Serious problem in Economics ....

[Gurumurthy K]

dear Social Science teachers

there is something seriously wrong with our Economic theory and practice today. In our text books we describe functioning of the economy ... with the aim of economic development and social justice/equity

However in the last 2 1/2 decades (in India after the 1991 liberalisation, and globally after the Reagan/Thatcher ), we are seeing very increasing levels of inequality which is now reached very disturbing proportions ....

see the following news links - the first says that 8 people earn more than the bottom billion people in the world ... clearly the current economic models are not working for most of humanity and certainly not for nature (climate change due to environment destruction).

Gandhian economics (https://en.wikipedia.org/wiki/Mahatma_Gandhi#Gandhian_economics) is an important alternative to the current model of economics...  we should bring this into our Economics text books of classes 8-10.

regards,

Guru

https://www.theguardian.com/commentisfree/2017/jan/16/eight-people-earn-more-billion-economics-broken

http://timesofindia.indiatimes.com/business/india-business/indias-rising-income-inequality-richest-1-own-58-of-total-wealth/articleshow/56586277.cms

http://www.hindustantimes.com/india-news/india-s-richest-1-own-58-of-its-total-wealth-oxfam/story-CUT04Z1zCOdqWSFxbzV3FN.html

http://www.thehindu.com/business/Economy/Richest-1-own-58-of-total-wealth-in-India-Oxfam/article17044486.ece

http://economictimes.indiatimes.com/news/economy/indicators/richest-1-own-58-of-total-wealth-in-india-oxfam/articleshow/56585720.cms

http://www.business-standard.com/article/economy-policy/time-to-end-tax-havens-richest-1-own-58-of-india-s-total-wealth-117011600158_1.html

http://www.livemint.com/Politics/E3n5ANHQL1ywMOdNxm6igK/Indias-1-superrich-own-58-of-the-countrys-total-wealth.html

https://www.theguardian.com/global-development/2017/jan/16/worlds-eight-richest-people-have-same-wealth-as-poorest-50

http://www.nytimes.com/aponline/2017/01/16/world/europe/ap-eu-davos-inequality.html?_r=0

IT for Change, Bengaluru

www.ITforChange.net

[taramai M.M]

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