Buddhist economics is a spiritual and philosophical approach to the study of economics. The term is currently used by followers of Schumacher and by Theravada Buddhist writers, such as Prayudh Payutto, Padmasiri De Silva, and Luang. which became a landmark book for alternative economics (see also below). 3 P.A. Payutto,. Buddhist Economics; A Middle Way of the Market Place., Bangkok . Schumacher’s seminal book “Small is beautiful” on Buddhist Economics () (Payutto , Puntasen , Sivaraksa ) as well as by Buddhists in.

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To learn from history, we must analyze all the causes buedhist conditions that contributed to the unfolding of past events. As we have seen, actions motivated by chanda and actions motivated by tanha give rise to very different results, both objectively and ethically. And with the clarity of inner calm comes an insight into one of life’s profound ironies: If there is conflict between any of these spheres, the result will be problems for all.

Buddhist economics

Unethical business practices have direct economic consequences. Buddhist and conventional economics also have different understandings of the role of work.

In the view of its proponents, Buddhist economics aims to clear the confusion about what is harmful and what is beneficial in the range of human activities involving the production and consumption of goods and services, ultimately trying to make human beings ethically mature. It is fairly obvious from the Four Noble Truths that the Buddhist view of life is very much at odds with the view common to modern societies. People who eat for taste often overeat payutho make themselves ill.

Buddhist economics – Wikipedia

Only through understanding suffering can we realize the possibility of happiness. It is a happiness that is more altruistically based, directed toward well-being and motivated by goodwill and compassion. Therefore, production and consumption become complementary to each other. For these people, happiness remains a remote condition, something outside themselves, a future prize that must be pursued and captured. Blameworthy qualities are greed for gain, stinginess, grasping, attachment to gain and hoarding of wealth.


Denying these things, however, does not make them go away. This is an important point often overlooked by economists.

For instance, when the owners of the means of production are blindly motivated by a desire to get rich buddhust as little outlay as possible, it is very unlikely that the workers will have much chanda.

The end the ideal society justifies the means hatred and bloodshed.

Rather than leading to contentment and well-being, the pursuit of happiness so often leads to restlessness and exhaustion in the individual, strife in society and unsustainable consumption of the environment. Suddenly he fell out of Tavatimsa Heaven, down to earth, where he landed in an orchard with a resounding thump.

As for Little Suzie, if her true desire is to go to the movies not to read the bookthen reading will afford no satisfaction in itself; she only reads because it budhist a condition for going to the movies. While not technically an economic concern, I would like to add a few comments econo,ics the subject of contentment.

Unlike traditional economics, Buddhist economics considers stages after the consumption of a product, investigating how trends affect the three intertwined aspects of human existence: Sri Lankan economist Neville Karunatilake wrote that: In recent years, critics of economics, even a number of economists themselves, have challenged this “objective” position and asserted that economics is the most value-dependent of all the social sciences.

This is a fixed cause and payutho relationship based on natural laws. Economists may assert that economics only concerns itself with demand, not its ethical quality, but in fact ethical considerations do affect demand.

Instead, Buddhism judges the ethical value of wealth by the ways in which it is obtained, and the uses to which it is put. But if no account is taken of ethical considerations, economics will be incapable of developing any understanding of the whole causal process, of which ethics forms an integral part.


In weapons factories, for example, non-production is always the better choice. The right practice for monks is to own nothing except the basic requisites of life.

With human development as our goal, we eat food not simply for the pleasure it affords, but to obtain the physical and mental energy necessary for intellectual and spiritual growth toward a nobler life.

In Buddhism this burden is called dukkha or suffering. I would now like to take a step buedhist and look at economics from a somewhat wider perspective. Dhammavijaya May, Author’s Preface It is well known that the study of economics has up till now avoided questions of moral values and considerations of ethics, which are abstract qualities.

For the most part, advertising promotes this artificial value. Ancient schools Medieval Islamic Scholasticism. Truly rational decisions must be based on insight into the forces that make us irrational.

Instead it examines the fundamental fears, desires and emotions that motivate our economic activities. Old age is inevitable; craving is not. Ideally, the sciences should provide solutions to the complex, interrelated problems that face humanity, but cut off as paayutto is from other disciplines and the larger sphere of human activity, economics can do little to ease the ethical, social and environmental problems that face us today.

On Observance days, some Buddhist laypeople also refrain from eating after midday and, in so doing, contribute to their own well-being. Our ethics — and the behavior that naturally flows ecknomics our ethics — contribute to the causes and conditions that determine who we are, the kind of society we live in and the condition of our environment.

We may ask, “Does craving cause old age? As long as their livelihood does not exploit burdhist, however, Buddhism does not condemn their wealth.