The First Laws in Economics and Indian Economic Thought – Thirukkural

Abstract

All economic problems take their reason to the basic economic variables namely demand and supply of products/services. Thus the first laws in modern economics become the Law of Demand and the Law of Supply along with the Say’s Law. Conceptual clarity is essential for solving economy’s problems. Hence this paper attempts to throw light on these fundamental concepts and bring the Indian thought on the relationship among supply, demand and price from Thirukkural which is more than 2000 years old but yet relevant even to this day! It also proposes four basic economic laws from Thirukkural.

Keywords: Economics, Basic Laws in Economics, Thirukkural, Indian Economic Thought