Buddhist Economics In a discussion of Buddhist economics the first question that arises is whether such a thing as Buddhist economics actually exists, or whether it is even a possibility. At present t…
Limitations of Economic Theory in the Industrial Age (1) Specialization (2) Not free of ethics, but inattentive to them (3) Unable to be a science, but wanting to be one (4) Lack of clarity in its und…
(1) Specialization At the present time economists consider economic activity in isolation, without reference to other forms of human activity or to other academic disciplines. This specialization is o…
(2) Not free of ethics, but inattentive to them A solution to the problems facing humanity requires the presence of many contributing factors, one of which is ethics, a subject of particular relevance…
(3) Unable to be a science, but wanting to be one The large number of examples I have given so far have been intended to demonstrate the intimate and significant effect that ethics and values have on …
(4) Lack of clarity in its understanding of human nature Having shown how economics is related to other matters, particularly values, and how it is affected by other things we may now turn to another …
(a) Want I would like to begin dealing with the subject of human nature by looking at demand or wants. Modern economics and Buddhism both agree that mankind has unlimited wants. There are a great numb…
(b) Consumption The question of consumption is similar to that of value. We must distinguish what kind of desire our consumption is intended to satisfy. Is it in order to answer the need for things of…
(c) Work and working Work’ and ‘working’ are also terms that are understood in different ways by conventional and Buddhist economics, and once more the difference is related to the two kinds of desire…
(d) Competition & Cooperation The view of economics is that it is human nature to compete. Buddhism, on the other hand, says that it is within human nature both to compete and to cooperate, and fu…