40 Principles for Happy living (Economic Goals)
40 laws for living Happily with “reliable and secure earning per month” without irrelevant compromises [0]
To skip straight to the common standard understanding of the “Economic Goals of the world”, please look for the “Appendix” section, which is the first section immediately after “References”.
Before we begin discussing the 40 principles, before I invite the personified 40s, I should set the stage high enough and decorated enough to be worthy of the 40s (चालीसा).
As we all know economic theories feed to economic policy options and with a great amount of discussion, deliberations and debates a subset of policy options are selected to form economic policies that all aim to achieve economic goals. What are these economic goals?
Economic goals are “Economic growth”, “Full employment”, “Economic efficiency”, “Price-level stability”, “Economic Freedom”, “Equitable distribution of income”, “Economic security” and “Balance of trade” [1]. Understanding Economic Goals is tricky and that’s probably why the whole context of “Economic Goals” is avoided in editions of the book[1] after 16th edition. [2]
The first economic goal, according to the authors [1], is “Economic Growth”, which is defined as — “Produce more and better goods and services, or, more simply, develop a higher standard of living. We’ll come back to it. In the appendix of this piece I am quoting the section on “Economic Goals” from the book.
Let’s take a look at the second economic goal — “Full employment”. I would like to paraphrase that as — “Reliable and Secure Money Income” per “Month” during each phase of life, viz. learning (ब्रह्मचर्य), earning(गृहस्तथ), giving-back-to-the-society(वानप्रस्थ) and retirement(सन्यास) as phases of life determines the quality of life being afforded in any Country or Nation [3].
It might appear on surface that to live a happy life any individual needs a full-time employment. Let’s take a look at some data to lay the context before we look at it more closely:
Question 1: What percentage of the working population in the world work as full time employees? Can you provide statistics from multiple reliable sources with citation?
Question 2: What percentage of the working age population in India work full time within the organised sector?
Answer 1: The percentage of the working population in the world who work as full-time employees varies depending on the country and region. Here are some statistics from multiple reliable sources:
According to the International Labour Organization (ILO), as of 2020, the global full-time employment rate was around 59.5%.
Source: International Labour Organization (ILO). (2021). World Employment and Social Outlook: Trends 2021. https://www.ilo.org/global/research/publications/weso/2021/WCMS_767028/lang--en/index.htm
In the United States, as of 2021, approximately 68% of the working population works full-time.
Source: Bureau of Labor Statistics. (2021). Labor Force Statistics from the Current Population Survey. https://www.bls.gov/cps/cpsaat08.htm
In the European Union, as of 2019, around 74% of the working population had full-time employment.
Source: Eurostat. (2021). Employment statistics. https://ec.europa.eu/eurostat/statistics-explained/index.php/Employment_statistics
In Japan, as of 2020, approximately 69% of the working population worked full-time.
Source: Japan Institute for Labour Policy and Training. (2021). Labor Force Survey. https://www.jil.go.jp/english/labor_situation/labor_force_survey/index.html
It’s important to note that definitions of “full-time employment” can vary across countries and organizations, and these statistics may not be directly comparable. Additionally, due to the ongoing COVID-19 pandemic and its economic impact, these statistics may be subject to change in the coming years.
Answer 2: What percentage of the working age population in India work full time within the organised sector?
The percentage of the working age population in India who work full-time within the organized sector is relatively low. According to the latest available data from the Ministry of Labour and Employment, Government of India, in 2018, the organized sector employed around 31 million workers, which is approximately 9% of the total workforce in India.
However, it’s important to note that the definition of “organized sector” used by the Government of India includes only those establishments that meet certain criteria related to size, registration, and regulation. Therefore, this figure may not capture the full extent of formal employment in India.
Additionally, data on the proportion of workers in the organized sector who work full-time is not readily available. The Government of India’s periodic Labor Force Survey does provide information on employment status, including full-time and part-time work, but this survey does not distinguish between the organized and unorganized sectors.
In conclusion, while the organized sector in India accounts for a relatively small share of the total workforce, it does provide more formal employment opportunities with better working conditions and benefits. However, more comprehensive data on the nature of employment within the organized sector is needed to fully understand the labor market dynamics in India.
