Vishwanath Pandit Ethics, Economics and Social Institutions Ethics, Economics and Social Institutions Vishwanath Pandit Ethics, Economics and Social Institutions 13 Vishwanath Pandit Sri Sathya Sai Institute of Higher Learning (SSSIHL) Puttaparthi, Andhra Pradesh India ISBN 978-981-10-0897-9 ISBN 978-981-10-0899-3 (eBook) DOI 10.1007/978-981-10-0899-3 Library of Congress Control Number: 2016935605 © Springer Science+Business Media Singapore 2016 This work is subject to copyright All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed The use of general descriptive names, registered names, trademarks, service marks, etc in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made Printed on acid-free paper This Springer imprint is published by Springer Nature The registered company is Springer Science+Business Media Singapore Pte Ltd Offered in Gratitude to LORD Sri Sathya Sai Baba With LOVE and Humility These days virtue is becoming rare at all levels—in the individual, family, society and community, and also in fields of life—economic, political and even “spiritual” Life must be spent in accumulating and safeguarding virtue, not riches …… develop sympathy and the anxiety to serve and be useful to everyone —BABA Foreword It is a great pleasure for me to write the foreword to this book by Prof Vishwanath Pandit, especially since I have known Prof Pandit as a colleague and a friend for nearly 45 years The title of Prof Pandit’s book, Ethics, Economics and Social Institutions, gives an indication of its very broad scope: the book encompasses a wide range of issues which have ethical as well as economic dimensions While the interaction between economics and ethics has a long history, there have been phases in the development of economics, when economics moved sharply away from several disciplines, including ethics, with much consequent loss for economics Over the last several decades, however, there has been a growing realization of this loss Increasingly, one sees economists working on issues which are on the interface between economics and several other disciplines, such as ethics, political philosophy, and psychology There is now a substantial recent literature arising from the interaction of these different disciplines Professor Pandit’s book is a valuable contribution to this literature In Chap 2, Prof Pandit gives a general outline of the role of ethics in economics, as economics evolved over several centuries This historical account in Chap. 2, which includes, among other things, observations on ethical dimensions of Marxist and Keynesian thinking, is a valuable feature of the book and provides a historical background for the chapters that follow Chapters and of the book are devoted to detailed discussion of various issues in economics, which have something to with ethics and which have received much attention from economists in recent decades Ethics matters for economics in at least two important ways First, given that, economists study, among other things, the choices or decisions made by individuals, it is important for them to study what motivates the individuals in their choices Economists have often assumed that the promotion of self-interest is the sole motivation guiding people’s choices In fact, in less careful economic writings, rational choice is sometimes taken to be choice that best promotes the agent’s self-interest While individual choices are often guided by self-interest, how reasonable or realistic is the assumption that ethical considerations never influence people’s choices? Further, how reasonable is it to identify rational choice with choice that exclusively promotes the individual’s self-interest as distinct from her ethical objectives? These vii viii Foreword are some of the problems relating to the choices of an individual, where ethics figures in the picture Ethics also enters economics in a very different fashion Stated in very general terms, the goal of public policies, including those public policies which deal specifically with economic matters, is to promote social welfare But what does one mean by social welfare and what can be the ethical bases for judging whether some policy will increase or decrease social welfare? Since the question of what is good or bad for the society is inevitably linked to the notion of the wellbeing of individuals constituting the society, the question of what constitutes an individual’s well-being inevitably comes up in this context Should one identify an individual’s well-being with the satisfaction of her preferences, as economists have often done in the past? Also, if individuals in a society differ in their opinions about alternative public policies, how should the society take its decision on the basis of such conflicting opinions? These are just a few examples of issues which have been discussed in welfare economics, the normative branch of economics These two categories of problems involving ethics are discussed in some detail in Chaps. 3 and This is followed by a discussion of the interrelationship between prosperity, happiness, and ethics in Chap. 5 However one may conceive an individual’s well-being and happiness as likely to be one of its important components It is not, therefore, surprising that, in a flourishing recent literature, economists, psychologists, and philosophers have explored the notion of happiness and what contributes to human happiness Professor Pandit’s Chap. 5 continues this exploration In Chaps. 