A study of Sources of Medieval and Modern Indian Economic History

Abstract

The works of Aristotle and Plato, both Greek thinkers, are seen as the starting point for the development of economic theory. Although the Greek literature of the fourth century BCE may have been the source of modern economic philosophy that arose in Europe beginning in the eighteenth century CE, the economic ideas that came from the Indian subcontinent has been largely overlooked. The treatise Arthashastra, written in the fourth century BCE, is a culmination of the pre-classical ideas that had arisen in the Vedas a millennium before the Greek literature. This paper provides an overview of the economic ideas presented in a number of ancient Indian texts, investigates why they have been overlooked, highlights the economic policies proposed, demonstrates how these policies represent a practical application of modern economic principles, and highlights the importance of this Pre-Classical literature to the development of economic thought.