Excerpt from An Essay on Indian Economics and Relation to Social, Psychic, Political and Linguistic, Conditions in India, and on the Laws of Economic, Evolution, and on the Acceptability of Socialistic, Measures and the Future Outlook

When Adam Smith published his famous work on The Wealth of Nations, England and some other countries in Europe were already nations. In England especially the democratic government had already gained apace, ' and the notion that kingdoms were something like the private properties of the rulers was an idea almost dead. The people had become a power, and they were considering as to how their joint interests would be promoted. Some writers like Thomas Mun had contributed their knowledge to the study of special topics, like the foreign trade, relating to economics, and some works exploitl'ng the theoretic aspects of the science had also appeared. The work of the great revolutionizer Adam Smith in the history of economic science is that be expelled some wrong notions regarding what is profitable for a country. In his study on the subject he was required to do a considerable analysis of the economic phenomena, and in doing so he laid a foundation to an inquiry into the universal economic laws. The further development of the economic study' which took place in England has been that a greater study to discover the universal economic laws has been made and this situation has led to the creation of a special school of Economics.

The social back-ground of this school was very simple one country, under one ruler, speaking one language, uniform in civilization, Without the presence of a tributary prince or a potentate, and without the strong influenceof any philosophy diverting the attention of man from economic to non-economic pursuits. Almost all the political problems had already been fought out.

In Germany, the social and political conditions were different. For a long time the country was not a unity, but consisted of alarge number of principalities and of some republics. The attention of the people was naturally drawn towards the methods making the dominions of the princes rich. Thus Kameral science came into being, and this science afterwards developed into a National Economy different from that of the English. The social, political and economic problems are so much mixed that when the Germans attempted to solve their own economic problems they had to pay attention to the larger social problems also. Their social and political structure was far more complicated than the English one.

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