6, 7, and 8, Prof Pandit goes on to study issues relating to social institutions, social norms, spirituality, and religion; he also studies three specific spiritual movements originating in India I am not sure that most economists will regard religion and spiritual movements as appropriate subjects of study in economics But, if economists want to study the well-being of individuals and societies, then, given the profound impact, positive and negative, that religion often has on the well-being of individuals and societies, it is not clear that the study of such impacts can be kept strictly outside the boundaries of economics One can also take the position that the issue of how religion affects human well-being needs to be carefully studied irrespective of whether one decides to put such studies within the domain of economics or within the domain of some other academic discipline Like all interesting scholarly contributions, Prof Pandit’s book raises a host of important questions It is possible that, given the nature of the questions investigated in the book, we may not ever reach conclusive answers for many of them But, in an area such as this, the value of scholarly contributions often lies in asking important questions and exploring them systematically rather than in providing definitive answers I am grateful to Prof Pandit for the opportunity to read his book: his book has compelled me to think again about many issues in normative economics, and it has also made me aware of several issues, about which I had not thought earlier Prasanta K Pattanaik Emeritus Professor University of California USA Preface The present monograph was written mainly during 2013 and 2014 when I held a National Fellowship awarded by the Indian Council for Social Science Research The basic motivation has been to relate ethics and moral ethos to society in its various facets with a somewhat sharper focus on economics and related subjects While this body of thought has, in recent decades, received considerable attention from many eminent economists, including several Nobel Laureates like Amartya Sen and Kenneth Arrow, it has not yet come to be a part of the mainstream discipline so as to enjoy the status one associates with topics such as microeconomic theory, macroeconomic policy, finance, economic development, econometrics, trade theory and industrial economics Yet, it is not obvious why this class of issues should have been important to me, who had spent most of his earlier academic career teaching and researching on topics such as macroeconomic theory and policy, econometric modeling and financial markets at the Delhi School of Economics, University of Delhi and other universities in the United States and the United Kingdom Looking back it must very well have been so because I have had the privilege to spend the last fifteen years associated, in different capacities, with Sri Sathya Sai Institute of Higher Learning (Puttaparthi, India) where the system of education is fully saturated with the promotion of human values under the guidance of Sri Sathya Sai Baba with no compromises on either side The meticulous objective has been to turn out students who are not only competent to undertake challenging assignments in the world outside as it exists today but also be inclined to serve the society to promote welfare in whichever way they can best it No wonder that, the Master’s program in Economics was drafted so as to include a compulsory course in “Ethics and Economics” which I taught for several years All this might very well have also been the germination of my intrinsic, though dormant, interest in ethical issues I recall having agreed even at the University of Delhi to have an active involvement in different programs organized by World University Service and Gandhi Bhavan for nearly fifteen years before moving out here The foregoing account may look, rather oddly, self-centric but is, in fact, intended only to explain how the subject chosen for this monograph turned out to be what it is One hardly needs to say that the basic motivation for looking at ix x Preface life in a certain way comes from what one sees all round This is manifested by increasing inequality across as well as within societies; the new dormant ways in which crime is taking place; blatant gender bias; growth of violence within as well as across religious and other affiliations; demoralization of state as an activist social institution; lack of a deep social commitment in corporate strategies for growth; and, unidentifiable tendency for corruption in all social agencies All these seem to have deep economic roots With all this one should not be surprised if economic prosperity does not lead to human happiness Fortunately, the awareness of the problems mentioned above is considerably increasing in all types of social deliberations It is encouraging to see that the new thinking is exemplified by many leading academics In particular, it is heartening that there are many thinkers who have argued not only for a well-motivated analysis to understand the realities of life but also to revise our basic theories so as to reorient these towards actual behavior with underpinnings of idealism The problem is, by no means simple as it involves tying together a framework which can explain not only what is happening but also what ought to happen The task is, indeed challenging, and we may have to wait considerably more, searching for an appropriate academically acceptable way out In line with the foregoing observations this monograph deviates significantly from the usual coverage of ethical issues relating to economics and more broadly society It covers in some diversity the evolution of basic economic thought before turning to several empirical and analytical issues relating to human happiness Considerable attention is paid not only to market which has governed the economic system for centuries but as required, also to the state as a fundamental social institution A relatively modern and quickly realized development in the form of the financial system, which brings together the state and the economy, receives special attention with its ethical underpinnings The monograph deviates considerably from the usual understanding, as it goes on to examine ethical issues consistent with the higher view of life Though the start is made with religion as the most ancient human institution in its ethical perspective, it goes further into a considerable degree of abstraction as spirituality which is now attracting the attention of many competent and well-known scientists To bring the discussion back to the world we understand and live in, the monograph concludes with three well-known India-based episodes as international missions These cover, rather briefly the ethical messages we have received from Mahatma Gandhi, Sri Ramakrishna Vivekananda combined, and Sri Sathya Sai Baba The ethical relevance of these messages at both individual as well as social levels in today’s world cannot be exaggerated I am