Issue 2 Explore AMJ 2017
Book: Economy of Permanence by J C Kumarappa
A noted economist of his time, J C Kumarappa, a close associate of Mahatma Gandhi was known for his holistic outlook and humane view of economy. The book has a foreword by Gandhiji. Key message of the book is this; the only way to survive long term is through an Economy of Permanence- without violence- in which each constituent co-operates with nature to ensure its working at its best rather than trying to change its course.
The author elaborates this through 4 key themes;
1. Man and Freewill- The difference between other animals and humans is‘ Freewill’, an opportunity as well as responsibility to take charge of our lives and not let it follow the popular dictates or the herd blindly.
2. Scales of Value and Valuation- value and valuation is subjective and differs from person to person, even for a universally standardised item like money. A dollar in hand of a rich person is less valued than a dollar in a poor man’ s hand. An economy based purely on monetary value is thus incomplete, insufficient and self destructive.
3. Standard of Living- the popular notion of high and low standard of living, based on material possessions should be renamed as complex and simple standard of living, based on the complexity involved in maintaining it. The author doesn ' t mince words while cautioning against such labels;’ Let us beware of such traps that will enslave us to material wants, but offer nothing in exchange for filling our time with wasteful details which ought not to be allowed to encumber our lives.’
4. Work and Wages- work, in its natural form, moulds character and develops the best in human faculties. Routine, rest, progress and pleasure are the 4 elements of work. But the shift of emphasis from work in its truest element to wages has led to work being drudgery for most. And nature being a hard task-master never awards permanence to grudgingly rendered work.
Our take: Although it is not on pocket money, this gem of a book, in a very simple, common sensical way gives a broader perspective to money and its role in our lives and societies. Parents would find the key messages meaningful to relook at money as they start mentoring their child.
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