Western theories of wealth present a materialistic approach which centres around income as flow of money and wealth as stock of money. Macro level development is measured in terms of growth rate and size of national income/product/expenditure, popularly called GDP. It gives per capita income when GDP is divided by total population. Computation of Human Development Index and Happiness Index are recent developments in western world. Exclusive focus on size and growth rate of GDP of the world and various countries for long and ignoring how is it achieved and for whom it is meant has led to sharp and widening inequalities, wild economic fluctuations, damage to environment, society and individuals. The whole human kind carries the serious threat to its very existence emanating from global warming. Sustainable Development Goals of UNO is a welcome change.
At micro level, the measure of performance of firm, appraisal of performance, basis of allocation of capital and market valuation of firm focus on material concepts like Earnings Per Share (EPS), Market Value per share (MV), rate of capitalization or Price-Earnings Ratio (P/E ratio) or their cash adjusted measures. EPS can be manipulated by cosmetic kit of creative accounting experts and market value per share by market players and inside traders and rumor mongers.
Individual opinion leaders in the western world have realized limitations of materialistic approach to money and wealth. Attempts have been made to protect capitalism from attack from socialists and communists in the form of Corporate Social Responsibility (CSR) and Principles of Responsible Business. But the financial measurement, analysis and discourse continue to be centered around materialistic measures. Recent shift in focus to Triple Bottom Line Reports, Sustainability, CSR and PRB reports are welcome.
Western economic analysis has been based on key assumptions like every individual is a rational decision maker and aggregate of such individual rational decisions is equal to social good. Such a rational individual complies with ethics and law both but he is not affected by emotions. Only in the beginning of 21st century Nobel Prizes were given to researchers in Behavioral Economics and Behavioral Finance. They have successfully challenged the key assumptions of rational decision maker in classical theory of economic analysis.
The present research effort is an exploration into India's ancient wisdom related to money, finance and wealth. We have come across very valuable knowledge contained in Shruti (Vedas), Smriti (Puranas), history in two main epics Ramayana, Mahabharata and a few Niti Shastras authored by Manu, Chanakya and Shukracharya.
Vedas (1192)
Upanishads (501)
Puranas (632)
Ramayana (746)
Mahabharata (363)
Dharmasastras (167)
Goddess (502)
Bhakti (243)
Saints (1509)
Gods (1294)
Shiva (377)
Journal (184)
Fiction (60)
Vedanta (365)
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