Politics And Economics In 'Arthahastra' By William Stanley Jevons

The roots of Indian economic thought are traced back to the 3rd century BCE during the Mauryan period (Heitzman, 2003). A treatise on Indian economy ‘Arthashastra’ by Kuatilya was written during this period. It portrayed a highly centralised, bureaucratic state, collect tax revenues from mining: Agriculture, craft production, commerce, etc. Roger Boesche’s (2002) excellent commentary on Kautilya’s voluminous text draws out the essential realist arguments for modern Indian strategic thinking and our understanding of the relationship between politics and economics. Economics, study of how human beings allocate scarce resources to produce various commodities and how those commodities are distributed for consumption among the people in society. The essence of the economics lies in the fact that resources are scarce and that not all human needs and desire can be met. How to distribute these resources in the most
The most important refinement was the doctrine of marginal utility, which asserts that are the value of an item is determined by the need for it and by its relative scarcity or abundance at any given time not by any intrinsic. The leading theorists in the development of the concept of the William Stanley Jevons of Britain and Leon Walras of France, and Carl Menger of Austria. In United States, John Bates Clark was notable in their development of marginal utility theory, forming his own hypothesis regarding their distribution of wealth; Classical economics reached its fullest expression at the end of the 19th cent. In this work of Alfred Marshall. Marshall using mathematics to perfect the application of classical techniques and introduced important modifications to the nations are competition, marginal utility, and