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the perception of some welfare economists in evaluating the prevalent developmental economic theories are eye-openers and reveal the inadequacies of modern economic systems. Among such political writings the work of J.K. Galbraith and E.J. Mishan and the late stone Nobel Laureate Prof. Amartya Sen need to be mentioned. Their works are more like the works of practical ethics than just the critiques of modern economic thought. In Mentioning these names my intention is to throw light on the significance of welfare economics versus developmental economics systematically discussed by these economists. However it will be a very lopsided presented if the name of Mahatma Gandhi as a pioneering thinker of the last century is ignored, who could anticipate the problems with his remarkable farsightedness which we are all facing today. These economists who are so well versed with the complicated principles of economic theory have forcefully and convincingly questioned the relevance of the dogmas religiously preached by the Gurus of economic ideal and there is no distinction between the necessary and unnecessary and important and unimportant goods. It had ignored the difference between the essential and the inessential, between food and shelter and a fancy house and a luxurious automobile. The urgency of production had replaced the urgency of wants. The economics of affluence has led to persistent inflation, which throws the individual and family budget out of gear. The concept of free trade and competition, therefore, need reexamination. Prof. Amartya Sen's contribution in the area of welfare economics has significance about social change. This, however, look like a ray of hope for brining back Marshall's definition of economics as a "science of human welfare".
To return to Jaina contribution towards economic philosophy, the basket of Jaina scriptures has a full-fledge agenda for the householder or a lay person. It is generally understood that Jainism only promotes a cult of renunciation and perhaps it does not have much to offer for social, familiar and economic life of the householder (Gshastha). In spite of the emphasis on renunciation, Jaina scriptures, however, give a detailed and a systematic account of the code of conduct of the laity or the life of a good householder in the twelve-fold scheme of vows of the householder called aņuvratas meaning smaller vows or partial abstinences. In this twelve-fold list some of them throw light on social and economic balances of the life of the individual and how his life can be best led. Here, it would be relevant to touch upon those vows that have economic implications and which refer to our material needs and desires. In other word those, which refer to limitation of our desires and possessions.
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