Economics
The second fundamental principle of PROUT reduces economics to its two rudimental elements: production and distribution. To optimize production, PROUT prescribes maximum utilization of all resources, animate and inanimate. To optimize distribution, PROUT prescribes a rational approach (in contrast to Adam Smith's invisible hand and Karl Marx's according to contribution or according to need). To implement such an economy, PROUT analyzes economics in respect to four dimensions: people's economy, psycho-economy, commercial economy, and general economy. Regarding these four dimensions of economics, Sarkar states:
Most economists today understand only a little of the principles of general economy and something of commercial economy, but both of these parts are still in an undeveloped stage. People’s economy and psycho-economy are totally overlooked by modern economists, and as such could find no place in the present mode of economic thinking.Read more about this topic: Progressive Utilization Theory, Other Key Concepts
Famous quotes containing the word economics:
“The animals that depend on instinct have an inherent knowledge of the laws of economics and of how to apply them; Man, with his powers of reason, has reduced economics to the level of a farce which is at once funnier and more tragic than Tobacco Road.”
—James Thurber (1894–1961)
“Religion and art spring from the same root and are close kin. Economics and art are strangers.”
—Willa Cather (1876–1947)
“There is no such thing as a free lunch.”
—Anonymous.
An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cooke’s America (epilogue, 1973)