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Buddhist economics is a spiritual and philosophical approach to the study of economics.[1] It examines the psychology of the human mind and the emotions that direct economic activity, in particular concepts such as anxiety, aspirations and self-actualization principles. 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.[2] The ideology's stated purpose is to "find a middle way between a purely mundane society and an immobile, conventional society."[3]
The most fundamental feature of Buddhist economics is seeing "people interdependent with one another and with Nature."[4]
Sri Lankan economist Neville Karunatilake wrote that: "A Buddhist economic system has its foundations in the development of a co-operative and harmonious effort in group living. Selfishness and acquisitive pursuits have to be eliminated by developing man himself."[5] Karunatilake sees Buddhist economic principles as exemplified in the rule of the Buddhist king Ashoka.
The core values of western economics are based in the selfishness of human nature and profit maximization. In Buddhist Economics on the other hand, the driving principle is maximization of wellbeing with minimal use of resources.[6] E. F. Schumacher, an early proponent of Buddhist economics, drew inspiration from the Buddhist principle of "Right Livelihood" in his influential essay "Buddhist Economics."[7] The focus of right livelihood is finding employment which harms neither oneself nor others. Schumacher seizes on the point that the capitalist system assumes that people see work as "a necessary evil," or something to be disliked. He proposes that, based on Buddhist ideas of divine balance, there ought to be a healthy split between leisure and work. In Buddhist economics, there are three major functions to work, "to give man a chance to utilise and develop his faculties; to enable him to overcome his ego-centredness by joining with other people in a common task; and to bring forth the goods and services needed for a becoming existence."[7] This shift in the way work is viewed, both by employers and employees, if applied to the western world, would be fundamentally altering to the incentives driving modern economies.
Bhutan's King Jigme Singye Wangchuck and its government have promoted the concept of "gross national happiness" (GNH) since 1972, based on Buddhist spiritual values, as a counter to gauging a nation's development by gross domestic product (GDP). This represents a commitment to building an economy that would serve Bhutan's culture based on Buddhist spiritual values instead of material development, such as being gauged by only GDP.[8]
U.S. economics professor Clair Brown sets up a Buddhist economics framework that integrates Amartya Sen's capability approach with shared prosperity and sustainability.[9] In her Buddhist economics model, valuation of economic performance is based on how well the economy delivers a high quality of life to everyone while it protects the environment.[10] In addition to domestic output (or consumption), measuring economic performance includes equity, sustainability, and activities that create a meaningful life. A person's well-being depends on cultivation of inner (spiritual) wealth even more than outer (material) wealth.[11]
Buddhist economics holds that truly rational decisions can only be made when we understand what creates irrationality. When people understand what constitutes desire, they realize that all the wealth in the world cannot satisfy it. When people understand the universality of fear, they become more compassionate to all beings. Thus, this spiritual approach to economics doesn't rely on theories and models, but on the essential forces of acumen, empathy, and restraint.[2] From the perspective of a Buddhist, economics and other streams of knowledge cannot be separated. Economics is a single component of a combined effort to fix the problems of humanity and Buddhist economics works with it to reach a common goal of societal, individual, and environmental sufficiency.[2]
- ^ Gross National Happiness » Maintenance Mode Archived September 2, 2009, at the Wayback Machine
- ^ a b c Cite error: The named reference
KSLwas invoked but never defined (see the help page). - ^ Cite error: The named reference
EFSwas invoked but never defined (see the help page). - ^ Brown, Clair (2017). Buddhist Economics: An Enlightened Approach to the Dismal Science. New York: Bloomsbury Press.
- ^ Karunatilake, This Confused Society (1976)
- ^ Brown, Clair; Zsolnai, Laszlo (2018-12-01). "Buddhist economics: An overview". Society and Economy. 40 (4): 497–513. doi:10.1556/204.2018.40.4.2. ISSN 1588-9726.
- ^ a b "Buddhist Economics | New Economics Institute". 2012-12-13. Archived from the original on 2012-12-13. Retrieved 2024-11-04.
- ^ "Policy Innovations - Redefining Progress". policyinnovations.org. Archived from the original on 13 April 2016. Retrieved 18 July 2015.
- ^ "About Clair Brown". Retrieved 2024-09-19.
- ^ Sen, Amartya (1999). Development as Freedom. Knopf.
- ^ "The Symbolism of the Traditional Temple".