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Adam Smith, considered the father of modern economics, asserted that self-interest is the fundamental principle driving all economic activity. His theories have led many nations to adopt free market economies, which contributed significantly to their wealth and prosperity. Today, most economies are based on this principle, allowing people to showcase their innovative abilities and create new technologies that improve millions of lives.
However, while free market economies promote competition and foster scientific development among individuals with high IQs and opportunities available to them, they also exacerbate inequality between rich and poor households. Children born into poverty must compete at every turn with those from affluent families for necessities such as nutrition to funeral services.
Such a scenario raises questions about the true purpose of economic policies: are we merely observing various theoretical developments without achieving tangible results? Century after Century we failed to bridge the gap between rich and poor - a reality Adam Smith acknowledged when he stated that nobody acts out of benevolence in a free market economy.
So what is the solution? It may be in revisiting history for inspiration - specifically Bharat's Ramarajya (when SriRama was king) or Swarnayuga during Gupta rule. What were these success stories' policy directions? Why aren't these stories known to many in the Present times? And where did we lose all that knowledge?
Perhaps it is time to tell these stories. Perhaps I will take part in reminding these stories. That's how I decided to name my story "Artha Sutra"
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