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Hinduism and Economic Crises

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  • Lall Ramrattan

Abstract

The Hindu doctrine has broad covering laws for the description and management of crises. Economic swings are covered under a theory of long cycles that parallels the Golden, Silver, Bronze, and Iron ages of the West. Order breaks down in each cycle, and society is reconstituted anew. The individuals and ruler produce, accumulate, and distribute wealth in each epoch in accordance with scriptural injunctions, and crises occur when the codes of eternal religion are broken. In the process of their everyday experiences, people are urged to adhere to the truth, to be conscious of their true nature, and to pursue happiness. The ruler is charged with managing economic affairs with proper council. Within that broad framework that has been morphing over history from foreign invasion-to-invasion, operational elements can be drawn out for any crises situation.

Suggested Citation

  • Lall Ramrattan, 2009. "Hinduism and Economic Crises," The American Economist, Sage Publications, vol. 53(1), pages 35-47, March.
    • Handle: RePEc:sae:amerec:v:53:y:2009:i:1:p:35-47
    DOI: 10.1177/056943450905300106
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    References listed on IDEAS

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    1. Tirole, Jean, 1982. "On the Possibility of Speculation under Rational Expectations," Econometrica, Econometric Society, vol. 50(5), pages 1163-1181, September.
    2. Talcott Parsons, 1932. "Economics and Sociology: Marshall in Relation to the Thought of his Time," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 46(2), pages 316-347.
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