considerably indebted to many of my friends, colleagues, and well wishers for different ways in which they have helped me to undertake and complete this task I am sure many of them may not even be aware of the way they have been helpful First of all, I wish to express my gratitude to Professor G Venkataraman who is an eminent scientist and an exceptionally knowledgeable person on a wide variety of issues that humanity is facing today My first substantive contact and significant interaction with him started with the two of us getting together to handle a Preface xi course on Awareness for all postgraduate students at the Prasanthi Nilayam campus of the Sri Sathya Sai Institute of Higher Learning Our exchange of views on human values in the contemporary world has fortunately continued over the recent years I am also enormously grateful to Professor Prasanta K Pattanaik, Professor Emeritus, University of California, Riverside, USA, and an internationally reputed scholar of economic theory, for having kindly agreed to write a foreword to this book I am happy to mention that Professor Pattanaik is an elected Fellow of the Econometric Society, Public Choice Society and Human Development and Capability Association He has held top faculty positions at Cambridge University, Harvard University and at Delhi School of Economics This study has been completed under the National Fellowship Scheme of the Indian Council for Social Science Research, Ministry of Human Resource Development, Government of India during the two years: February 2013 through January 2015 The Sri Sathya Sai Institute of Higher Learning provided excellent facilities needed for the study I am indebted to my colleagues from different disciplines for helpful frequent interactions with me Needless to add that I owe many thanks to authorities and administrative staff at the Sri Sathya Institute of Higher Learning for dealing with their responsibilities with much concern My thanks also to authorities at the Indian Council for Social Science Research for offering the fellowship to me and later handling it with much concern I am particularly grateful to Professor R Radhakrishna of the Centre for Economic and Social Change, Hyderabad, India, for encouraging me to undertake the task I was able to benefit considerably from my frequent visits to the Delhi School of Economics where I have had access to the wonderful Ratan Tata Library I also received much support, in different ways, from the Centre for Development Economics as well as the Department of Economics at the Delhi School of Economics I take this opportunity to express my deep sense of gratitude to the authorities at all these institutions I am, in particular grateful to Professor Pami Dua, Director, Delhi School of Economics, and Professor Aditya Bhattacharjea, Chairman, Department of Economics, Delhi School of Economics for several facilities without which my task would have been harder Dr Lokesh Sharma, Chief Librarian of the Ratan Tata Library, and his many colleagues have gone out of the way to assist me My thanks to them For similar help I thank all staff members at the central library of the Prasanthi Nilayam campus of the Sathya Sai Institute of Higher Learning Needless to say that none mentioned above can be held responsible for the views and assertions expressed in this work Sagarika Ghosh and Nupoor Singh of Springer have frequently gone out of the way to help me I am considerably grateful for their generous attitude Finally and most significantly, this work could not have been completed without the enormous though invisible support I received all along from my wife Krishna Above all, I would like to put on record the inspiration we have received from our beloved daughter, Kanika to pursue a life in search of enlightenment How far we have succeeded, we are unable to judge Vishwanath Pandit Subject Index A Abhorrence of violence, 117 Ability to confirm, 37 Academic research, Access to education, 12 Access to health care, 103 Accommodate, 50 Achievements in science and technology, 114 Act utilitarianism, 62 Actions (or) decisions, 38 Activist state, 116 Adherence to truth, 117 Advaita (Non-Duality), 133 Advanced Economies, 108 Advancements in technology, 120 Africa, 132, 136 Agencies, xviii, 63 Agency view, 76 Agents, Aggregation, 40 Aggregation rule, 61 Agnostic, 130 Agreed contracts, 63 Agreed outcomes, 44 Agreements, 65 Agriculture, 57 Ahimsa, 56, 130 Allocation of goods and services, 46 Allocations, 40 All religions, 117 Alternative institutions, Alternative policy packages, Alternative possibilities, 39 Alternative views of ethics, 142 Altruism, 35, 41, 96 Altruistic conduct, 95 American Economic Association, Analytical sciences, 120 Anantapur district, 135, 138 Anarchy, 63, 66 Ancient, 128 Ancient civilizations, xx, 54, 128 Ancient economic thought, xx Ancient religions, 118 Ancient thought, 54 Andhra Pradesh, 135, 138 Anonymity, 44, 45 Anonymous, 102 Antyodaya, 45 Approved values, 35 A priori existence, 122 Archimedian point, 65 Aristotelian, 57 Aristotlian philosophy, 20 Arrow-Debreu framework, 144 Arrow-Debreu paradigm, 40 Arrow’s impossibility theorem, 44 Arrow’s possibility, 43 Artha, 56 Arthasastra, 54, 56, 57, 143 Articulating society, 92 Artisans, 55 Arts and humanities, Asset price bubbles, 107 Asset price movements, 106 Atman, 125 Authority, 12 Axioms, 49 B Bankrupt, 106 Banks, 105–107 Bargaining process, 95 © Springer Science+Business Media Singapore 2016 V Pandit, Ethics, Economics and Social Institutions, DOI 10.1007/978-981-10-0899-3 155 156 Based education, 137 Basic moral right, 96 Basis for ethics, 100 Basra in Iraq, 122 Be good Muslims, 138 Behavior, 18, 55, 56, 96 Behavioral model, 50 Behavioral motivations, Behavioral strategy, 47, 48 Being endogenous, 144 Being Happy, 76 Belief, 38, 39, 48, 123 Belief rationality, 38–40 Believer among rationalists, 130 Beneficial to the society, 11 Beneficiaries, 137 Benefits, xvii Better education, 109 Birth based, 56 Blessings, 135 Blood donation, 9, 35, 93, 143 Body and mind, 116 Bounded rationality, 4, 47, 48 Bounds on rationality, 144 Bribe, 101 Bribery, 101 Bribes, 103 Brihadaranyeka Upanishad, 133 British, 132 British citizens, 132 British rule, 129, 131 Buddhism, 129, 148 Buddhists, 