A presentation by: Ashutosh
Buddhist Economics is formed from the two words: Buddhist and Economics. The word Buddhist refers to the teaching of Buddha Economics is a subject studying human behavior related to the consumption of goods and services for survival as well as beyond that level
Why Buddhist Economics???Buddhist Economics says that we are looking at the application of the Buddhas teachings to economics. The purpose is to understand the real nature of human beings and the relationships between human beings and nature. Such a paradigm will serve as an analytical tool to understand human beings both in greater width and depth.
It will reshape the incorrect or wrong conclusions from the narrow frame of thinking in mainstream economics which is also sometimes referred to as autistic economics.
DEFINITION:A subject related to economic activities with the goal for both individuals and society to achieve peace and tranquility in a material world under the condition of resource constraint.
FROM Utility & Welfare TO Peace & TranquilityBuddha is not the name of a person but rather it means the one who knows, awakes, and is enlightened.Western civilization for mainstream economics and Eastern civilization for Buddhist Economics, developed from the teaching of Buddha.
Buddhist Economics is an economics subject where a person can approach the truth of the subject on his/her own
The Necessity for the Development of Buddhist Economics in Thailand Thais predominantly claim to be Buddhists inconsistency or incompatibility between Buddhism and the economics they have learned!Pridi Bhanomyong was the first person in Thailand who attempted to introduce Buddha Dhamma for social development, and political economy.
It tries to find a middle way between a purely mundane society and an immobile conventional society
The Middle Way of living: A modelLet: w - well-being. n consumption m - meditation. The simple relationship formed using these three variables is w=w(n,m) ........(I) Procuring these consumption goods take time because the labour involved in producing them require time and money. Now: Suppose this time required is t. Therefore, n=n(t) ............. (II) Putting equation (II) in equation (I), We get: w=w(n(t), m).................... (III)
The concept of the "Middle Way" says that time should be divided between working towards consumption and meditation and the optimal allocation between these two activities will be when some meditation is utilized to lower the desire for consumption and to be satisfied with lesser consumption and the work that it involves. In economic terms this means the marginal productivity of labour utilized in producing consumption goods is equal to the marginal effectiveness of the meditation involved in economizing on consumption without bringing about any change in satisfaction.
Buddhist Economics is an economics subject where a person must approach the truth of the subject on his/her own
References Gross National Happiness Maintenance Mode Payutto, Ven. P. A.. "Buddhist Economics - A Middle Way for the Market Place". Schumacher, E. F.. "BUDDHIST ECONOMICS". Buddhist Economics E. F. Schumacher: Life and Work Buddhist Economics - Conferences Buddhist Economics Research Platform Buddhist Economics Research Platform 3 Home http://www.urbandharma.org/udharma5/buddhisteco.html#Preface http://www.truehappiness.ws/What_is_Buddhist_economics.html http://buddhist-economics.info/documents/puntasen.pdf http://www.buddhanet.net/cmdsg/econ2.htm