Values Based Economics: A Wake-Up Call in the Post-COVID World

Abstract

It is a sensible assertion that Economics is too important a subject, concerning the daily life of common man, to be left to the economists alone. The COVID-19 induced pandemic and its all-encompassing impacts have conspicuously pointed out the gap between ‘what is’ and ‘what should be’ and thus have bolstered this assertion. The present Paper, defines lucidly, based on the profound Vedanta philosophy, the term ‘values-based Economics’ and examines the contemporary economic thoughts and their outcomes in the light of the wisdom of the renowned extra-orbital realizers and thinkers of the West and the East .The examination draws support from the ancient Indian economic thoughts which points to an urgent need to spiritualize the present concept of globalization in particular and Economics in general.

Keywords: Human values; Globalization; Spirituality; Pandemic; Ethics; Emotion; Behavioural Economics; Welfare

JEL Classification: A13