The connection between economic systems and happiness is deep. In a consumerism-dominated world, it is reasonable to wonder if the current economic system, as embodied by our use of mass manufacturing, is capable of providing happiness to all humans. This has resulted in numerous issues, including the unsustainable exploitation of the world’s natural resources, and hence economic systems must be explored in order
to achieve some form of environmental and social sustainability.
In terms of Bharat, this entails revisiting old literature to rekindle the concept of social capital in the twenty-first century, rather than subscribing to Western economic ideas (such as commercialism). An alternative economic theory may be required for Bharat or for humanity, as capitalism, communism, and other theories contain assumptions about societal subsistence that are possibly inadequate for absolute happiness. Better care must be done for Bharat and global society than can be provided by current Western economic doctrines.
An economic system must produce all of the basic items required for the survival and development of the people, as well as the protection and development of the nation. After meeting the bare minimum necessities, the debate arises as to whether more output is necessary for greater wealth and happiness. Western nations believe that it is critical, if not desirable, to continue expanding man’s demands and requirements in a systematic and ongoing manner. There is no upper limit in this circumstance. Normally, desire precedes the effort to accomplish the desired results. People are driven to desire and utilise goods that have been or are being produced. Instead of producing to fulfill demand, the focus is on finding markets for the commodities. Systematic attempts are made to generate demand. This has become the defining feature of the Western economic system. Previously, production followed demand, but now demand follows output. If whatever is made is not consumed, there will be a slump similar to the one that occurred in 1930-32. There was a surplus of commodities at the time, but there was no demand. Factories needed to be closed down. Bankruptcy and unemployment were rampant. Thus, nowadays, it is critical that what is produced be consumed.
Eco-Destructive Consumerism
Consumerism, where items are made to suit consumers’ basic wants, is appreciated. In a free economy, capital is available, and production equipment must be kept busy. As a result, there is an incentive to produce a diverse range of products in large quantities. Consumers are enticed to buy more and more things through various forms of advertising and marketing schemes. People purchase more than they need. Needs are converted into comforts, which are then turned into luxury. It becomes difficult to demark limits between needs, comforts and luxury.
This economic framework is no longer only about consumption; it is clearly disastrous. Discard the old and purchase a new one! Instead of meeting people’s needs, modern economics seeks to generate new demand. Assuming we do not need to be concerned about the limited natural resources, there is still the issue of balance in nature. There is a cyclical interaction in various elements of nature. If one of the three sticks, which provide mutual support, is removed, the other two will fall automatically. The current economic and manufacturing systems are rapidly disrupting the natural balance. On the one hand, new items are developed to meet ever-increasing needs, but on the other hand, new challenges emerge on a daily basis, threatening humanity’s existence. It is critical to utilise up the percentage of available natural resources that nature will be able to quickly replenish. When the fruits are taken, it benefits the tree. However, in order to increase the harvest, chemical fertilisers are employed, rendering the ground unproductive. This effect has caused lakhs of acres of land in America to become barren. How long can this destructive dance continue?
The Enigma Of Value Addition
‘Value addition’ is a key word in any current economic system. A well-designed colourful box for a plastic-filled bag of cornflakes boosts its value. Sugar coated biscuits are a value-added product. In this quest, we raise the prices of finished residences, autos, bed covers, and daily-use products. A person’s income does not improve if he lacks skills.
Deendayal Upadhyaya describes the phenomenon of ‘value’ in his lecture. If such a human goal motivates the economic system, our thinking on economic issues will undergo a complete makeover. In Western economies, whether capitalist or socialist, ‘value’ is the most significant and central concept. All economic theories revolve around it. The examination of ‘value’ may be highly significant from the perspective of the economist, but social philosophies that are wholly focused on it are far more incomplete, inhumane, and, to some extent, unethical.
Communists employ the slogan “One must earn his bread,” but even capitalists do not fundamentally disagree with it. If there is a difference between them, it is solely in terms of who earns what. Capitalists see capital and entrepreneurship as key components of production, hence they believe they are entitled to a large part of profits. On the other hand, communists believe that labour is the sole factor in production. As a result, they give workers a large share of the production. “Neither of these ideas are correct.”
Need to work on indicators
The widely utilised Western economic model requires a thorough evaluation of its impact on social pathological indicators and environmental characteristics. Despite the fact that the majority of countries’ national wealth is increasing, economists and intellectuals must investigate why social pathology indicators such as happiness, peace, physical, mental, and social health, and environmental factors are declining over time, with health issues affecting almost all families and happiness and peace turning into nightmares and wishful thinking. What are the potential causes that can be effectively addressed in order to improve social indicators?
Life’s ultimate goal is happiness and peace. Whatever we do, we try to find joy and peace. However, even in developed countries that claim to be wealthy in terms of GDP, GNP, Capacity to Pay, and Balance of Payments, the situation has gotten worse. The world is gradually recognising the old Hindu notion of economy, which focuses on both material and social indices.
Every year, drug misuse causes enormous damage to public health and safety around the world, jeopardising the peaceful growth and smooth operation of many societies. Understanding the economic costs of drug usage is necessary in order to establish strategies that lessen them. Despite the fact that it improves the economy by generating national income, drug addiction has major effects in five primary domains: health, public safety, crime, productivity, and governance.
Thus, we must distinguish between “Hindu Cosmology” and “Newtonian Cosmology.” According to the Hindu philosophy of “All is One,” society is a body, and individuals are its organs, thus everyone must work together with strong links to achieve happiness and the wellbeing of each other, society, and the environment. Western mentality, on the other hand, argues that “I am the centre of the universe,” and that I must seek solely my own happiness, even if it means exploiting others. This thought process has impacted social indicators and the environment, and the cost to everyone is not merely monetary; society’s consciousness has been diminished.
The Hindu economic system believes in the philosophy of a balanced approach between both materialistic and spiritual upliftment, which is the requirement of the moment.
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