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NON-VIOLENT MODEL OF ECONOMIC DEVELOPMENT
Shiv Prakash Panwar
In 1969, the Noble prize for "Economic Science" was established. This event placed economists at par with physicists, chemists & biologists. The economists have been trying to make their science as scientific and as precise as possible. This is being developed as techniques of mathematical and statistical analysis. In the blind pursuit to make it more and more exact, they have forgotten that there is a qualitative difference between atoms and men. Here they have committed a blunder because statistics never prove any thing.
The modern economic theory is based on the strong value premises of which the central core is materialism, diversifying the pattern of consumption and thereby optimising the pattern of production. Mere growth in output is being projected as if it were the solution to all the ills. It has failed to tackle the major economic problem such as unemployment, poverty, inequalities, etc. besides, the rise of new problems such as pollution, ecological imbalances, exhaustion of natural resources. Today, we witness a rat-race amongst nations to maintain and capture larger markets. It shows that the science of economics itself is in a state of flux.
India has been facing an economic crisis. We are facing the problems of balance of payments disequilibrium, scarcity of foreign currency, inflation, etc. To bring the economy out of this web, certain stabilization and structural adjustments were proposed and subsequently applied in 1991. Indian economy is being transformed in to a liberal cconomy. Rupee was made partially convertible in trade affairs and further fully convertible with respect to
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