Basic Concepts in Economics — Economics STD 11 Commerce / Arts — Question

Kautilya was traditionally known as ‘Chanakya’ or ‘Vishnugupta’. He is identified as the pioneer in the field of Political Science and Economics in India.
He was a teacher, philosopher, economist, and royal advisor of the Mourya Empire.
He wrote the ancient Indian Political treatise named “Arthashastra”, where Artha’ means ‘Wealth’ and ‘Shastra’ means ‘Science’. It covers various aspects of the political, social, economic, and military organization of the past economy.

Key-points based on Kautilya’s views are as follows:

• The role of the State or Government is crucial. The state should regulate economic activities.
• He focused on creating wealth as a means, to ensure the welfare of the state.
• He stated a great need for efficient administrative machinery for good governance.
• Compilation of Political ideas into Arthashastra.
• Kautilya attached great significance to public finance.