Economics of Real-Life: A New Exposition

Economics of Real-Life is the first book to introduce interested readers to the working of contemporary economies, focusing on India's history of evolution from rudimentary to global capitalism. It relies on 'capsule history' and 'thought experiments' to explain economic activity, emphasizing human interaction with nature.

Format: Hardback
Length: 250 pages
Publication date: 30 June 2023
Publisher: Academic Foundation

Economics of Real-Life is a groundbreaking work that seeks to introduce interested readers to the intricate workings of contemporary economies, with a special focus on India. Unlike most introductory books in economics, this text departs from traditional approaches that rely on untested and untestable premises. Instead, it draws upon the rich history of human communities, from their primitive origins to their modern-day manifestations, to understand the fundamental nature of economic activities. Economic activities, which encompass social interactions to provide the necessary material basis for survival and to transcend beyond mere subsistence, are universal to all human societies.

The book employs two powerful expository devices: "capsule history" and "thought experiments." These tools help in elucidating the complex dynamics of economic systems and their evolution. In Part I, the analytical section of the book, an isolated human community is examined, and the nature of its economic activity, namely production, is explored. Production is seen as the fundamental human interaction with nature, driving survival and material progress. From the first two chapters, four analytical tools are derived: ownership, authority, intermediation, and asymmetry of information. These tools serve as the foundation for tracing the evolutionary process of the economy, leading to its present manifestation as global capitalism.

Throughout the rest of the book, these tools are employed logically to trace the historical development of the economy. The book showcases a rare instance of using real-life material, both past and contemporary, and substantive logic to address the evolving complexity of the economy, the societal arrangements in place to fulfill the material needs and progress of individuals, and the broader social and political implications of economic systems. Economics of Real-Life offers a comprehensive and insightful exploration of the economic realm, making it an invaluable resource for students, scholars, and anyone interested in understanding the intricacies of contemporary economies and their impact on our world.

Weight: 825g
Dimension: 235 x 159 (mm)
ISBN-13: 9789332704435