Contemporary lessons in Economic Philosophy drawn from two recent Indian Films

Abstract

The aim of this paper is to derive some important lessons in economic philosophy from two recent Indian films. The two films, Mani Ratnam.s Guru (2007) and Madhur Bhandarkar.s Corporate (2006), are explicitly about the world of business and the people who inhabit it. The former film is not only a history lesson about the political and economic environment in India during the first 40 years after India.s independence, but is also a celebration of Adam Smith.s philosophy and, in general, capitalism and the entrepreneurial spirit. At the same time, it brings to the fore the possibly misguided economic policies adopted by India during the first few decades after independence. .Corporate., on the other hand, complements .Guru., in the sense that it highlights the consequences borne by powerless individuals when corporations have profit as their sole aim and are willing to achieve them by hook or by crook. Also, highlighted in .Corporate. is how disastrous events can occur when politics and big business collude to undermine the interests of the working class. Thus, .Corporate. provides a case for Keynesian economics. The role of gender and family in economics is also explored in this film, as is the role and importance of ethics in economics. Last but not least, the limitations of rationality and rational behaviour are highlighted in .Corporate.. Classical economics assumes that people are perfectly rational in their decision-making. This assumption has been challenged by newer economic theories, and is also challenged by .Corporate..