Western economics versus Buddhist economics
Western economics versus Buddhist economics
Author(s): László ZsolnaiSubject(s): Economy, Business Ethics, Socio-Economic Research
Published by: Akadémiai Kiadó
Keywords: Buddhist economics; minimising framework; strategy;
Summary/Abstract: The paper explores Buddhist economics as a major alternative to the Western economic mindset. Buddhism is centred on want negation and purification of the human character. Buddhist economics, developed by Schumacher, Payutto, Welford and others, challenges the basic principles of modern Western economics: (1) profit-maximisation, (2) cultivating desires, (3) introducing markets, (4) instrumental use of the world, and (5) self-interest-based ethics. Buddhist economics proposes alternative principles such as minimising suffering, simplifying desires, non-violence, genuine care, and generosity. It is suggested that Buddhist economics is not a system but a strategy, which can be applied in any economic setting.
Journal: Society and Economy. In Central and Eastern Europe ǀ Journal of the Corvinus University of Budapest
- Issue Year: 29/2007
- Issue No: 2
- Page Range: 145-153
- Page Count: 9
- Language: English