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ABSTRACT
Dr. Neeta Tapan Asstt. Prof. Of Economics
Madhav College, Vikram University, Ujjain
The study of the development of material civilisation forms the subject matter of economic history. Although the science of economics dates back to 1776. however, the history of economic thought is as old as the human thought itself. There is a strong relationship between the history of economic thought and economic history. Thinking or theory affects environment, but more than that environments motivate contemporary thinking. Economic ideas, thus. depend upon environments. When ideas get firmly established, they become part of the traditions on which economic policies are based.
This paper attempts to introspect into the ethical philosophy of economics. The arrival of "Wealth of Nations" and further. the objective approach of economics branded economics as a dismal science . bread and butter science and as the "Gospel of Mammon”. “Ethics or Economics" became a common phrase. However, a systematic study of history of economic thought reveals the fact that positive economics is actually a reflection of "what is" in the economy.
Whereas glimpses of normative economics are always visible in the foun of theory of moral sentiments propounded by Adam Smith, Happiness Economics, Welfare Economics, Ricardian theory, Marxian Scientific Socialism, Varshall's touch of humanitarianism to neo-classicism, and so on. Even in today's age of institutionalism, Amartya Sen and Mahboob -Ul-Haq have emphasised human resource development and thereby brought human beings at the centre of development process.
In India, too, ethics, nationalism and jurisprudence occupied a prominent place in ancient Hindu economic thought, Kautilya's Arthashastra, economic nationalism of Naoroji, Ranade, Dutt, Gokhale and others. Gandhian Economics is the epitome of ethical economics.
Thus, the degradation in the philosophy of economics now and then, can he attributed to environmental factors to some extent. Moreover. occasional review of economic theories and their application is essential to keep alive the value judgements in the descriptive judgements.
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