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The Wisdom of Ants
As the fable goes, in the summer when the ants were busy gathering food, grasshoppers lived a carefree life. Come winter, the ants lived off their store, while the grasshoppers were left starving. It appears that this lesson was eventually learnt by humans, who shifted from hunting and gathering to agriculture. The wisdom of ants that they borrowed did not end here but helped to lay the foundation of economics as a distinct discipline. This book takes the reader through the history of economics through the ages and the four major world civilisations: European, Islamic, Indian and Chinese, pointing out the ways in which we think of economics today were formed. In the process, Shankar Jaganathan asks us to question our ideas of the importance of these ideas and their ability to drive the world. Written in a lucid, easy style, with many historical examples, The Wisdom of Ants views economic ideas through an ethical, social and political lens, allowing readers to understand the relevance of this history to their own daily lives.
- GenresEconomicsNonfiction
328 pages, Kindle Edition
First published January 1, 2012
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Displaying 1 - 9 of 9 reviews
October 25, 2017
This is one of the most eye opening books on economics, and was, in fact, my first book that got me hooked to the genre. Shankar speaks about how economics emerged as a distinct subject/discipline only in the last three hundred years, as a consequence of three distinct concepts becoming socially acceptable:
1.) Personal property
2.) Self-centered individualism, and,
3.) Material consumption
He then goes on to elaborate on these three concepts through out the rest of the book, one by one. Prior to that, he explains human history in a chronological order, like the appearance of the first humans, the hunter-gatherer subsistence, advent of agriculture, invention of money, and so on and so forth.
Some of my takeaways from this book:
1.) Religious perspective of hard work and profit
2.) Converting luxuries into necessities.
3.) The Patent spurt
4.) Art of wealth getting
5.) Royal sanction for self centered behavior
6.) Markets and equality
7.) The Industrial revolution: "In a factory, the relationship between the employer and the employed was only economic. In contrast, in the earlier agricultural setup, when labour was used by the feudal lord it was seen as a multifaceted relationship with enormous social implications. Viewed from the present perspective, this is not the desired form of relationship as it has strong feudal overtones that impinge on individual freedom and human rights (but in contrast to a factory setup, there is economic security). In a factory, not only is economic security lost, but with it even the basic means for existence, which are a prerequisite for freedom. End result: Human rights are also taken away in the factory environment."
8.) Optimism: "In the last two centuries of human history:
1.) Slavery has been abolished, but not eliminated.
2.) Discrimination towards females outlawed, but not eradicated.
3.) Racial bias globally censured, but sporadically erupting."
9.) Economic inequality: "The primary benefit in promoting inequality is to provide an incentive for higher risk taking, showing more initiative and expending higher efforts, when all of these result in increased wealth." "Precisely for the same reason, inter-generational inequality is classified as bad, since inherited wealth is seen to reduce the need for risk taking, initiative and effort by the inheriting generation, as it provides them with their needs and more on a silver platter."
10.) Contours of economic inequality: "They are visible in 3 primary dimensions:
1.) Between societies located in different geographies.
2.) Between urban and rural sections in a given geography.
3.) Between numerous poor and handful of rich within a given
section."
11.) Division of labour increased - Town and cities became more distinct.
12.) Link between evolution, learning and technology.
13.) Wealth: "Powerful impact of wealth as an economic segregator in society - its lopsided distribution only compounds with time - a primary focus on economic growth does not reverse this trend but only amplifies income and wealth inequalities."
14.) The Wealth and Welfare disconnect: "For economic welfare in a society to improve, per capita measures need to rise, not just the aggregate numbers, as aggregates do not account for rising populations." " The Third millennium, with its enormous material wealth, and the humongous challenge of global warming and economic inequality, needs new economic analysis and reasoning."
1.) Personal property
2.) Self-centered individualism, and,
3.) Material consumption
He then goes on to elaborate on these three concepts through out the rest of the book, one by one. Prior to that, he explains human history in a chronological order, like the appearance of the first humans, the hunter-gatherer subsistence, advent of agriculture, invention of money, and so on and so forth.
Some of my takeaways from this book:
1.) Religious perspective of hard work and profit
2.) Converting luxuries into necessities.
3.) The Patent spurt
4.) Art of wealth getting
5.) Royal sanction for self centered behavior
6.) Markets and equality
7.) The Industrial revolution: "In a factory, the relationship between the employer and the employed was only economic. In contrast, in the earlier agricultural setup, when labour was used by the feudal lord it was seen as a multifaceted relationship with enormous social implications. Viewed from the present perspective, this is not the desired form of relationship as it has strong feudal overtones that impinge on individual freedom and human rights (but in contrast to a factory setup, there is economic security). In a factory, not only is economic security lost, but with it even the basic means for existence, which are a prerequisite for freedom. End result: Human rights are also taken away in the factory environment."
8.) Optimism: "In the last two centuries of human history:
1.) Slavery has been abolished, but not eliminated.
2.) Discrimination towards females outlawed, but not eradicated.
3.) Racial bias globally censured, but sporadically erupting."
