Guest Lecture on Evolution of Economic Thought: Neoclassical, Modern & IKS Perspectives

A Guest Lecture on “Evolution of Economic Thought: Neoclassical, Modern & IKS Perspectives” was organised on 30 September 2026 from 9:15 a.m. to 12:20 p.m. The session was conducted by Dr. Avichal Sharma and was organised with the objective of providing students with a comprehensive and contextual understanding of the evolution of economic thought. The lecture brought together conventional economic theories, contemporary approaches, and perspectives from Indian Knowledge Systems, enabling students to appreciate economics as a dynamic discipline that has evolved in response to changing social, institutional, technological, cultural, and economic conditions.

The session commenced with an overview of the historical development of economic thought and the intellectual developments that contributed to the emergence and transformation of economics as a distinct discipline. Dr. Sharma discussed how economic ideas have evolved over time in response to changing economic realities and societal requirements. Students were encouraged to understand that economic theories are not developed in isolation but are influenced by the prevailing institutional structures, social conditions, technological developments, and economic challenges of different periods.

The lecture subsequently focused on the Neoclassical perspective and its contribution to the formal development of economic analysis. Key concepts such as rational choice, utility, marginal analysis, equilibrium, resource allocation, and market mechanisms were discussed. Dr. Sharma explained the assumptions underlying neoclassical economics and illustrated how these assumptions influence the analysis of consumer behaviour, producer decisions, market interactions, and allocation of scarce resources. The discussion enabled students to revisit fundamental concepts from economics and understand their theoretical foundations rather than approaching them merely as isolated concepts in a syllabus.

The session then progressed towards modern perspectives in economic thought. The discussion highlighted how contemporary economics has expanded beyond several traditional assumptions to incorporate a wider range of factors influencing economic behaviour and outcomes. Particular attention was given to institutions, behavioural considerations, information, incentives, uncertainty, and social context. Students were encouraged to recognise that economic decisions are often influenced by factors beyond purely rational calculations. This component of the lecture helped participants connect economic theory with contemporary economic realities and appreciate the interdisciplinary nature of modern economic analysis.

A significant and distinctive component of the lecture was the discussion on Indian Knowledge Systems and their relevance to economic thought. Dr. Sharma introduced students to the importance of indigenous intellectual traditions and encouraged them to explore economic ideas from an Indian perspective. The discussion considered themes such as ethical conduct, economic organisation, social welfare, responsible resource management, collective well-being, and the relationship between economic activity and broader societal objectives. Students were encouraged to examine how indigenous knowledge traditions can contribute to contemporary discussions on economics while developing an appreciation for the diversity of intellectual traditions that have contributed to economic thinking.

The integration of Indian Knowledge Systems with conventional and modern economic perspectives provided students with an opportunity to adopt a comparative approach to the study of economics. Rather than viewing different perspectives as isolated frameworks, the session encouraged participants to examine the evolution of economic thought and identify how different approaches respond to different economic and social contexts. This approach also encouraged students to think critically about the assumptions, scope, and applicability of various economic theories.

The lecture maintained an interactive and engaging format throughout the session. Students participated in discussions and were encouraged to raise questions and relate theoretical concepts to contemporary economic situations. Examples and contextual discussions helped bridge the gap between theoretical learning and practical understanding. The interaction also enabled students to reflect on how economic concepts can be interpreted differently depending on the institutional, social, cultural, and historical context in which they are applied.

The session further contributed to developing students’ critical and analytical thinking skills. By examining the transition from traditional economic approaches to modern perspectives and subsequently considering Indian Knowledge Systems, students were encouraged to move beyond a single-framework understanding of economics. The lecture promoted curiosity, comparative analysis, and intellectual openness, while reinforcing the importance of understanding the assumptions and contexts underlying different economic perspectives.

The guest lecture also provided an academic platform for students to engage with an external subject expert and gain perspectives beyond the conventional classroom environment. Such interaction helped enrich the learning experience by exposing students to broader academic discussions and encouraging them to view economic theories in relation to contemporary challenges.

Overall, the guest lecture served as a valuable academic enrichment activity that strengthened students’ conceptual understanding of the evolution of economic thought. It provided exposure to Neoclassical economics, modern economic perspectives, and Indian Knowledge Systems while highlighting their respective contexts and areas of relevance. The session encouraged students to develop a broader, critical, and context-sensitive understanding of economics and its relationship with society.

The lecture concluded with an emphasis on the continuing evolution of economic thought and the importance of engaging with diverse intellectual traditions while addressing contemporary economic challenges. The session successfully encouraged students to connect theoretical knowledge with practical and societal contexts and reinforced the importance of critical thinking, comparative analysis, and interdisciplinary learning in the study of economics.