Economy
Economy in the Rig Vedic period was sustained by a combination of pastoralism and agriculture. There are references, in the Rig Veda, to leveling of field, seed processing, and storage of grains in large jars. War booty was also a major source of wealth. Economic exchanges were conducted by gift giving, particularly to kings (bali) and priests (dana), and barter using cattle as a unit of currency. While gold is mentioned in some hymns, there is no indication of the use of coins. Metallurgy is not mentioned in the Rig Veda, but the word ayas and instruments made from it such as razors, bangles, axes are mentioned. One verse mentions purification of ayas. Some scholars believe that ayas refers to iron and the words dham and karmara refer to iron–welders.
Panis in some hymns refers to merchants, in others to stingy people who hid their wealth and did not perform Vedic sacrifices. Some scholars suggest that Panis were semitic traders, but the evidence for this is slim. Professions of warriors, priests, cattle–rearers, farmers, hunters, barbers, vintners and crafts of chariot–making, cart–making, carpentry, metal working, tanning, making of bows, sewing, weaving, making mats of grass and reed are mentioned in the hymns of Rig Veda. Some of these might have needed full–time specialists. There are references to boats and oceans. The book X of the Rig Veda refers to both eastern and western oceans. Individual property ownership did not exist and clans as a whole enjoyed rights over lands and herds. Enslavement (dasa, dasi) in the course of war or as a result of non–payment of debt is mentioned. However, slaves worked in households rather than production–related activities.
The transition of Vedic society from semi–nomadic life to settled agriculture in the later Vedic age lead to an increase in trade and competition for resources. Agriculture dominated the economic activity along the Ganges valley during this period. Agricultural operations grew in complexity and usage of iron implements (krishna–ayas or shyama–ayas, literally black metal or dark metal) increased. Crops of wheat, rice, and barley were cultivated. New crafts and occupations such as carpentry, leather work, tanning, pottery, astrology, jewellery, dying, and vintnery arose. Apart from copper, bronze, and gold, later Vedic texts also mention tin, lead, and silver.
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Famous quotes containing the word economy:
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)