Understanding the Indian Economy from the Post-Reforms of 1991, Volume I

CHAPTER 13

Indian Economic Thought/Thinkers

This chapter will be devoted to a brief review of the development of Indian economic thought in ancient times. There are two important thinkers who contributed toward the economic thinking. They are Thiruvalluvar and Kautilya.

Thiruvalluvar (351 to 350 BC) is a fundamental thinker. Even though scholars differ widely over the estimation of the period of birth of Thiruvalluvar, it is generally believed that he belonged to the Sangam Age in Tamil Nadu around the 3rd century AD. Thiruvalluvar’s work is marked by pragmatic idealism. A large part of Valluvar’s economic ideas are found in the second part of Thirukkural, the porutpal. It deals with wealth.

Thirukkural, a book of ethics, is Thiruvalluvar’s immortal ...