political Discourse. Special Articles EPW· Vol. 30, Issue No. 29, 04 Mar, 1995.

Assessment Plan

S.No

Assessment

Weightage

1

Class Test

30%

2

Assignment

30%

3

End Term

40%

References

  • Ambedkar B. R. (2014) Writing and Speeches, Dr. Ambedkar Foundation, Vol 6, 10, 17
  • [AKD] Dasgupta, A.K. (1993) A History of Indian Economic Thought, Routledge
  • Bhagwati J. (1979) International Factor Movements and National Advantage, Indian Economic Review, October 1979, new series, vol. 14, no. 2
  • Mungekar B. (2017) The Essential Ambedkar, Rupa
  • Guru, G. (2002). Ambedkar’s idea of social justice. Dalits and the State, 40-50.
  • Indu Agnihotri, Vina Mazumdar, (1995) Changing Terms of Political Discourse. Special Articles EPW· Vol. 30, Issue No. 29,
  • R. P. Dutt (1949) India Today, People's Pub. House
  • Jadhav, N. (2015). Ambedkar: An economist extraordinaire. Konark Publishers Pvt Limited.
  • Rao, V. K. R. V. (1970). The Gandhian alternative to western socialism. India Quarterly, 26(4), 331-352.
  • Rao, V. K. R. V. (1952). India's first five-year plan-a descriptive analysis. Pacific Affairs, 3-23.
  • Sen, A. K. (1997). From income inequality to economic inequality. Southern Economic Journal, 64(2), 384-401.
  • Sen, A., (1999). Development as freedom, Random House.
  • Jain, D. (2005). Women, development, and the UN: A sixty-year quest for equality and justice. Indiana University Press.
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