ISJS Jainism Study Notes E5 Vol 03

Author(s): International School for Jain Studies
Publisher: International School for Jain Studies

Page 133

B.5.9
Relevance of Jaina Economics Philosophy in Modern Times
Dr. Kamla Jain
Economics theories that have gained ground in last one hundred years have been emphasizing on production and more and more production, as if it is panacea for all economic imbalances. The concept of 'economy' which literally means 'frugal' or judicious expenditure of money, 'saving' or the 'use of money' with prudence seams to emphasis on production for its own sake has led to more and more attraction for consumption. The economics of consumption and the wastage that goes along with it has became an essential aspect of our present day economic system. In fact, our economic system not only allows but glorifies consumerism and wastage. It makes us ponder whether the meaning of economic has changes into diseconomics! The idea of production with the development of science and technology is greatly responsible for the glamorous philosophy of consumerism, which has come to mean that good is equal to goods. In this economic system 'human welfare' has taken a back seat.
These economic theories are know, being debated and questioned by economist themselves as they have not in practice been able to produce the desired result of poverty alleviation or serve the objective of human welfare.
It has to be understood that the culture of consumerism has been pampered too much by two prominent industries, which can rightly be called dissatisfaction producing industries. These are: (i) Advertising industries and (ii) Fashion industry, which are helping not economic growth but only growth mania. Both these industries have played havoc with our individual psychological life. The craze for newness is the order of the day. This is a society where the needs and wishes of the consumer are manufactured by the producer and advertising further stimulates the craze for consumption. This serious infection of consumerism has led to an alarmingly great environmental loss, the well-to-do out the greed and the penniless out the need are being cruel to our environmental assets. Environment degradation has now become a burning issue for both rich and poor countries. But for those who think of the society as an organic whole consumerism does not have much to offer.
In such a situation Jaina economics philosophy offers an antidote to modern economic though, which needs to be discussed in detail, but before that, it would be worth nothing that
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STUDY NOTES version 5.0