Babasaheb Ambedkar was not only an economist by training, but he devoted considerable attention to analyzing the economic dimensions of social problems. His interest in, and insights into, contemporary economic problems stand out in the many memoranda he submitted to the government from time to time. Against this background, the general ignorance of Dr. Ambedkar’s contributions as an economist is as surprising as it is unfortunate.
Babasaheb Ambedkar was one of the most illustrious sons of India of this century. His great contribution as the principal architect of the Indian Constitute is widely acclaimed. His varied contributions as a scholar, educationist, journalist, authority on comparative religion and a champion of human rights for the downtrodden masses in India are also widely recognized. Yet there remains one crucial aspect of his multifaceted genius that has not been fully appreciated, viz, his contribution as an economist. As a matter of fact, Ambedkar was an economist by his basic training. In 1917, he earned his doctorate in economics at the Columbia University, USA. Again, the degree of Doctor of Science (DSc) which the London School of Economics conferred on him in 1921 was for his research in economics. Besides his dissertations for these formal degrees, Ambedkar also analyzed the economic dimensions of social maladies in India. His speeches were replete with stimulating economic thoughts. Various memoranda and statements that Ambedkar submitted to the government from time to time are also indicative of his deep insights into India’s economic problems.
It is against this background that one finds the widespread ignorance regarding Ambedkar’s contribution as an economist unfortunate. This lack of awareness, to an extent, could be explained by his phenomenal contributions in other spheres such as law, religion, sociology and politics, which might have overshadowed his contribution to economics. Yet it is surprising that even the so-called expert studies on the evolution of Indian economic thought such as those by Ganguli or Madan do not seem to fake much cognizance of Ambedkar’s contributions. (BN Ganguli, Indian Economic Thought: Nineteenth Century Perspective, Tata McGraw Hill, 1977, and B K Madan, Economic Thinking in India, S Chand, 1966).
This paper makes a modest attempt to fill this gaping the academic literature and in the general understanding. Section | recounts Ambedkar’s contributions to the conventional sub-disciplines in economics ‘such as monetary economics and public finance, drawing on his erudite dissertations. Ambedkar’s views on the economic dimensions of India’s dominant social characteristics such as the caste system and untouchability are presented in Section Il. The final section then brings together Ambedkar’s thoughts on broader issues in the strategy of economic development. His perceptions regarding communism, state socialism and economic democracy are covered in that section.
