Epilogue

Hardly anything makes economic sense unless its continuance for a long time can be projected without running into absurdities. Growth and development can happen to a ‘limited objective’, but it cannot be stretched upto an ‘unlimited extent’. How can the ‘finite’ earth support mankind’s ‘infinite’ physical needs?—long before this was postulated by the ‘Club of Rome’ in 1972, exactly the same thing Gandhiji had said in late thirties itself, ‘Earth provides enough to satisfy every man’s need, but not for every man’s greed’. Mankind needs to introspect not only about its present needs but the way those needs are being met.

Besides, we also need to ‘differentiate’ between our ‘needs’ and ‘aspirations’. Our physical needs have a direct ‘link’ with the resources we have at our disposal to meet them. If mankind is to survive and prosper, we need to be aware of the repercussions of our activities on Mother nature.12

1. Oliver Morton ‘Megachange: The World in 2050’, in Daniel Franklin and John Andrews, The Economist in London: 2012) pp. 92–110.

2. PBL, Trends in Global CO2 Emissions 2015 Report, Netherlands Environmental Assessment Agency, as quoted by the Economic Survey 2015–16, Vol. 2 (New Delhi: Government of India, 2016), pp. 177–178.

3. Ministry of Finance, Economic Survey 2015-16, Vol. 2, pp. 179–181.

4. Economic Survey 2016-17, Government of India, Ministry of Finance, N. Delhi, Vol. 1, pp. 165-166.

5. Green Finance Study Group—as quoted by the Ministry of Finance, Economic Survey 2015–16,

Vol. 2, pp. 182-83.

6. Ibid., Vol. 2, pp. 182–83.

7. Ibid., pp. 185–86.

8. Ibid., pp. 183–84.

9. Economic Survey 2016-17, Vol. 1 and Economic Survey 2015-16, Vol. 2, Government of India, Ministry of Finance, N. Delhi.

10. Based on various documents of the Government of India including the Economic Survey 2015–16 and Economic Survey 2016-17.

11. Ministry of Finance, Economic Survey 2015–16, Vol.2, p. 191.

12. These virtuous opinions can be seen in a number of contemporary thinkers and writers since 1970s:

E. F. Schumacher, ‘The Economics of Permanence’, Resurgence, 3(1), May/June 1970, reprinted in Robin Clarke, Editor, ‘Notes for the Future: An Alternative History of the Past Decade’ (London: Thames & Hudson, 1975. Schumacher invoked Gandhi while advocating for the ‘economics of permanence’.

Jeffery Sachs, Common Wealth: Economics for a Crowded Earth (London: Penguin Books, 2009,

pp. 29–35, pp. 55–155.

Jeffery Sachs, The End of Poverty, Penguin Books, 2005, pp. 280-284.

Tim Harford, ‘The Undercover Economist’, Abacus, GB, London, 2006, pp. 90- 104.

Thomas L. Friedman, ‘The World is Flat’, Penguin Books, GB, London, 2006, pp. 383-385, pp. 495-504

Ramachandra Guha, ‘ The Ecology of Affluence’ in ‘The Ramachandra Guha Omnibus’, Oxford University Press,N. Delhi, 2005, pp. 69-97.