Skip to main content
Disciplines
Automotive Business IT + Informatics Construction + Real Estate Electrical Engineering + Electronics Energy + Sustainability Insurance + Risk Finance + Banking Management + Leadership Marketing + Sales Mechanical Engineering + Materials
Events
DE
EN
Books
Journals
Topic Page
Marketing
Start single access now
Access for companies
EXTENDED SEARCH
Log in
Top
Published in:
Cover of the book

2020 | OriginalPaper | Chapter

1. What Is Buddhist Economics?

Author : Ernest C. H. Ng

Published in: Introduction to Buddhist Economics

Publisher: Springer International Publishing

Log in

Activate our intelligent search to find suitable subject content or patents.

search-config
loading …

Abstract

This chapter introduces Buddhism and market economy for readers with limited prior knowledge of the fields. Buddhist Economics as an evolving and interdisciplinary subject looks into the intersection of spiritual and material well-being. It also explores from the Buddhist perspective how we could change Market Economics to better serve humans. Both Buddhism and market economy comprise a wide range of theories and cannot be generically explained by a single school of thought. The core motivation for Buddhist Economics is not to fulfil the missions of the market economy by applying Buddhist principles. It is however an insightful exploration on how Buddhist values could drive sustainable decisions and address some of the challenges the market economy encounters in the twenty-first century.

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

inform now

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

inform now
next chapter The Four Noble Truths: A Decision-Making and Problem-Solving Framework
Footnotes
1
Ray Dalio is the founder, president and co-chief investment officer of Bridgewater Associates, one of the largest hedge funds in the world. As of Dec. 2019, Bridgewater Associates managed approximately US$160 billion and received over 50 industry awards and various recognitions in the past 10 years.
 
2
Intermediate Technology Development Group is a British non-government organization founded by Schumacher with the aim of implementing his vision on an economics as if people mattered. Since 1960s, it has operated in the southern continents to develop small enterprises based on ethical and environmental sustainable principles using small-scale technology managed and owned by small local communities. Zadek (1997) challenged the resilience and meaning of some of the observed practices arising from the work of these organizations.
 
