Gandhian Economics and Ethics
Gandhian economics do not draw a distinction between economics and ethics. Economics that hurts the moral well-being of an individual or a nation is immoral, and therefore sinful. The value of an industry should be gauged less by the dividends it pays to shareholders than by its effect on the bodies, soul and spirits of the people employed in it. In essence, supreme consideration is to be given to man than to money. In fact, the first basic principle of Gandhi’s economic thought is a special emphasis on ‘plain living’ which helps in cutting down your wants and being self-reliant. Accordingly, increasing consumer appetite is likened to animal appetite which goes the end of earth in search of their satisfaction. Thus a distinction is to be made between 'Standard of Living' and 'Standard of Life', where the former merely states the material and physical standard of food, cloth and housing. A higher standard of life, on the other hand could be attained only if, along with material advancement, there was a serious attempt to imbibe cultural and spiritual values and qualities.
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