BUDDHIST ECONOMICS Meaning and
Definition
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Buddhist economics is a philosophical and practical approach to economics that is derived from the teachings of Buddhism. It emphasizes the interdependence of individuals and the environment, and seeks to promote sustainable and compassionate economic systems.
At its core, Buddhist economics challenges the mainstream economic paradigm, which tends to prioritize material wealth and endless growth. Instead, it advocates for an economic framework that focuses on human well-being, happiness, and the reduction of suffering. Key principles of Buddhist economics include sufficiency, sustainability, and the eradication of poverty.
Sufficiency in Buddhist economics refers to recognizing and valuing limits, both in terms of individual consumption and the overall use of resources. This concept encourages individuals and societies to be content with what is sufficient for a fulfilling life, rather than constantly striving for more material wealth.
Sustainability is another central aspect of Buddhist economics. It acknowledges the interconnectedness of all beings and the environment, emphasizing the need for economic systems that do not harm or deplete natural resources. Buddhist economics promotes the use of renewable resources, the preservation of ecosystems, and the reduction of waste and pollution.
Additionally, Buddhist economics advocates for the eradication of poverty and social inequality. It proposes a more equitable distribution of resources and wealth, ensuring that basic needs are met for all individuals, while also promoting social cooperation and a sense of interconnectedness.
Overall, Buddhist economics provides an alternative approach to economic theory and practice, one that prioritizes human flourishing and environmental stewardship over pure profit maximization. It encourages reflection on the ethical implications of economic systems and aims to create economic structures that align with Buddhist teachings of compassion, mindfulness, and non-harm.
Etymology of BUDDHIST ECONOMICS
The word "Buddhist economics" combines two terms, "Buddhist" and "economics".
The term "Buddhist" refers to Buddhism, a religion and philosophy that originated in ancient India around the 6th century BCE. Buddhism was founded by Siddhartha Gautama, also known as the Buddha, and it emphasizes principles such as compassion, mindfulness, and the pursuit of enlightenment.
The term "economics" refers to the social science that deals with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, and societies allocate finite resources to satisfy unlimited human wants.
The concept of "Buddhist economics" was introduced by E.F. Schumacher, a renowned British economist, in his influential book "Small is Beautiful: A Study of Economics as if People Mattered", published in 1973.
