6. Constitutional Welfare Economics: A Study of Classical and Keynesian Economic Ideas in Indian Constitutional Economic Philosophy

Constitutional Economics is a set of legal, institutional, and constitutional decision-making for allocating and distributing societal resources, revealing the preferences for social choices. It determines the nature and national strategies for development, shapes public policies, legislates on subject matters, and executes and institutionalizes the legislative intent. Constitutional welfare economics is that part of constitutional economics that sets the growth prospects, idealized development philosophies and ideas, and characterizes both the short-term and long-term public policies. Constitutional welfare economics is mainly a feature of democratic constitutions and open societies. Economic constitutionalism is a recent reactionary and protective phenomenon against global capitalism in the national, regional, and local interests of the people. The Constitution of India is a social document that embodies welfare ideas from both classical and Keynesian economics. This research paper aims to explore the Constitutional economic framework and welfare approaches that facilitate and legislate economic liberty, specifically the rights to carry on business, profession, and occupation, the right to property, and freedom of association, in order to promote economic welfare and liberty.