Basic Features of Oriental and Occidental Economic Thought Hebrew, Hindu, Buddhist

Basically history of economic thought deals with many civilization and their economic activities, it is very important to know about the ancient economic practices of different civilization. According to our syllabus here we mainly focus on Hebrew, Hindu, and Buddhist economic thought, being part of eastern it is necessary to be learned about our exact way of economic activities. In modern economics it is hard to deal with current situation without passing through flash back. Here we read about basic features of Hebrew, Hindu and Buddhist  Economic Thought.

1. Hebrew Economic Thought

As going to back economic institutions, science of economics are started at hebrew times. It is considered as first civilization of the world. The period of hebrew is started before 2500 BC, so hebrew time is one of the birth period of economic activities in recorded form. One of the ancient and first economic activities were found on this civilization. The economic philosophy of the hebrew was very common. By the study of Hebrew economic thought we can find out the following basic features and characteristics of it. They are as follows:

a) Interest:

    During the period of Hebrew times humanity was greatly considered as a part of economic activities, poor people were away from interest because it is said that their borrowing purpose is for consumptions only. Hebrew people are not liable for interest of sum of amount, only stranger are liable to pay interest about their certain borrowings. By the time of Solomon rule was slightly modified and started to charge at lower rate. Security for loan was justified, it has certain rule. So Hebrew time and idea was quiet similar to hindu scholar thought of economics, about Hindu Economic thought we will discussed later on. 

b) Just Price:

    Hebrew economics Thoughts has given emphasizes on just price theory, false weight and adulteration of articles of composition was major problem so they have employed lots of laws and regulation to control it. Speculation and monopoly were strictly prohibited. If some one raises market prices for speculative means was disappointed by law.

Retailers profit ceiling were fixed already they are not allowed to exceed the limit of sixteen and two third percent. Those time export of foods and grains were prohibited and during the times of famine and scarcity hoarding of food and grain was not permitted. So correct weight correct price and good quality of food and grain supposed to supply within reasonable price without exceeding limit of profit.

c)Labor And Wages : 

    In this time labor were highly recognized and they are considered as a key part of particular business like agriculture. Wages workers were paid by good wages, the are not regulated by certain rules. Workers and employee are not regulated different laws.