Role of Public Sector in Economic Development A Comparative Analysis of Adam Smith's and Chanakya's Views

Ancient treasures of Indian knowledge are preserved with mankind in the form of books. Unfortunately modern students and scholars of management are not being benefitted by the knowledge of ancient scholars which can help in making their work style more efficient and can bring success and prosperity to their business. This study is a step towards the exposure of this treasure. The paper looks at this innate knowledge system and how its teachings can be adopted in present days business management. Scope of the paper is a comparative analysis of Adam Smiths philosophy and Chanakyas philosophy. According to Chanakya, the ultimate objective of any economy is not to benefit the king (the state) but to benefit the subject or the common people. He takes into account economic, political, diplomatic, social, military and other factors that affect the economy of a nation. According to Ruddar Datt and Sundharam Adam Smith conceived of the role of the state in Atomistic Capitalism in which every individual was considered to be the best judge of his/ her welfare. Social welfare was the sum total of the welfare of the individuals.