122 Business enterprises, 11 Buyers and sellers, 95 C Cambodia, 69 Capital flows, 107 Capitalism, 67, 69, 103, 104, 109, 129 Capitalist economy, 95 Capitalist ideology, 103 Capitalist system, xvii, 102 Cardinality, 60 Carnegie Commission Survey, 120 Caste, 55 Catallaxy, 65 Ceiling on desires, 75 Central contradiction, 110 Central to ethics, 44 Changes in technology, 13 Chennai, 57 Subject Index Chennai city, 138 Chicago, 134 China (Mesopotamia), 54, 100, 104, 108, 128, 129 Chinese, Choice, 39 Chosen objective, Christian, 122 Christian ethos, 129 Christianity, 19, 20, 117, 118, 129, 148 Churchmen, Citizens, 75 City state, 55, 56 Civic sense, 102 Civilizations, 54, 114, 128 Class, 55, 67 Class conflict, 95 Classical political economy, 19, 20 Classless society, 67 Close link between ethical attitudes and economic behavior, 143 Codes of conduct, 56, 123 Coercion, 11, 67 Coherence, 58 Collateralized debt obligations, 106 College for music, 137 Combination of blind faith, 121 Comforts, 93 Commerce, 57 Commercial bank, 105, 107, 109 Commitment, xviii, 42, 123 Commitment to duty, 9, 11, 137 Commitment to ethical considerations, 96 Commitment to social welfare, 136 Communal divides, 147 Community, 2, 14, 34 Compare alternatives, 58 Compatible, 92 Competence, 47 Competition, 46 Competitive capitalism, 104 Competitive equilibrium, 38 Complexity of information, 47 Compliance, Compromise, 50 Computer science, Concerns, 134 Conflicts, 18, 47, 61, 92, 132 Conflicts between science and religion, 118 Consensus on regulation, 65 Consequences, 5, 34, 42, 145 Consequentialism, xviii, 60, 61 Consequentialist, 6, 40 Subject Index Consistency, 4, 36, 40, 49, 58, 101, 145 Constitution, 100 Constraints, 40 Consumerism, 110 Consumption, 74 Contemplation, 75 Contemporary conditions, 93 Contemporary economic theory, 40 Contextual, 34 Continuity, 45 Contract, xviii, 65 Contractarianism, xx, 6, 59, 63, 142, 146 Contractualism, 59, 65 Controlled experimentation, Cooperate, 38 Cooperation, 46 Coordinating device, 96 Coordinating role for the state, 102 Corporate, 10 Corporate decision making, Corporate entities, xix Corporate financial system, 92 Corporate institutions, 46 Corporate sector, 104, 110 Corporate system, 104 Corporatized, 13 Corruption, 10, 47, 101 Corruption and inefficiency, 104 Cost of violence, 102 Cost to the individual, 11 Costs of transactions, 96 Creation and God, 132 Credit rating, 109 Crime, 10, 12 Crises, 149 Cultural achievements, 100 Cultural affiliations, 39 D Damages, xvii Debt services, 105 Decision maker, 40 Decision making, xx, 39, 48, 145 Decision making as an indivisible task, 145 Decision making process, 8, 39, 46 Decision rationality, 39 Decisions, 39, 40 Decision utility, 61 Decline in ethics, 103 Deep conviction, Deeper meaning to ethics, 114 Deeper view of existence, 148 Deeper view of life, 114, 149 157 Deep ethical meaning, 136 Deep ethical roots, 146 Defense and armament, 102 Demand side, 101 Democracy, xvii, 9, 12, 37, 103 Democratic decision making, 43 Democratic, 44 Democratic system, 110 Depressed, 74 Deprivation, xix Describe, Desirable, 41 Desirable results, 100 Desired objectives, Desire for rain, 39 Desires, 38, 39, 48 Desire to help, 35 Developing countries, 10, 103 Developments, Devotees, 135 Devotion, 67 Dharma, 34, 56 Dharma (Righteous conduct), 130 Different religions, 118 Dip in happiness, 75 Dirty hands, 69 Disagreements, 58 Disaster management, 134, 139 Disciplined, 56 Distinctions and discriminations, 136 Distortions, 143 Distributed, 18 Distribution, Distribution of income, xvii, 10, 103 Distributive justice, 64 District, 135 Divinity, 123 Division of labor, 56 Divisive force, 122, 123 Divorced and unmarried women, 116 Donate blood, 36 Durable view of life, 76 Duty, Duty and love, 35 Duty with Love, 41 Duty without Love, 41 E East Asia, 74 Easterlin paradox, xix, 74, 75, 146 Economic, xviii–xx, 2–7, 9, 56, 114, 117, 141, 142, 145 Economic achievements, xx 158 Economic activity, 74, 106 Economic agents, xix, Economically, Economic behavior, 18, 37, 94 Economic benefits, 10 Economic choice, Economic considerations, 10 Economic deprivations, 10 Economic development, 74 Economic exploitation, 67 Economic fallacy, 74 Economic freedom, 104 Economic forces, xvii Economic growth, 74 Economic history, 116 Economic incentives, 95 Economic institutions, 96 Economic interests, 118 Economic issues, xxi, Economic methodology, 99 Economic performance, Economic policy, 2, 6, 8, 41, 66 Economic problems, xix, 7, 54 Economic system, 2, 57, 101 Economic theory, xx, 2, 9, 19, 94, 99, 102, 142–145, 147 Economic thought, xxi, 19, 93 Economics as a positive science, Economic wellbeing, 10 Economist, xviii, 41, 74 Economy, xx Economy and the society, 103 Educated, 56 Education, 6, 13, 57, 103, 104, 134, 137 Education and health care, 10, 74, 107, 146 Education based on Human Values, 139 Effectiveness of policies, 99 Efficiency, 6, 7, 39, 40, 143, 144 Efficiency criteria, Efficiency criterion, 59 Efficiency in production, 56 Efficient corporate strategies, 74 Egocentric man, 69 Egoistic, 44 Egypt, 54, 100, 128 Egyptian, Elites as rulers, 55 Emancipation, 134 Emancipation at the macro level, 69 Emerging economies, 108 Emotional factors, 49 Empirical, xix, Empirical and theoretical literature, 146 Employment, 6, 146 Subject Index Employment and income levels, 10 Employment opportunities, 105 Employment or distribution of income and wealth, 110 Endogenous, 48, 117, 147 Endowments, 41 Ends, 131 Ends and means, 115 Ends rationality, 39, 40 End-state, 58 Engineering approach, Enforcement of contracts, 94 England, 134 Entitlement, 64 Environment, xix, 104 Environmental problems, xix, Epics, 123 Episodes, 129 Equality, 57 Equilibrium, 37, 41 Equity, 45 Equity and justice, 57 Essential Being, 125 Essential institution, 145 Ethical, xx, 5, 44, 54, 92, 93, 96 Ethical and moral, 109 Ethical and moral commitments, xviii, 129 Ethical and moral dimension, 10 Ethical and moral foundations, 116 Ethical and moral issues, Ethical and moral paradigms, 147 Ethical and moral standards, 142 Ethical and moral values, 46 Ethical approach, Ethical aspects, xix, 147 Ethical attitude, 6, 39, 44 Ethical base, 11 Ethical behavior, 5, 11, 96, 97, 143 Ethical climax, 102 Ethical