Decoding the wisdom of ants

This book will help you unravel the mysteries behind the economic evolution, says Anil R Nair
Decoding the wisdom of ants

Religion which is understood by everyone is useful to none. Is it the same with Economics?- Anonymous Sounds strange?  Chartered acco -untant Shankar Jaganathan’s second book The Wisdom of Ants: A Short History of Economics will help you unravel the mysteries behind the economic evolution and change some misconceptions.

The protagonist of his new book is indeed ‘Economics’. It’s the story of economics’ silent evolution.

He throws light on the history of economics from Kautilya’s period to the recent Occupy Wall Street movement.  Shankar, who is passionate about economic history, sustainability practices and corporate governance, believes that economics and the role of markets can resolve social issues. He takes the fable of ants and grasshopper as a benchmark and this lesson was eventually learnt by humankind.

The Wisdom of Ants starts with the “birth of economics”, necessitated by individuals’ right to own private property and social sanction for people to be self centered.

The material acquisition, being the measure of welfare, laid the foundation for economics as distinctive discipline.  The growth is aptly augmented by four major civilizations---European, Islamic, Indian and Chinese.

The ‘protagonist’ was crowned in 1969 when a prize for distinguished contribution in economics in the memory of Alfred Nobel was instituted by the Swedish Central Bank. This recognition placed economics on par with physics, chemistry, literature, medicine and peace as a vital subject for human development.

The discussions on the dethroning of economic monarchy and the comparison of the free-market model with Nordic societies (consisting of Denmark, Finland, Iceland, Norway and Sweden), which have integrated markets within society to evolve a new mutualism in the relationship between society and economy, are interesting.

The book also makes a case of the subject which was traditionally a literary discipline based on simple observation of casual connections. 

It  can also be considered as ‘philosophy’ of economics  for it deals with a time span of three millennia and major civilizations, cutting across diverse ideologies and relating them to the challenges of the 21st century.

The book argues that dominant influence of economic life on human life is of recent origin. What ideas will provide panacea to today’s major challenges like growing income, wealth disparity and environmental degradation and economic colonization?

A believer in history, the author feels solutions will arise in the geography where problems are most felt. If so, we need to look at Asia and Latin America. 

The Wisdom of Ants may help many on their journey towards Utopia, not an elusive place as widely conceived, but an ideal place as Sha nkar, a self confessed optimist, puts it.

Written in a lucid and easy style, this study will be a boon for economic and management students and ‘’those who want to form their own economic views rather than borrowing others’ views.’’

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