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Peace in Economic Equilibrium: A Micro-Perspective
Abstract
Peace is a spiritual phenomenon, but it evolves through various disciplines – psychology, economics, biology, and so on. This is because human beings are complex in nature, and various facets of human existence are correlated with these disciplines. Peace is an integration of all aspects of humanism in a state of equilibrium. This chapter discusses peace as imbibed in ideas of microeconomic equilibrium. Economics is so often disapproved by spiritual thinkers as being a science of self-centeredness even after decades of progress in the subject matter after Alfred Marshall's “Principles of Economics.” This seems justified as today an ordinary man is still concerned with individual welfare first. Therefore, peace needs to be seen from this micro-perspective first so that the society may move to higher objectives later once the individuals are in equilibrium and have attained peace in this narrow but indispensable sense.
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