Economics Of Mahavira ► 02 ► [02.02] The Economic Concept of Development - The Objective of Economics

Posted: 22.12.2005

Modern Economics has espoused the theory that man's lure of self-interest needs to be enhanced.

It has, therefore, become the main objective of today's Economics that, as far as possible, the attitude of self-interest should be promoted. Development is measured by promotion of self-interest. Keynes strongly advocated this theory.

I do not say that this theory has no validity. Personal motivation of personal self-interest stimulates more work from man than anything else. It is very clear to us that self-interest is a big inspiration. Accordingly, the theory that modern Economics has established is meaningful and attractive. Every person should enhance his self-interest as much as possible and earn as much wealth as he can.

The principles presented by communism are no less attractive. It promises that nobody will remain hungry, remain without a house, without clothing and without employment. Everybody's needs will be satisfied. This was and has remained an attractive dream of communism.

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