Ancient Economic Thought: Fast extraction of natural resources, unlimited use of material and services, unwise consumption, fast industrialization has developed environmental degradation. Increased needs has given birth to degraded human values and moral values. These problems have stressed economists to find way of new economy which can be the solution of capitalist and socialist economy. In such situation Indian economic thinking has given an alternate economic system. Beside it has pathed the way to present economic problems. It is the gist of all those economic thoughts which have important place in ancient Indian scriptures. India’s prosperity of past is available in these scriptures due to which India has been rewarded with the title Vishwa Guru’.
Concepts of consumption
(a) Balanced consumption or tolerant or controlled consumption: We should consume earned money minimum and in controlled manner to satisfy one’s need. We should earn that quantity of money which could satisfy needs of an individual and his family. Consuming more than need is a crime and that fellow should be punished. One should earn honestly. According to Chanakya balanced consumption keeps an individual healthy. It is also given in scriptures what should be consumed and what not. One should consume goods and services as grace of God by keeping public welfare in mind. He should not think he has right over goods and services.
(b) Co-Consumption: We should consume things by distributing them in others. It should be based on equality and welfare. It is mentioned in Rigveda one who consumes food himself by keeping friend, servant, guest, animals, birds, in starvation is a sinner while western thought of economy give stress on maximum consumption and satisfaction. On the other hand balanced consumption with laborious earning and distribution is stressed in Indian thought. This is mine that is yours is a mean thought while Vasudhev Kutumbkam’ is a high thought. Welfare of all and service to mankind is considered as human religion universally in Indian culture.
At present when gap between rich and poor is increasing ancient thoughts of balanced and co-consumption as well as justified distribution can be helpful to establish equality in society and social welfare.