With this conclusion we know that having a steady income conspicuously afforded by organised sector in India isn’t its source of happiness. We can explore further for other factors that lead to happiness. As per the eastern philosophy, with its origin in literature that is based on ancient wisdom, codified in Sanskrit texts, there exists principles to remind individuals of the rules of attaining happiness and staying happy through life. Here begins the explanation of 4/40 principles. (I wish to release a book with detailed discussion on all the 40 principles.)
- (01/40) दमः क्षमा धृतिस्तेजः सन्तोषः सत्यवादिता। हृईरहिंंसाऽव्यसनिता दाक्ष्यंं चेति सुखावहाः॥ (महाभारत — शान्तिपर्व २९०.२०) . In English — The concept of DamaH (दमः) can be understood with words in English. One word with closest meaning is 1. self-control: “It encompasses a broad range of skills, including impulse control, delayed gratification, and the ability to resist temptation……Reputable references for the meanings of these words can be found in various English language dictionaries, such as Merriam-Webster, Oxford English Dictionary, and Cambridge Dictionary.”. Furthermore, KshamA (क्षमा) — forgiveness, Dhriti (धृति) — Patience, Teja (तेजः) — Agility, SannToSH (सन्तोषः) — Contentment, sattyavAditA (सत्यवादिता), LajjA (लज्जा) — embarrassment after realising self-mistake or the feeling of keeping others from envy, ahiNsA (अहिंंसा) — not harming non-offending and defenceless beings, durrvvyasana-ttyAga (दुर्व्यसन-त्याग) — alleviating addiction to bad habits and finally, daxatA (दक्षता) — attainment of expertise in self-profession. All these are cause of happiness.
- (06/40) सुखार्थाःᳲसर्वभूतानाम् मताःᳲसर्वाःᳲप्रवृत्तयः। सुखं च न विना धर्मात् तस्माद्धर्मपरो भवेत॥ (अष्टाङ्गहृदय सूत्र २.२०) — Every living being’s each effort is towards attainment of happiness (as mentioned in the Economic Goals section [1]). Happiness isn’t attained without Dharma. Therefore, learn to adhere to the principles of Dharma.
- (38/40) धर्माय यशसेऽर्थाय कामाय स्वजनाय च। पञ्चाधा विभजन्वित्तमिहामुत्र च मोदते॥ (श्रीमद्भागवत ८.१९.३७) — For Dharma, for Glory, for growth in Wealth, for Nourishment and for Family and Kin; an individual if makes 5 sections of the owned wealth and uses it for corresponding purposes gets happy in this life and beyond.
- (39/40) जननी जन्मभूमिश्च जाह्नवी च जनार्दनः। जनकः पञ्च मश् चैव जकाराःᳲपञ्च दुर्लभाः॥ (सुभाषितरत्नभाण्डागार १५७.१७०) — Mother, Motherland, the mother Ganga personified and fifth, the father; these five words with Sanskrit term starting in Ja (ज) are rare.
For the complete list of 40s — [0]
I hope you benefit from the 40s.
References
[0] नीतिचालीसा, अनुवादक: श्रीगोवर्धनमठ-पुरीपीठाघीश्वर-श्रीमज्जगद्गुरु-शङ्कराचार्य स्वामी निश्चलानन्दसरस्वती
[1]MCCONNELL CAMPBELL, Brue Stanley. Microeconomics: Principles, Problems, & Policies (16th Edition Only)
[2] ChatGPT: As an AI language model, I do not have access to information about the editorial decisions made by the publishers of the book “Microeconomics: Principles, Problems, & Policies” by McConnell, Campbell, and Brue. However, it’s possible that the reason for the removal of the detailed discussion of economic goals in later editions of the book could be due to several reasons:
- Relevance: The authors may have felt that the discussion of economic goals was no longer as relevant or important to the subject matter as it once was, and therefore decided to remove it from later editions.
- Space Constraints: The authors may have needed to reduce the overall size of the book to make it more manageable for students and instructors, and the removal of the discussion of economic goals may have been one way to accomplish this.
- Pedagogical considerations: The authors may have found that the discussion of economic goals was not as effective in helping students understand the core concepts of microeconomics as other topics, and therefore decided to focus on other areas of the subject matter in later editions.
