I have been reflecting in my own way on Dattopant Thengadi Ji's Third Way. I present these small "ripples" that it has caused in my mind in a series. I am glad it has found its resonance in many thinking minds alike. I hope the readers have read the earlier article in the series before moving ahead.
Also Read: Ripples : A Reflection On Dattopant Thengadi's Third Way - Part 9
Dattopant insists on using the term 'Hindu economics'. He notes that the book is the first-ever effort in this field. The author doesn't take the credit for a new theory, he states that this is the knowledge passed on by our traditions.
The western world describes human beings essentially as economic beings. It believes that welfare is of two types economic and noneconomic. Social or economic welfare to an extent may be measured using the money aspect of it. But noneconomic welfare can't be measured like this.
We need to consider some noneconomic material factors like geographical conditions too. They play some role. Political, legal, philosophical theories, and religious views play a meaningful role too. Socio-cultural and religious institutions should be considered when the impact of noneconomic factors is measured. They influence the 'development struggles' of a society. Rather they may be described as the driving force too. It makes difficult things possible. This is an integrated approach.
It would help to create such space for everyone which would help all to unfold their potential and grow. He notes that the fragmented view has done unprecedented damage to the environment and social fabric too. He makes reference to 'Arth' Purusharth which is to be enjoyed within the limits of Dharma. ( The implications of the concepts are discussed earlier.) (He refers to many writings of Indian as well as western thinkers to elaborate his views throughouthis articles.)