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Ethical Economics

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Ethical Economics

How we might cure today's economic woes with a dose of traditional Hindu wisdom

By Meenal Pandya, Massachusetts

At the heart of Hindu economics is this: the test of every policy is not profit, employment or growth, but how it strengthens family and community, individual character and sensitivity, states Romesh Diwan, Professor of Economics at Rensselaer Polytechnic Institute in Troy, New York. Diwan, Dattopant Thengdi of New Delhi (founder of India's foremost labor union, Bhartiya Mazdoor Sangh), M.G. Bokare, (a disenchanted Marxist and author of Hindu Economics) and others are advocates of a thoroughly Hindu revamping of today's economic systems. "Many economists wonder how practical these ideas are," states Prof. Diwan. "I think, at the core of it, Hindu economics is very practical because it touches all aspects of a human life."

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