Covid-19 and Economic Stimulus Packages: Lessons From Indian History

Abstract

To address the devastating effects of COVID-19 many governments announced economic stimulus packages. The challenge faced by policymakers is how to design the stimulus measures to benefit the maximum number of people. The purpose of this paper is to examine whether some religious activities, such as performing Yajñas or Yāgas and building of massive temples undertaken by the Indian kings in the past, suggest the critical factors for successful implementation of economic relief measures. Our analysis of literary sources such as Rāmāyaṇa and Mahābhārata and inscriptions by Emperor Rajaraja I on the Bṛhadīśvara temple, suggests these crucial factors: political leadership and vision, appointing capable and incorruptible people as managers, rulers ready to spend money, arrangements for maintenance of long-term projects after their completion, and enlisting public support for the measures. Further research on “The Economics of Religion” may provide valuable insights to address some of the modern economic problems.