9.) Economic inequality: "The primary benefit in promoting inequality is to provide an incentive for higher risk taking, showing more initiative and expending higher efforts, when all of these result in increased wealth." "Precisely for the same reason, inter-generational inequality is classified as bad, since inherited wealth is seen to reduce the need for risk taking, initiative and effort by the inheriting generation, as it provides them with their needs and more on a silver platter."
10.) Contours of economic inequality: "They are visible in 3 primary dimensions:
1.) Between societies located in different geographies.
2.) Between urban and rural sections in a given geography.
3.) Between numerous poor and handful of rich within a given
section."
11.) Division of labour increased - Town and cities became more distinct.
12.) Link between evolution, learning and technology.
13.) Wealth: "Powerful impact of wealth as an economic segregator in society - its lopsided distribution only compounds with time - a primary focus on economic growth does not reverse this trend but only amplifies income and wealth inequalities."
14.) The Wealth and Welfare disconnect: "For economic welfare in a society to improve, per capita measures need to rise, not just the aggregate numbers, as aggregates do not account for rising populations." " The Third millennium, with its enormous material wealth, and the humongous challenge of global warming and economic inequality, needs new economic analysis and reasoning."
This entire review has been hidden because of spoilers.
May 7, 2013
This book is a slow revelation, an easy academic read yet insightful at the same time...paints a lucid picture of everything that went in the making of what economics is today and how it governs our lives and would continue doing so .
Also I was happy to be the first one to list it up on Goodreads...was quite surprised by the fact that no one had put up the book here on goodreads.
Also I was happy to be the first one to list it up on Goodreads...was quite surprised by the fact that no one had put up the book here on goodreads.
May 24, 2018
while the reader meets the writing, it is the scholarship that is elevating. let not the elegant simplicity fool you. The profundity is not missed by the young and old alike in my own home. far better to read this than tracking fleeting tickers on television news channels.
February 13, 2017
The Wisdom of Ants makes an ambitious attempt : tracing the roots and development of Economics and Economic Thought right from its origins in the mists of time, going back all the way to Chanakya and Aristotle. While this may seem appealing only to the academician, it is in reality a riveting account, full of learnings and deep insights, as well as thought-provoking facts and arguments. The book traces the entire history in a relatively short 300-odd pages with consummate skill, making for a fast read, yet packed with powerful content.
The beginning is with an examination of the politico-economic thoughts of ancient thinkers in trade, commerce – like Chanakya, Aristotle and Lord Shang. This is the only section that has a jarring aspect; given that the rest of the book is beyond reproach, let me first document the only negative I could find. In tracing the roots of Economics, the author has examined the lines of thought and books of the ancient thinkers, but has curiously dismissed any feasibility of anyone other than Europeans being the inventors of Economics, which I find rather strange.
Catch the complete review here : https://reflectionsvvk.blogspot.in/20...
The beginning is with an examination of the politico-economic thoughts of ancient thinkers in trade, commerce – like Chanakya, Aristotle and Lord Shang. This is the only section that has a jarring aspect; given that the rest of the book is beyond reproach, let me first document the only negative I could find. In tracing the roots of Economics, the author has examined the lines of thought and books of the ancient thinkers, but has curiously dismissed any feasibility of anyone other than Europeans being the inventors of Economics, which I find rather strange.
Catch the complete review here : https://reflectionsvvk.blogspot.in/20...
October 8, 2019
If anyone wanted to understand economics and its origins, this is the go to book. I would go so far as to calling it the bible for such endeavours. The author has masterfully explained the genesis and progression of the study of economics and principles and the inherent philosophy of the field in a very easy to read language. Albeit, the author also takes more or less the accepted path to expounding the economic concepts as presented by western scholarship, when he could as well have added a little of Indian historic background and dharmic principles in presenting an alternative, preferably in the context of Kautilya's Arthashasthra. One of the best books I have read in the recent times.
July 24, 2018
This is an excellent book for someone who wants to have a holistic view of economics. But, it comes out to be a bit short. The terms are thrown in sometimes at such a pace that someone not very much familiar with the subject feels stressed to understand.
February 12, 2020
Great book if you want to understand the evolution of economics as a layman. But there is too much information to take in and would require a re-read. It is well researched and written, nicely structured and presented in an easy to understand manner, even if you're not an economist.
September 26, 2019
The history of economics narrated interestingly and the achievements of economics Nobel prize winners and their contributions to economics given briefly.
February 1, 2017
The book is much beyond the "wisdom of ants". It traces the history of Economics and outlines how the society evolved in terms of economic and financial transactions. The evolution from the 18th century is much more elaborate as the author delves into the thought process of various schools, beginning with the approach of Adam Smith and concluding with the crisis during the early part of the 21st century. In between, there is an attempt to understand how the world economies attempted to manage the invisible hand through "Keynesian" intervention and then going back towards "free" economies during the Reagan and Thatcher era till the "bubble" bust after the "irrational exuberance".
Displaying 1 - 9 of 9 reviews