commitment, 103, 104, 109, 129, 146 Ethical concerns, 50 Ethical consideration, 2, 3, 44, 98, 105 Ethical content, 8, 59, 144 Ethical discourse, 68 Ethical focus, 67 Ethical human values, xxi Ethical implication, 105, 114, 142, 144 Ethical issues, xviii, xix, xxi, 5, 11, 104 Ethical judgments, Ethically, 143 Ethically motivated state agencies, 147 Ethically neutral, 37 Ethical norms, 10, 34 Ethical notions, 41 Subject Index Ethical orientation, Ethical outcome, 10 Ethical paradigm, 59 Ethical perceptions, 144 Ethical perspective, 132 Ethical/philosophical, xix Ethical point of view, 142 Ethical principles, 54 Ethical problem, 102 Ethical questions, xx Ethical response, 95 Ethical significance, 129 Ethical values, xviii, 114 Ethical viewpoints, xx Ethics, xviii, xx, xxi, 4–7, 10, 18, 34, 35, 42, 46, 58, 64, 67, 68, 75, 92, 116, 117, 119, 130, 141, 142, 144, 145 Ethics and economics, 7, 35 Ethics and happiness, 76, 149 Ethics and moral, 121 Ethics and morality, 3, 19, 35, 124, 129, 135 Ethics and physics, Ethics and rationality, 35 Ethics and religious, 20 Ethics and the moral tenure, 146 Ethics in Economic Thought, 143 Ethics in relation to rationality, 144 Ethos, xvii Ethos and commitment, 147 Euro Area, 108 Europe, 74, 106, 117, 120, 122 European, 119 Evaluation, 58 Evolution, 67 Exchange rates, 108 Existence of God, 121 Existence, 38, 117, 118, 124 Existentialism, 122 Exogenous, 34, 35, 47, 147 Exogenous codes, 117 Expenditure, 41 Experienced utility, 61 Experiments, 37 Exploitation, xix, 6, 12, 102, 144, 146 Exploitation of labor, 116 Exploitative institution, 116 Exposure to risk, 105 External aggression, 63, 100 Externalities, 40, 101 F Facts versus values, Fair mindedness, 44 159 Fair Share Model, 101 Faith, 116–118, 123 Family, 10, 12, 115 Families and households, xvii Farmers, 104 Fear, xviii Fear of Sin, 136 Feed the poor, 42 Feeling Happy, 76 Feudal structures, Finance, 104, 149 Financial crises, 92 Financial derivatives, 105, 106 Financial engineering, 107 Financial institutions, 105, 106, 109 Financial management, 57 Financial markets, 103, 105, 147 Financial networks, xix Financial sector, 109 Financial system, xxi, 92, 104, 106, 108, 142 The First Theorem of Welfare Economics, 41 Fiscal, 41 Foreign powers, 129 Formal laws, 11 Framework, 144 Freedom, 5, 63, 64, 68, 116 Freedom for all, 64 Freedom movement, 131 Free rider problem, 42 Friendliness, 48 Friendship, 55 Full employment, 144 Functioning of the state, 55 Fundamental right, 68, 75 Fundamentally inseparable, 132 G Games, 38 Game theoretic, 100 Gandhism, 131 GDP, xix, 102 GDP per capita, 75 General equilibrium, 40, 59, 95 General hospital, 137 General social consensus, 146 Generosity, 35 German philosophers, 125 Germany, 68, 116 Glass-Steigall Act, 107 Global Health Mission, 139 Global set up, Globalization, xvii, 6, 9, 93, 97, 108 Subject Index 160 Globalization of the international economy, 107 Globalized world, 106 Globalized world economy, 108 GOD, 50, 117, 122, 125 God, 117, 118, 121–123, 133, 135 God exists, 120 God is Dead, 114 Good, 44, 65, 96 The good and the right, 34 Good results, Good will, 5, 61 Goodness, 55 Goods, 93 Governance, 54, 56, 57 Government, 6, 10, 56 Government agencies, xix, 110 Government policies, 104 Government policy, Greater depth, 141 Greatest, 145 Greece, xx, 19, 54, 128, 142, 143 Greed, 109 Greed is Good, 108 Greek, 5, Greek and Indian, 149 Greek perception of justice, 69 Gross existence, 116 Gross World Product, 102 Group interest, 145 Groups of agents, 47 Group utility, 40 Growth, xix, 6, 7, 13 Growth economics, xix Growth of output, 110 G-Smith, 36, 145 Guilds, 57 H Hammond equity, 45 Happiness, xx, xxi, 10, 55, 59, 63, 74–76, 132, 145, 146 Happiness and ethics, 146 Happiness has not increased, 146 Happiness of individuals and societies, 142 Harmful complexities, 105 Harmony, 56 Health, 46, 109 Health and quality of life, 10 Health care, 6, 12, 104, 134, 136 Healthy capitalist system, 116 Healthy society, 102, 121 Hedonism, 60, 61 HELP EVER, 138 Hierarchy, 57 High growth rates, 103 Hindu, 125 Hinduism, 118, 129, 148 Historical principles, 58 Historical process, 69 History, xviii, xxi, Holistic view of the society, 132 Homoeconomicus, 66, 116 Household, 55 Housewives, 116 Human, 134 Human action and character, 69 Human behavior, 2, 5, 8, 47, 54 Human benefits, xviii Human existence, 147 Human happiness, 62 Humanity, xxi Human life, 114, 128 Human perception, 123 Human problems, 58 Human pursuits, 109 Human society, 114 Human thought, 1, 18 Human values, xviii, xxi, 4, 117 Human welfare, 56, 66 Human wellbeing, HURT NEVER, 138 I Idealized the caste system, 55 Identity, 61 Ideologically oriented, 120 Imperfection, 47, 94, 101 Impossibility Theorem, 43, 50 Incentives, Income inequality, 107 Inconsistent decision, 39 Increase in happiness, 75 Increasing conflict, 117 Independence of irrelevant alternatives, 43 Independent existence, 67 India, xx, 11, 14, 19, 54, 56, 108, 115, 118, 119, 121, 128–132, 134, 138, 142, 143 India based, 148 India based international missions, 149 Indian, 6, 54, 125 Indian cities, 132 Indian civilization, 128 Indian ethos, 128, 148 Subject Index Indian Parliament, 68 Indian scripture, 133 India’s freedom, 130 India’s freedom movement, 129 Individual, xviii, 39, 47, 55, 61 Individual agent, 40 Individual behavior, 57 Individual benefits, 46 Individual freedom, 64 Individual mindsets, 109 Individual moral conduct, 69 Individual moral duty, 69 Individual preferences, xix Individual rights, 64 Industrial revolution, 101 Industrialized countries, 103 Industry, 57, 114 Industry and technology, 131 Inequality, 13 Inequality combined with poverty, 11 Inequality in income, 109 Inflation, 103 Information (beliefs), 4, 38, 48, 108 Information technology, Informational invariance, 45 Iniquitous, 41 Iniquitous distribution, 131 Initial endowments, 41 Inner Being-in, 125 Inner self, 38, 123 Innovative procedures, Inspiring, 134 Institute for Economics and Peace, 102 Institution, xviii, 3, 18, 34, 46, 92, 93 Insurance agencies, 106 Insurance cover, 109 Interaction between individuals, 98 Interdependence, 2, 35, 64 Interdependent, Interest, 55, 110 Interest rate linkage, 106 Interest rate risk, 106 Interest rates, 105 International financial crisis, 