Indian Economy Economic Growth and Development

Indian Economy Economic Growth and Developmenthttps://amzn.to/2x7ClHG

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In this chapter, we shall study in outline the evolution of economic thought, the nature and meaning of the concepts of economic growth and development, https://amzn.to/2KNmvnHthe basic characteristics of underdeveloped countries (Cuds), the role of government in economic development and Rostov’s stages of economic growth.https://amzn.to/2KNFmPu

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The Hebrew Economic Thought;

The Hebrews had one of the ancient civilizations of the world. The period dates back to 2500 B.C. The Hebrews never studied economic problems separately. In their writings, they gave top priority for religion and ethics. And they gave importance to agriculture. However, the Hebrews had definite ideas on subjects such as usury (interest), just price, property rights and monopoly. The Hebrew thought was against lending of money on .interest to fellow Hebrews. But they could lend money to strangers and get interest.https://amzn.to/2GJ0pQD

In those days, as money was borrowed by the poor for consumption purposes, they thought that it was unethical to charge high rates of interest. We may note that the Hebrew thought on interest is similar to the ancient Indian thought an interest.https://amzn.to/2s66vWe The Hebrews had many laws against false weights and adulteration. They wanted businessmen to charge a just price and they imposed ceiling on the profit margin. The Hebrews realized the dignity of labor .The Hebrew civilization was a rural and agrarian civilization. One of their proverbs is  “He that tilled the soil shall have plenty of bread”. The Hebrews did not cultivate the land every seventh year. They left it fallow. The object was to conserve the fertility of the soil. Another interesting feature of the Hebrew thought was the ‘Jubilee year’. The jubilee year was the 50th year. According to Jubilee year, the land sold to someone was to revert to its owner in the 50th year. Money was used during the Hebrew Period.https://amzn.to/2GJ5s3C There are references to different kinds of money in the Old Testament. The Sabbath   : The Sabbath was the weekly day of rest, relaxation and good living. In the words of Spiel, “ the institution of the weekend was a social invention that has no parallel in the civilizations of Greece, Rome or other ancient cultures”.https://amzn.to/2IBcblY In short, we find that religion, ethics, law, economics and philosophy were all bound together. Though the economic ideas of ancient Hebrews appear primitive to a modern economist, we should remember that they had a profound influence on men’s minds. Greek thought, Roman law and Christian religion form the basis of European culture.https://amzn.to/2s64fhI

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