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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