BENGALURU: Economists, policymakers, jurists and banking and taxation experts discussed whether conventional measures such as GDP and productivity are sufficient to assess prosperity at the second VK 5.0 Economics Precursor held on Saturday.
Organised by Jyot and Gitarth Ganga in association with JAIN (Deemed-to-be University), the session was part of the ‘Vasudhaiva Kutumbakam Ki Oar 5.0’ conclave series and focused on “Dhruv Tatvam: Timeless Principles of Economics”.
The discussions examined whether economic systems should place greater emphasis on justice, sustainability, restraint and human well-being. Participants debated whether pricing should be guided by considerations of justice, whether existing free-trade models adequately serve society and which principles from India’s economic traditions could inform contemporary policymaking.
Prof Sachin Chaturvedi, V-C of Nalanda University, said economic thought predated the formalisation of modern economics, and called for approaches that measure human well-being.