106 International financial system, 106 Interpersonal as well as intergroup relationships, 69 Interregional and international trade, 74 Intervention, 101 Investment banks, 105 Investment, 106 Invisible hand, 8, 11 Islam, 117, 118, 148 Islam and Christianity, 20 161 Italy, 116 Itself, 125 J Jainism, 148 Jainism and Buddhism, 121 Jains, 122 Japan, 106, 129 John Bates Clark Medal, Judaism, 20, 118 Judgment, 65 Judgment of compromises, 64 Justice, 45, 55, 68, 93 Justice and freedom, 68 Justification, 58 Justification of means, 131 Justified, 47 K Kama (Desires), 56, 130 Kamarpukur in Bengal, 133 Kautilyan, 57 Keynesian, xx Keynesian package, 103 Keynesian rebuttal, 144 Keynesian theory, 103 Keynesianism, 19, 102 Kickbacks, 103 King’s functions, 57 Kinship, 35 Kolkata, 129 L Law, Law and order, 100 Laws of freedom, Laws of nature, Learning process, 144 Liabilities, 108 Liberalism, 59, 64, 65, 145 Libertarianism, xx, 6, 59, 63 Life, 34, 76 Life after death, 120 Life and liberty, 75 Lifelong savings, 109 Life of excellent activities, 75 Life satisfaction, 74, 75, 120 Life sciences, 120 Limited targets, 47 Liquidity, 106 Liquidity constraint, 106 162 Liquidity risk, 106 Literature, xviii, xix Living together, 137 Logic, Lord Buddha, 125 LOVE, xxi, 96, 135, 138 Love, xxi, 136, 143 LOVE ALL, 138 Love and greed, 98 Love for all, 132 Love is God and God is Love, 135 Love is to be seen as God, 136 Love of God, 136 Love without Duty, 41 Loving others, 117 Lowest castes, 57 Luxuries, 93 M Machines and gadgets, 118 Macro perspective, 69 Macroeconomics, xix, 2, 40 Mahabharatha, 34 Mainstream economics, Major institutions, 109 Majority vote, 43 Man is dead, 115 Manifest human existence, 123 Manifested world, 117, 123, 125 Marginalism, 19 Market, xix, xx, 3, 6, 8, 13, 92–94, 102–104, 142, 143 Market and the state, 101, 103 Market as a useful institution, 94 Market economy, 99 Market forces, 13 Market fundamentalism, 107 Market is structured and utilized, 94 Market mechanism, xxi Market oriented capitalist system, 102 Market processes, 10 Market system, xx, 6, 50, 92, 96, 97, 103–105, 107, 108, 143, 147, 149 Marriages, 115 Marx, 63, 144 Marxian, xx, 67, 144 Marxian ethics, 67 Marxian paradigm, 67 Marxian principle, 60 Marxian thought and ethics, 69 Marxism, xx, 6, 19, 59, 66, 69, 119, 142 Marxist thought, 149 Marxists, 66, 67 Subject Index Material, Material advance, 130 Material benefits, 119 Material existence, 123 Material interests, 123 Material issues, 117 Material prosperity, 129, 132 Material pursuits, 55, 130 Material wellbeing, 134 Mathematical, Mathematical methodology, Mathematics and statistics, 120 Maxi-min view for social justice, 145 Maximization, 39, 40 Maximization behavior, 36 Maximization of total social happiness, 145 Meaning of life, 122 Meaningful human life, 55 Means, 40 Means and ends, 69 Means of subsistence, 100 Means rationality, 39, 40 Measurability, Measurement of happiness, 74 Medical care, 57 Medicines, 46 Medium of exchange, 55 Members of the society, 61 Meme, 121 Mercantilism, 19, 93, 143 Methodology, Microeconomics, 2, 40 Microeconomic theory, xviii Middle east, 118 Mind and the intellect, 117 Minimal state agenda, 63 Minorities, 104 Misdeeds, 69 Misinformation, 96 Missions, 128, 129 Mobile hospital, 137 Mode of functioning, 92 Mode of production, 68 Modern science, 131 Modern times, 129 Modifications, 147 Modus operandi, 99 Moksha (liberation), 56, 130 Momentary feelings, 76 Monograph, xix, xxi Moral, 5, 9, 66, 137 Moral and ethical, 67 Moral and ethical codes of conduct, 54 Moral and ethical foundation, 137 Subject Index Moral and ethical issues, 66 Moral and ethical missions, 148 Moral and ethical paradigms, 137 Moral approaches, 58 Moral aspects, 56 Moral behavior, 11 Moral codes of conduct, 110 Moral commitments, 129, 131, 136 Moral community, 66 Moral constraints, 63 Moral duty, 95 Moral foundations, 145 Moral issues, xix, Morality, 3, 34, 62, 116, 122 Morality and ethics, 7, 18, 54, 66, 68, 121, 122, 142, 148 Moral judgments, 69 Morally, 46 Moral moorings, 34 Moral order, 66 Moral philosophy, 3, Moral point of view, 18 Moral rights, 63 Moral seed, 117 Moral sentiments, Moral standards, 130 Moral systems, 128 Moral thread, 67 Moral values, 101 Mortgage based securities, 106 Mosque, 138 Motivated, 143 Motivation, 3, 55, 94, 145 Motive, 61 Motives, means and consequences, 130 Movement for social welfare, 129 Movements, 128 Muslim community, 138 Muslim families, 138 Muslims, 138 Mutual interdependence, 145 My experiments with truth, 130 Mythical literature, 123 N Nash equilibrium, 37 Nations, Ndians, 132 Necessities, 93 Need for ethics, Negative freedom, 64 Neoclassical, 19, 143 163 Neoclassical economic theory, 7, 143 Neoclassical economics, 59 Neoclassical framework, 144 Neoclassical Walrasian theory, 95 Networks, 98, 103 New financial architecture, 107 New technology, 13 Nicomachian ethics, 54, 143 NIMBY, 102 Nobel laureates, xviii Nobel prize, 134 Nobleness, 60 Non-dictatorship, 43 Non-duality, 132, 143, 148 Non-duality of existence, 123 Non-duality (advaita), 132 Nontax, 57 Nonutility information, 45 Nonviolence, 130, 131, 136, 142 Normative economics, 18 Normative rules, 49 North America, 74 North India, 54 Notion of freedom, 69 Nuances of economics, 93 Nuclear family, O Objective, 39, 40, 145 Objective function, 39, 49 Objectives and targets, Objectives (desires), 38 Obligations, 116 Old testament, 19 Olympian model, 49 One religion, 138 Ontology, 122 Open to outside impacts, 128 Optimality, 59 Optimism, 76 Optimization, 39, 92 Organized religions, 117 Organized violence, 12 Other worldliness, 129 Ought implies, xviii Outcomes, Output, employment, 106 Overall social good, 117 Ownership of private property, 68 Oxford english dictionary, 34 164 P Paradox, 74, 146 Paretian liberal, 64 Paretianism, 5, 59 Pareto, 59 Pareto efficiency, 41 Pareto efficient, 41 Pareto equilibrium, 95 Pareto improvement, 59 Pareto optimal, 37, 59 Pareto principle, 45 Pareto superiority, 59 Participants, 96 Pattern of life, 115 Pattern of production, 19 Peace, 136 Pecuniary benefits, 109 Pension and hedge funds, 106 Per capita GDP, 75 Per capita income, 19 Perception, 58 Perception of duty, 98 Perception of existence, 122 Perceptions about life, 124 Perfect