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The missing link: From Kautilya’s The Arthashastra to modern economics

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  • Marinko Škare

    (Jurja Dobrila University of Pula)

Abstract

The aim of this paper is twofold: first, to provide evidence supporting the thesis that Kautilya was the first political economist; second, to verify that a systematic study of political economy has begun long before the ideas and works of Adam Smith. It was in the works of Kautilya (around 375 B.C.). In order to validate the aims of our study, we look for evidence in his Arthashatra of rational behaviour, self-interest motivation, and market elements of a traditional commercial society. Providing a sound interpretation of Kautilya’s main arguments, we demonstrate that his is no less a systematic study in political economy than Smith’s The Wealth of Nations. Economics is a science that tries to offer policies and practices for creating and enriching a nation’s wealth, and in that sense, the Arthashastra (literal translation being The Science of Wealth) represents the first systematic manual of political economy. The development of economics as a science must take cognition of the economic principles and ideas presented in The Arthashastra so as to reveal the true origins of economic thought and its evolution. It is only by understanding methodological problems in a historical perspective we can understand the modern methodological and conceptual issues.

Suggested Citation

  • Marinko Škare, 2013. "The missing link: From Kautilya’s The Arthashastra to modern economics," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 6(2), May.
    • Handle: RePEc:bus:jphile:v:6:y:2013:i:2:n:4
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    References listed on IDEAS

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    1. Paul Krugman, 1997. "The Age of Diminished Expectations, 3rd Edition: U.S. Economic Policy in the 1990s," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262611341, April.
    2. Malthus, Thomas, 2008. "An Essay on the Principle of Population," OUP Catalogue, Oxford University Press, number 9780199540457 edited by Gilbert, Geoffrey.
    3. Charles Waldauer & William J. Zahka & Surendra Pal, 1996. "Kautilya's Arthashastra: A Neglected Precursor to Classical Economics," Indian Economic Review, Department of Economics, Delhi School of Economics, vol. 31(1), pages 101-108, January.
    4. Monnet, Cyril, 2005. "Counterfeiting and inflation," Working Paper Series 512, European Central Bank.
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    Cited by:

    1. Marinko Škare & Sanja Blaževic, 2015. "Population and Economic Growth: A Review Essay," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 17(40), pages 1036-1036, August.
    2. Deodhar, Satish Y., 2020. "The Pre-Kautilyan Period: Crucible Of Proto Economic Ideas And Practices," IIMA Working Papers WP 2020-10-03, Indian Institute of Management Ahmedabad, Research and Publication Department.
    3. Deodhar, Satish Y., 2020. "Shukranitisara: A Political Economy Text at the Cusp of Indian Kingdoms and Colonial Rule (Revised as on 15/03/3021)," IIMA Working Papers WP 2020-08-02, Indian Institute of Management Ahmedabad, Research and Publication Department.
    4. Deodhar, Satish Y., 2018. "Indian Antecedents to Modern Economic Thought," IIMA Working Papers WP 2018-01-02, Indian Institute of Management Ahmedabad, Research and Publication Department.

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    More about this item

    Keywords

    Arthashastra; Kautilya; economic evolution; heterodox economics;
    All these keywords.

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General

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