Literature
Abeynayake, Oliver. 2016. The Social and Economic Dimensions of Early Buddhism. Hong Kong: The Buddha-Dharma Centre of Hong Kong.
Alexandrin, Glen. 1993. Elements of Buddhist Economics. International Journal of Social Economics 20 (2): 3–11.CrossRef
Alexandrin, Glen, and Charles E. Zech. 1999. Ancient Futures: Papal and Buddhist Economics. International Journal of Social Economics 26 (10/11): 1344–1353.CrossRef
Brown, Clair. 2017. Buddhist Economics. New York: Bloomsbury Press.
Cantwell, Cathy. 2010. The Buddha’s Life Story. In Buddhism: The Basics, 24–41, 54 London/New York: Routledge.
Chang, Ha-Joon. 2014. Economics: The User’s Guide. London: Pelican, Penguin Books.
Chang, Otto H. 2006. The Buddhist Approach to Economic Development: The Path to A Wisdom-based Economy. Hsi Lai Journal of Humanistic Buddhism 7: 173–181.
Daniels, Peter L. 1998. Economic Change, the Environment and Buddhism in Asia. International Journal of Social Economics 25 (6/7/8): 968–1004.CrossRef
———. 2003. Buddhist Economics and the Environment: Material Flow Analysis and the Moderation of Society’s Metabolism. International Journal of Social Economics 30 (1/2): 8–33.CrossRef
———. 2005. Economic Systems and the Buddhist World View: The 21st Century Nexus. The Journal of Socio-Economics 34: 245–268.CrossRef
———. 2010. Climate Change, Economics and Buddhism—Part 2: New Views and Practices for Sustainable World Economies. Ecological Economics 69 (5): 962–972.CrossRef
Essen, Juliana. 2010. Sufficiency Economy and Santi Asoke: Buddhist Economic Ethics for a Just and Sustainable World. Journal of Buddhist Ethics 17: 69–99.
Gethin, Rupert. 1998. The Buddha: The Story of the Awakened One. In The Foundations of Buddhism, 7–27. Oxford/New York: Oxford University Press.
Harvey, Peter. 2000. Economic Ethics. In An Introduction to Buddhist Ethics: Foundations, Values and Issues, 187–237. Cambridge: Cambridge University Press. Reprint, Seventh.CrossRef
———. 2013. The Buddha and His Indian Context. In An Introduction to Buddhism: Teachings, History and Practices, 2nd ed., 8–29. New York: Cambridge University Press. Original edition, 1990.
Hettiarachchi, Dharmasena. 2001. Buddhist Economic Philosophy: As Reflected in Early Buddhism. Trans. Sanath Nanayakkara. Colombo: Educational Publications Department.
Hwang, Kwang-Kuo. 2015. Dual Belief in Heaven and Spirits: The Metaphysical Foundation of Confucian Morality. In Routledge Handbook of Religions in Asia, ed. Bryan S. Turner and Oscar Salemink. Oxon/New York: Routledge.
Inoue, Shinichi. 1997. Putting Buddhism to Work: A New Approach to Management and Business. Trans. Duncan R. Williams. Tokyo: Kodansha International Ltd. Original edition, in Japanese, Chikyu o Suku’u Keizaigaku 1994 by Suzuku Shuppan, Tokyo.
Kovács, Gábor. 2014. Buddhist Approach to Sustainability and Achieving Millennium Development Goals. In The 11th of International Buddhist Conference on the United Nations Day of Vesak (2014/2557), Cat Bai Dinh Temple. Ninh Binh: Vietnam.
Magnuson, Joel. 2011. Mindful Economics: How the US Economy Works, Why It Matters, and How It Could Be Different. New York: Seven Stories Press.
———. 2017. From Greed to Wellbeing: A Buddhist Approach to Resolving Our Economic and Financial Crises. Bristol: Policy Press.
MLDB. MN 26. Ariyapariyesanā: The Noble Search. In MLDB, 253–268. Somerville: Wisdom Publications.
MLDB. MN 36. Mahāsaccaka Sutta: The Greater Discourse to Saccaka. In MLDB, 332–343. Somerville: Wisdom Publications.
MLDB. MN 7. Vatthūpama Sutta: The Simile of the Cloth. In MLDB, 118–122. Wisdom Publications: Somerville.
Ñanamoli, Bhikkhu, and Bhikkhu Bodhi. 1995. The Middle Length Discourses of the Buddha: A Translation of the Majjhima Nikaya (Teachings of the Buddha). Somerville: Wisdom Publications.
Nanayakkara, S. K. 1995. Social Dimensions of Buddhism. In Encyclopedia of Buddhism. Extract No. 3, ed. W. G. Weeraratne. Padukka: The State Printing Corporation.
Ng, Ernest C.H. 2015. Buddhist Perspectives on Economic Growth: A Buddhist-based Sustainable Investment Model Within Market Economy. Thesis, University of Hong Kong.
Payutto, PA. 1998. Buddhist Economics, A Middle Way for the Market Place. Bangkok: Buddhadhamma Foundation.
Prayukvong, Wanna. 2005. A Buddhist Economic Approach to the Development of Community Enterprises: A Case Study from Southern Thailand. Cambridge Journal of Economics 29 (6): 1171–1185.CrossRef
Pryor, Frederic L. 1990. A Buddhist Economic system—in Principle. American Journal of Economics and Sociology 49 (3): 339–349.CrossRef
———. 1991. A Buddhist Economic System. In Practice: The Rules of State Policy Making of the Ideal King’s Sought a “Middle Way” Between Right and Left. American Journal of Economics and Sociology 50 (1): 17–32.CrossRef
Puntasen, Apichai. 2007a. Buddhist Economics as a New Paradigm Towards Happiness. Society and Economy 29 (2): 181–200.CrossRef
———. 2007b. Why Buddhist Economics Is Needed as a New Paradigm for a Better Understanding of Happiness (Wellness). International Conference on Happiness and Public Policy, Bangkok.
———. 2008. Buddhist Economics: Evolution, Theories, and Its Application to Various Economics Subjects. Bangkok: Amarin Publisher.
Punyaboon, Rachroat. 2014. Sufficiency Economy: An Innovative Method of Buddhist Development Economics. Journal of Humanities and Social Sciences 3 (2): 33–54.
Rahula, Basnagoda Bhikkhu. 2008. The Buddha’s Teachings on Prosperity: At Home, at Work, in the World. Boston: Wisdom Publications.
Reynolds, Frank E., and Regina T. Clifford. 1980. Sangha, Society, and the Struggle for National Identity: Burma and Thailand. In Transitions and Transformations in the History of Religions: Essays in honor of Joseph M. Kitagawa, ed. Frank E. Reynolds and Theodore M. Ludwig, 56–91. Leiden: E. J. Brill.CrossRef
Schumacher, Ernst F. 1984. Small Is Beautiful: Economics as if People Mattered. London: Sphere Books Ltd. Original edition, 1973.
Sivaraksa, Sulak. 2011. The Wisdom of Sustainability: Buddhist Economics for the 21st Century. Asheville: Koa Books.
Tideman, Sander G. 2004. Gross National Happiness: Towards a New Paradigm in Economics. First International Conference on Operationalization of Gross National Happiness, Bhutan.
Weber, Max. 1965. The Sociology of Religion. Trans. Ephraim Fischoff. First English translation from the Fourth Edition ed. London: Methuen & Co Ltd. Original edition, 1922 by J.C.B. Mohr in Germany.
———. 1978. Economy and Society: An Outline of Interpretive Sociology. California: University of California Press.
Zadek, Simon. 1993. The Practice of Buddhist Economics? Another View. American Journal of Economics and Sociology 52 (4): 433–445.CrossRef
———. 1997. Towards a Progressive Buddhist Economics. In Entering the Realm of Reality: Towards Dharmmic Societies, ed. Jonathan Watts, Alan Senauke, and Santikaro Bhikkhu, 241–277. Bangkok: INEB.
Zsolnai, László. 2007. Western Economics Versus Buddhist Economics. Society and Economy 29 (2): 145–153.CrossRef
———. 2009. Responsible Decision Making. In Praxiology: The International Annual of Practical Philosophy and Methodology, ed. Wojciech W. Gasparski. Transaction Publishers: New Brunswick.
———. 2011. Buddhist Economics. In Handbook of Spirituality and Business, 88–94. London: Palgrave Macmillan.
Metadata
Title
What Is Buddhist Economics?
Author
Ernest C. H. Ng
Copyright Year
2020
Publisher
Springer International Publishing
Book
Introduction to Buddhist Economics

Print ISBN: 978-3-030-35113-7

Electronic ISBN: 978-3-030-35114-4

Copyright Year: 2020

DOI
https://doi.org/10.1007/978-3-030-35114-4_1