Tulsi Prajna 2001 01

SR No.: 524606
Original Sutra Author: N/A
Author: Shanta Jain, Jagatram Bhattacharya
Publisher: Jain Vishva Bharati
Publication Year: 2001
Total Pages: 146
Language: Hindi
Classification: Magazine, India_Tulsi Prajna, & India
File Size: 7 MB

Page 129

gain. And he is in this led by an invisible hand to promote an end, which has no part of his intention. By pursuing his own interest he frequently promotes that of the society more effectively then when he really intends to promote it." Indeed in last two decades or so market has become the gospel and the Wealth of Nations the bible of modern economists.
Achievements of these market-oriented economies are by no means meager. In nearly 225 years after Adam Smith wrote his Book, the per capita income levels has increased over hundred folds. Industrial and technological revolution has increased comfort levels to unprecedented heights. World has become a global village and geography has become a history Is this success an unqualified one ?
Income is not an end in itself. The quantum growth is not all that one aspires for. In the over enthusiasm for quantum of growth in aggregate, attention given to its structure and quality has been rather scanty. For most people and for many countries, it has been a job less growth-stagnant employment; ruthless growth-deepening poverty; voice less growth-without any empowerment; rootless growth-growth with loss of identity and futureless growth-growth limiting options for future generations.
J.K. Galbraith of Harvard, for over four decades has been challenging the consumers, firms and markets. He has said, “The idea that small firms are responsible for much of production, or that small investors bring forth the major inventions is a convenient myth designed to perpetuate the belief in the market system. The outcomes of the market are determined as much by the Madison Avenue as by the genuine needs. Ours is a society where roads crumble, bridges collapse while private sector lives high on hog." Why alternatives to market also failed to deliver
Earlier Marx, Ricardo and Malthus in different ways attempted to show how the capitalist economy is on its way to an inevitable rendezvous with pervasive poverty. While both Ricardo and Malthus became economist of pessimism, Marx conceived of another ism". This was a new way of organizing production and exchange. Marx failed despite an emotional appeal to his concepts because he also could not devise any alternate motivating mechanism. It only changed the weighting diagram from material possession to nearness to power. It has no incentive mechanism and no safeguards against information asymmetry and moral hazard. Built essentially on hatred to a class, the socialism disintegrated rather quickly.
124 MIT
310h 111-112