'Humanomics' of Ranade

M.G. Ramrde (1842-1901) was among the pioneering thinkers of India who, wanted modification in classical economics and criticized it because of its abstraction, miscalculation of human nature, and no accounting of socio-cultural environment and religious elements. The present paper aims to study this aspect of his contribution to economic theory in general and to Indian school of economics in particular. We refer to it as 'Humanomics' because he gave the prime importance to diverse human society and culture, its values and beliefs in formulation and application of economic theory.