Overall, the decision to remove the discussion of economic goals from later editions of the book was likely based on a combination of factors, including the relevance of the topic, space constraints, and pedagogical considerations.
[3]
Appendix
Economic Goals as mentioned in the book
Economic Goals as mentioned by ChatGPT as an answer to this questions — “What the current common standard Economic goals of the major economic powers of the world? Please provide references from text books recommended in major higher educational institutes of the world.” —
“The current common standard economic goals of major economic powers around the world include economic growth, full employment, price stability, and balance of payments equilibrium. These goals are widely discussed in various economics textbooks used in major higher educational institutes around the world.
For example, the textbook “Macroeconomics” by N. Gregory Mankiw, which is widely used in universities across the world, discusses these four economic goals in detail. Mankiw argues that economic growth is important because it allows countries to produce more goods and services, and therefore increases the standard of living. Full employment is also a goal because it ensures that everyone who wants to work is able to do so, which leads to higher incomes and more spending in the economy. Price stability is important because it reduces uncertainty and allows businesses and individuals to plan for the future, while balance of payments equilibrium is necessary to ensure that a country is not borrowing too much from abroad.
Similarly, the textbook “Principles of Economics” by Karl E. Case, Ray C. Fair, and Sharon M. Oster, which is also widely used in universities, emphasizes these same four economic goals. The authors argue that economic growth is necessary to maintain living standards, full employment is important to reduce poverty and inequality, price stability is necessary to ensure that markets are functioning properly, and balance of payments equilibrium is important to avoid excessive borrowing and the risk of a financial crisis.
Overall, these four economic goals are widely accepted as the common standard among major economic powers around the world, and are discussed in detail in many economics textbooks used in higher educational institutes.
”
“Economic Goals”, from the book — “MCCONNELL CAMPBELL, Brue Stanley. Microeconomics: Principles, Problems, & Policies (16th Edition Only)”
(Economic Goals [1] — )“If economic policies are designed to achieve specific economic goals, then we need to recognize a number of goals that are widely accepted in Canada and many other countries. They include: tradeoffs The sacrifice of some or all of one economic goal, good, or service to achieve some other goal, good, or service. Facing Tradeoffs
●Economic growth Produce more and better goods and services, or, more simply, develop a higher standard of living.
●Full employment able to work.
●Economic efficiency Achieve the maximum fulfillment of wants using the available productive resources.
●Price-level stability Avoid large upswings and downswings in the general price level; that is, avoid inflation and deflation.
●Economic freedom Guarantee that businesses, workers, and consumers have a high degree of freedom of choice in their economic activities.
●Equitable distribution of income Ensure that no group of citizens faces poverty while most others enjoy abundance.
●Economic security Provide for those who are chronically ill, disabled, laid off, aged, or otherwise unable to earn minimal levels of income.
●Balance of trade Seek a reasonable overall balance with the rest of the world in international trade and financial transactions.Provide suitable jobs for all citizens who are willing and Although most of us might accept these goals as generally stated, we might also disagree substantially on their specific meanings. What are “large” changes in the price level? What is a “high degree” of economic freedom? What is an “equitable” distribution of income? How can we measure precisely such abstract goals as “economic freedom”? These objectives are often the subject of spirited public debate.
Also, some of these goals are complementary; when one is achieved, some other one will also be realized. For example, achieving full employment means eliminating unemployment, which is a basic cause of inequitable income distribution. But other goals may conflict or even be mutually exclusive. They may entail tradeoffs, meaning that to achieve one we must sacrifice another. For example, efforts to equalize the distribution of income may weaken incentives to work, invest, innovate, and take business risks, all of which promote economic growth. Taxing high-income people heavily and transferring the tax revenues to low-income people is one way to equalize the distribution of income. But then the incentives to high-income individuals may diminish because higher taxes reduce their rewards for working. Similarly, low-income individuals may be less motivated to work when government stands ready to subsidize them. When goals conflict, society must develop a system to prioritize the objectives it seeks. If more economic freedom is accompanied by less economic security and more economic security allows less economic freedom, society must assess the tradeoffs and decide on the optimal (best) balance between them.”
