write characteristics of the definition of prof. j.k.mehta
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J.K. Mehta’s Theory of Wantlessness!
J.K. Mehta was a great scholar both in Economics and Philosophy. He made a positive contribution to the field of economic theory for which he deserved credit and praise. His economic thinking is very much influenced by the Indian way of life, religion and ethics and all the Gandhian philosophy.
Mehta was known in the 1930s for his independent discovery of the concept of marginal revenue. Joan Robinson in her book Economics of Imperfect Competition makes a mention of this. However, Mehta, instead of his contribution to the mainstream Neoclassical Economics, is more famous for its critique and attempts to build alternatives model of man than the ‘maximising economic man’.
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