Indian Antiquary Vol 47

Author(s): Richard Carnac Temple, Devadatta Ramkrishna Bhandarkar
Publisher: Swati Publications

Page 249

SEPTEMBER, 2018)
VÅRTTA-THE ANCIENT HINDU ECONOMICS
233
VÅRTTA-THE ANCIENT HINDU ECONOMICS.
BY NARENDRA NATH LAW, M.A.; B.L., P.R.S.; CALCUTTA. Stray expressions of thought in ancient Europe on the material interests. Though the science of economics is essentially modern, stray expressions of thought on the material interests may be traced back in Europe to the time of Hesiod (8th century B.O.), whose Works and Days 1 is a long versified dissertation embodying directions for practioal guidance in the material concerns of life, such as the making of ploughs, sowing, planting, reaping, threshing, supervision of slave-labourers, weaving of cloths, management of dogs, horses, oxen, etc., shearing of sheep, felling of wood, sea-trade. The European writers subsequent to Hesiod were occupied in a very large measure with thoughts about political constitutions. In spite of this feature, we meet with economic precepts and anticipations of later economic researches in some of the writings.
Plato (429 or 427-347 B.C.) Plato has given us a few economic thoughts and analyses, some of which are correct even according to modern criticism. These may be gathered from the Republic, Laws, and the dialogue called Sophist. The Eryxias, a short dialogue, treats of wealth; but it is considered spurious and does not go deeper or farther than the aforesaid works. Plato recognizes the economie basis of political society, the importance of the division of labour and also of the primary occupations such as agriculture, cattle-rearing and artisanship, domestic exchange of commodities, foreign commerce, and currency; and touches the subjects of distribution of property, money-lending, interest on loans and overdue accounts, and such other topics. Though many of his ideas are crude and unscientific, they furnish germs of much serious thought to later writers. His economic speculations, however, are found in mixture with his treatment of political and ethical questions which occupy the primary place, and are not disintegrated yet as a separate subject. 2
Xenophon (circa 430-857 B.C.) Xenophon's Economics treats of the management of the household consisting of the family with its dependants and requiring property for its maintenance. Incidentally, he touches the subjects of agriculture, manufactures, trade, foreign commerce, nature of money and some other kindred topics. His precepts for the management of private property show much sense and sagacity, 3 but his views on the subjects just mentioned are not in advance of his times except in one or two instances.
Aristotle (384-322 B.C.) It was Aristotle who first reached the conception of a special science or art of wealth, though he never treated it apart from ethical and political considerations. He used the word chrematistike sometimes as equivalent to ketetike, i.e., acquisition in general, and some
1 See T. Cooke's translation of the poem in three books, and J. K. Ingram's History of Political Economy, (enlarged ed., 1915), p. 9.
? Dictionary of Potitical Economy (edited by R. H. I. Palgrave) under. Plato,' and Ingram, op. cit., Pp. 12, 13.
3 Xenophon's work on the revenues of Athens contains some practical suggestions for their improvement.
• Palgrave, op. cit., Xenophon,' and Ingram, op. cit., pp. 13, 14.