Supply Side Behaviour: A Source of Welfare & Happiness

Abstract

The microfoundations of welfare are intended to achieve social welfare. Individual is a micro-order having economic and non-economic factors, shadows of scenario, and it works and takes decisions in the combined system of soul, body, and instruments of activity. Welfare is a macro concept, but it can be achieved by the aggregate behavior of a micro unit, which is an individual. The micro approach reveals that the decision to embody the spirit of sacrifice and selfless service without disregarding one’s own integrates the cause of life and livelihood both for oneself and others. Welfare, peace, and happiness can be secured through action or work, which is the supply-side behavior of an individual. Such microfoundations for welfare highlight the importance of supplyside behavior from all stakeholders in society. Supply-side economics is a different concept that is based on economic rationality. Here, the supply-side behavior is normative in nature. The approach calls for taking care of the welfare of others besides our own. Indian economic thoughts and ancient literature all have this broader outlook. The paper is divided into four sections: introduction, individual as micro-order, background basis, different concepts and dimensions of supply-side behavior, and conclusion. The paper is food for thought, with many dimensions of supply-side behavior that can be explored.