competition, 59 Perfect information, 96 Perfection and exactitude, 49 Perfectly competitive, 94 Performance of duty, 116 Persistent backwardness, 116 Personal virtue, 116 Phenomenon, 133 Philanthropic cause, 42 Philanthropic project, 42 Philosophers, 34, 148 Philosophic, xxi, 6, 128, 133 Philosophic deliberations, xxi Philosophic-psychic terms, 44 Philosophy, xviii, 5, 55, 67, 121, 123 Philosophy and humanities, 124 Philosophy and psychology, 124 Physical sciences, 120 Physics, 5, Physiocracy, 19 Piety, 116 Pleasure, 55, 73 Pleasure, 55 Pluridimensional, 125 Policies, 41 Policies of governments, 74 Policy analytics, Policy makers, xix, Policy matters, 101 Policy priorities, 110 Subject Index Political, xix, 5, 10 Political and economic institutions, Political freedom, 104 Politically, Political systems, 9, 62 Politics, 2, 6, 56, 61 Politics and sociology, Pollution generating industries, 10 Poor, 104 Population growth, 72 Positive and normative economics, 18 Positive economics, xix, 18, 93 Positive freedom, 64 Positive or negative coercion, 146 Positive science, Power, 12 Powerful entity, 121 Power of the state, 63 Practice your religion with love, truth and devotion, 138 Pradesh, 138 Prasanhi nilayam, 135 Prayers, 138 Precision, 47 Predict, 18 Predictions, 18 Preferences, 44, 46, 47, 144, 147 Preferences are endogenous, 98, 145 Prescribes, Prestige and happiness, 110 Prestigious schools, 137 Prevailing social conditions, 141 Price of a product, 18 Primitive mind hypothesis, 20, 119 Principle of happiness, 59 Principles of induction, 49 Prior information, 65 Priorities, 49 Prisoners’ dilemma, 37 Private profit, 99 Private vices, 96 Problems the society, 58 Production, 72 Productive capability, 114 Productive efficiency, Professional academics, 120 Professional guilds, 57 Profitable enterprises, 13 Programs, Progress, 132 Progressive taxation, 57 Promote education and health, 119 Promote ethics, 48 Promote spirituality, 129 Subject Index Promoter of growth, 110 Promoting understanding, 138 Promotion of employment, 13 Proper distributive shares, 93 Property rights, 96 Propositions, Prosperity, 74, 76, 129 Provided totally free to all, 137 Prudence, 42 Psych and anthropology, 120 Psychic, 47 Psychic costs, 47 Psychological theory, 61 Psychologists, 76 Psychology, 61 Public, 41, 94 Public economics, 42 Public facilities, 100 Public finance, 57 Public investment, 106 Public spirit, 35 Pure altruism, 41 Pure compassion, 41 Pure economics, 74 Pure faith, 118 Pure love, 135, 148 Pure sciences, Pure self interest, 4, 36, 42, 47, 66, 96, 143 Pure social wellbeing, 96 Pursuit of profits, 109 Pursuit of self-interest, 58 Puttaparthy, 135, 138 Q Quality of life, xix, 74 Quantifiable phenomena, Quantitative, Quantitative orientation, R Racist divides, 145 Rain dance, 39 Ramakrishna mission, 133, 134 Rank alternative states, 144 Rate of growth of income, 110 Rational, 143 Rational behavior, 4, 36, 47, 100, 142 Rational but unethical, 42 Rational decisions, 47 Rational inefficiency, 48 Rationalist among believers, 130 165 Rationality, xx, 4, 5, 34, 36, 38, 39, 41, 49, 50, 92, 96–98, 100, 101, 130, 142, 144, 145 Rationality and altruism, 41 Rationality and ethics, 100, 145 Rationalize, 42 Rawlsian justice, 45 Rawlsian theory, 67 Real happiness, 75 Realism, 49 Reality of human behavior, Re-allocated, 41 Recht, 69 Reciprocity, 35 Recognition of God, 122 Reconstruct Indian society, 131 Redistribution, 144 Regulated, 18 Regulating, controlling, 100 Regulations, 94, 108, 109 Relevance of ethics, 64 Relevant motivation, Religion, xxi, 19, 20, 66, 68, 114, 116, 118, 119, 121–123, 142, 147 Religion and God, 120 Religion as a social institution, 68, 145 Religion of love, 136 Religion was irrational, 117 Religious, 108, 127, 134, 136 Religious and scientific paradigms, 126 Religious commitments, 119, 121 Religious institutions, 110 Religious preoccupations, 57 Religious-spirituality, 130 Religious systems, xix Religious teachings, 123 Religious thinkers, 128 Remuneration, 18 Republic, 56 Resistance to greed, 117 Resource mobilization, Resources, 18, 145 Respect, 117 Responsibilities, 56, 92, 100 Restraint, 44 Return on capital, 110 Revealed preferences, 40 Rich countries, 75 Right, xviii, 5, 65, 92, 93 Right and wrong, 34 Righteous conduct, 68, 136 Righteousness, 56, 136 Rights and duties, 93 Rise of religion, 68 Risk, 106 166 Risk profiles, 106 Risky assets, 109 Rituals, 121, 123 Role of ethics, 98 Role of religion, 68, 123 Role of the state, 6, 9, 18, 63, 101, 102, 144, 149 Roman, Roman empire, 19 Rome, 54, 100, 128 Rule, 62 Rule utilitarianism, 62 Rulers, 55 Rules and laws, 101 Rules of behavior, 8, 11 S Safe drinking water, 136, 138 Salary and perks, 116 Sanathana Dharma, 19 Satisfaction, xix, 35 Satisfaction of preferences, 46 Satisfycing strategy, 48 Saturated with human values, 137 Satyagraha, 130 Saving and investment, 129 SBNR, 121 Science, xviii, 9, 115, 119, 122 Science and religion, 118 Science and spirituality, xxi Science and technology, 119 Scientific, 69 Scientific achievements, xvii, 114, 118, 121 Scientific explanation, 124 Scientific innovations, 46 Scientific knowledge, 120 Scientific methodology, 124 Scientific paradigms, 39 Scientific phenomena, 118 Scientific understanding, 124 Scientific verification, 123 Scientists and social thinkers, 121 Second best, 48 The Second Theorem of Welfare Economics, 41 Second world war, xvii, xix, 19, 74, 103 Self, 110 Self-assessment, 38 Self-centric attitude, 115 Self-dictated, 117 Self-determined, 117 Self-enforcing, 117 Self-esteem, 120 Subject Index Self inclined, 101 Self interest, xix, 3, 4, 9, 11, 36, 46, 47, 58, 94, 142, 143, 147 Self interest of individuals, 147 The selfish gene, 121 Self-sacrifice, 62 Self sufficient, 93 Selfishness, 145 Selfless concern, 41 Sense of sacrifice, 117 Separateness, 61 SERVE ALL, 138 Service to humanity, 134 Service to the society, 138 Services, 93 Sharing, 41 Shirdi, 135 Side product, 76 Sikhism, 148 Single parent households, 115 Sins, 130 Slavery, 19, 56 Slaves, 55 Social, xviii, xx, 3, 5, 9, 10 Social affairs, 93 Social and moral, xx Social and political decision, Social behavior, Social benefits, 131 Social commitment, 116 Social concerns, 143 Social context, 18, 128, 149 Social