Economic Thoughts — Flashcards

Answer

Kautilya, also known as Chanakya or Vishnu Gupta, was a scholar and strategist from the 3rd century BC. He authored 'Arthshastra', a comprehensive text on statecraft, economics, and governance. He hel…

Answer

The 7 sources of state income according to Kautilya are: (1) Towns (2) Villages (3) Irrigation (4) Mines (5) Jungle (6) Animal husbandry (7) Trade and Commerce…

Answer

According to Kautilya: 'The intention of a human being is arth; the piece of land with human settlement is arth; and the science that gives solution pertaining to maintenance of land and attaining ben…

Answer

(1) External Charges: For material produced in the country (2) Internal Charges: For material produced in the state or capital (3) Aatithya Charges: For material imported from foreign regions or state…

Answer

Kautilya classified land in two types: (1) Land under state ownership (2) Land under ownership of private individuals. He suggested that state-owned land should be cultivated by slaves, prisoners, and…

Answer

Gandhi's idea of 'Sarvodaya' was inspired by British writer John Ruskin's book 'Unto the Last'. From this book, he derived the importance of labour work and ways to eradicate poverty from India.

Answer

Sarvodaya means 'upliftment of all'. Gandhi envisioned a society devoid of violence in which the helpless, poor and needy are uplifted to a state of wellbeing. It is based on mutual cooperation and lo…

Answer

Gandhi was not against machines but opposed their reckless use. He favoured: (1) Basic machines useful to poor producers (2) Machines that facilitate labour but not replace it (3) Machines for welfare…