Practical wisdom for managing sustainable enterprises – synthesizing Buddhism and ecological economics

Abstract

Purpose– The purpose of this paper is to highlight how the new transdiscipline of ecological economics (EE) provides a very useful supporting scientific base for Buddhist traditions and their provision of practical wisdom for economics and management.Design/methodology/approach– The key relevant theoretical and methodological features of EE are explained and related to the Buddhist world view. The strong consistencies between the two perspectives are highlighted. The complementary nature of the practical philosophy of Buddhism and the guiding paradigm of EE can contribute to change in contemporary management approaches aligned with sustainable and welfare-enhancing economic systems.Findings– EE provides a very appropriate scientific base to complement and broaden the positive contribution of Buddhist traditions to sustainable economic systems and consistent management practices.Originality/value– Despite some very clear parallels and complementarities, the mutual benefits of integrating and strengthening the cross-over between Buddhism and the influential new “sustainability science” of EE are yet to be realised. This paper is focused on this goal. The potential interplay promises significant benefits for both perspectives – EE needs more development of its sustainability ethical basis, and Buddhist perspectives would be enhanced by support from a highly consistent and influential scientific paradigm in a world where secular market economics continues to prevail.