Comparative Study of Ancient and Modern Economic Thought

Abstract Through this research paper, an attempt was made to conduct a comparative study of economic thought in India, both ancient Indian economic thought and modern Indian economic thought. How has the relationship between ancient Indian and modern economic thought changed? Through this comparative study, the researchers attempted to identify the following: The economic thought of ancient times is still valuable, as this paper has attempted to show. In this context, although the Vedic economic thought of ancient times, Kautilya's economic thought, Jainism's economic thought, and Buddhism's economic thought were presented from the religious perspective of that time, they were guides for economic development. In ancient times, an attempt was made to study how economic matters were presented in the Ramayana, Mahabharata, Gita, Rigveda, and Yajur Veda. Simultaneously, in modern thought, an attempt has been made to present this paper by studying the economic thoughts of some economists, such as Dr. Babasaheb Ambedkar, Dadabhai Naoroji, Mahatma Gandhi, and Amartya Sen. Kantilla, the father of ancient economics, and Adam Smith, the father of modern economics, believed that foreign trade is important to enrich the nation, which helps in the rapid progress of the country. Even today, these thoughts are considered guides. This study conducts a brief comparative study of ancient and modern economic thought.