contract, 65 Social costs, 46 Social endowments, 41 Social entity, 116 Social equity, xix Social ethics, 62, 134 Social ethos, 129 Social flaw, 68 Social good, 58 Social happiness, 59 Social harmony, 136 Social hierarchy, 57 Social injustice, 144 Social institution, xix, xx, 2, 10, 54, 64, 68, 92, 93, 110, 118, 119, 141, 142, 147 Social interest, 47 Social issues, 67, 141 Social justice, 41, 99, 144 Social losses, 101 Social norms, 114 Social obligation, 35, 37, 65 Social preferences, 43, 46 Subject Index Social pressure, 35 Social sciences, 2, 9, 35, 37, 54, 93, 120, 141 Social scientists, 120 Social security, 103 Social services, 134 Social state, 58 Social structure, 92 Social system, xxi, 63, 114, 118 Social unrest, 142 Social values, 20, 118 Social welfare, xvii, 4, 44, 46, 57, 102, 129, 130, 138, 144, 145, 147 Social wellbeing, 42, 47, 136, 147 Social welfare function, 45 Social welfare ordering, 40, 43, 44 Social welfare theory, 62 Social, cultural and economic changes, 114 Social, political as well as economic contexts, 132 Socialism, 56, 102, 109, 131 Socialist world, xvii Socially meaningful, 100 Socially motivated regulations, 149 Socially, Society, xvii, xx, 2, 18, 34, 39, 54, 55, 58, 92, 104, 114, 136 Socioeconomic, Socio-economic developments, 142 Socio-ethical, 129 Socio-political issues, 54 Socioeconomic inequality, 146 Socioeconomic problems, 114 Sociological, xix Sociology, South, 132 South Asia, 134 Soviet Union, 69, 104 Space and time, Speak the truth, Specialty hospital, 137 Speculative and descriptive disciplines, 120 Spirit of brotherhood, 57 Spiritual attainments, 129, 135 Spiritual balance, 130 Spiritual ethos, 128 Spiritual force, 129 Spiritual pursuits, 129 Spiritual stalwart, 129 Spiritualist, 134 Spirituality, xxi, 114, 121, 123, 142, 117, 122, 125, 128–130, 133, 148 Spirituality and social welfare, 129 Spirituality but not religion, 121 Spirituality in India, 122 167 S-Smith, 36, 145 Standard of living, 93 State, xviii, xx, 6, 13, 34, 41, 55, 56, 63, 64, 92, 96, 99–101, 103, 109, 144–146 State agencies, 8, 107 State authorities, 57 State and the economy, 142 State of affairs, 58 State of the society, 6, 46 State policy, xx, State regulations, 104 Statistical methodologies, Status quo, 59 Stealing or bribing, 46 Stock markets, 107 Store of value, 55 Strength, 131 Structure, 92, 114 Structure and modality, 93 Structured, 18 Subjective, 39, 40 Subjective expected utility, 49 Subjective nature of happiness, 76 Subjective view of ethics, 36 Subjective wellbeing, 74 Subprime Lending, 105 Subsidization and public investment, 12 Subsistence, 1, 57 Substance, Substantive and procedural theories, 58 Substitute, 101 Succeeding generations, 62 Summation, 60 Super, 137 Super capitalism, 104, 110 Super specialty hospital, 137 Super-capitalism, 103 Supply, 101 Supreme creator, 121 Supreme entity, 123 Survival of the capitalism, 103 SWO, 43 Sympathy, 35 System of education, 11 T Tax revenue, 57 Taxation, 12, 41 Teachings, 138 Team spirit, 9, 11 Technological changes, xvii Technological conditions, Technological innovations, 74 Subject Index 168 Technological progress, Technology, 4, 103, 108, 131 Textbook example, 97 Thath Thvam Asi, 125 Thath Twam Asi, 121 Theft and fraud, 63 Theistic religious perception, 67 Theoretical, xix Theories, Theories and propositions, Theorizing, Theory of evolution, 68 Theory of justice, 63 Theory of money, 55 Theory of moral sentiments, 42 Theory of surplus value, 66 There is no other God than Truth, 131 Thou Are That, 125 Thoughts, words and deeds, 136 Threat of coercion, 64 Tibetan, 125 Tirukkural, 57 Tolerant coexistence, 118 Trade flows, 108 Traditional functions, 100 Transcendental subject, 125 Transitory, 47 Treyidharma, 56 Trust, 109, 117 Trusteeship, 109, 131 Truth, 128, 134, 140 Truth and Nonviolence, 129, 148 Truth is Ahimsa, 131 U Uncertainty, 4, 37, 48, 62, 96, 106 Unconstrained market system, 64 Understand, 50 Understand each other, 138 Undesirable consequences, 69 Unemployment, 74, 103, 131, 144 Unethical view, 109 United, 75 United Kingdom, 106 United States, 74, 105, 106, 108, 115, 117, 120, 122, 132, 134, 136 Universal, 123 Universal law, University, 137 Unmarried mothers, 115 Unprecedented growth, 74 Unprecedented prosperity, 121 Unrestrained self interest, 143 Unrestricted domain, 43 Urbanization, 14 Useful social institution, 143 Utilitarianism, xx, 8, 59–62, 64, 69, 145 Utilitarianism, libertarianism, 142 Utility, 36, 40, 46, 60, 62 Utility function, 4, 39, 41 Utility measures, 62 Utopia, 63 V Value, 8, 20, 137 Value based education, 136 Value judgments, 8, 18, 93 Values of life, 123 Vedanta, 125 Veil of ignorance, 65 Very happy, 74 Violence, xx, 12, 102, 142 Violent conflicts, xxi, 118 Virtue of society as a whole, 67 Virtuous, 56 Vote, 101 W Wage rigidity, 103 Wall street, 109 Walrasian, 41 Walrasian equilibrium, 41 Walrasian framework, 95 Walrasian general equilibrium, 41 Walrasian market system, 95 War, 101 Warfare, 55 Weak pareto principle, 43 Wealth, xvii, 10, 55, 56 Wealth of nations, 3, 19, 94 Weighting system, 61 Welfare, 5, 7, 8, 40, 56, 145 Welfare and happiness, 60 Welfare economics, xix, xx, 8, 40, 42, 46 Welfare of citizens, 56, 57 Welfare states, 13 Welfarism, 4, 45 Well informed, 145 Wellbeing, xviii, 3, 4, 9, 41, 46, 55, 76, 109 Subject Index Wellbeing of the society, 40 West, 134 Willingness to help, 117 Women and children, 137 Work ethos, 115, 116 World, 106 World trade volume, 106 World developments, 10 World economy, 108 World of finance, 104 World parliament of religions, 134 Worthy members of the society, 137 Wrong, 169 X X-efficiency, 48 Y Youth Uplift, 139 Z Zen Buddhism, 125 .. .Ethics, Economics and Social Institutions Vishwanath Pandit Ethics, Economics and Social Institutions 13 Vishwanath Pandit Sri Sathya Sai Institute of Higher Learning (SSSIHL) Puttaparthi, Andhra... Prof Vishwanath Pandit, especially since I have known Prof Pandit as a colleague and a friend for nearly 45 years The title of Prof Pandit’s book, Ethics, Economics and Social Institutions, gives... Science+Business Media Singapore 2016 V Pandit, Ethics, Economics and Social Institutions, DOI 10.1007/978-981-10-0899-3_1 1 A General Preview needs for food, clothing and shelter were satisfied in that