On January 10, 2013 – I posted a write up on “KAUTILYA's Principles of Taxation and ADAM SMITH's Canon of Taxation”. The post was left open as usual for reader’s opinion. This
post is different. Kindly read further to know how different it is. Thanks.
Today when I went to library and browsed
some book, where I found an interesting book titled “Kautilya - The True Founder Of Economics” by Prof. Balbir Singh
Sihag.
In the book (page no.
10-11) he had given a partial list of concepts used by Chanakya alias Kautilya in
his book Arthashastra (4th Century BCE). The list is as follows:
Genesis of the Concepts in Arthashastra during 4th
Century BCE
|
Re-emergence
of these concepts
|
|
Authour
|
Year
|
|
Opportunity
Cost
|
Wieser
|
1889
|
Demand
and Supply Framework
|
Marshall
|
1870
|
Law
of Diminishing Returns
|
Turgot
|
1766
|
Liquidity
|
Keynes
|
1936
|
‘All
other things being equal’
|
D Bernoulli
|
1738
|
Marginal
Analysis
|
Turgot
|
1766
|
Constrained
Optimization
|
Walras, Slutsky
|
1874-77, 1915
|
Distinction
between Short Run and Long Run
|
Marshall
|
1870
|
Moral
Hazard
|
Adam Smith
|
1776
|
Linear
Income Tax
|
Mirrless
|
1971
|
Public
Goods
|
Lindahl, Samuelson
|
1919, 1954
|
Producer
Surplus
|
Marshall
|
1870
|
Importance
of Capital Formation
|
Adam Smith
|
1776
|
Theory
of Gains from Trade
|
Ricardo
|
1817
|
Crime
and Punishment
|
Becker
|
1968
|
Efficiency
Wages
|
Marx, Solow
|
1867, 1979
|
Risk-return
Trade-off
|
Markowitz
|
1952
|
Asymmetric
Information
|
Akerlof
|
1970
|
Time
Inconsistency Problem.
|
Kyland-Presscott
|
1977
|
Non-cooperative
game
|
Waldegrave, Nash
|
1713, 1951
|
Contigency
Planning
|
H Stein
|
1996
|
The authour also stated that "It may be noted that the above illustratively enumerated twenty-one concepts, used in modern economic analysis, were already used and applied in Kautilya's formulations. Adam smith has the credit for only two..."
Note: The book cost Rs. 650 in Indian Market. (as mentioned in the book cover and this info is for the readers who wish to buy)
