The Contributions of Buddhist Economics

Abstract

Buddhist economics can be seen as a radical alternative to the Western economic mindset. Western economics represents a maximizing framework. It wants to maximize profit, desires, market, instrumental use and self-interest, and tends to build a world where “bigger is better” and “more is more.” Buddhist economics represents a minimizing framework where suffering, desires, violence, instrumental use and self-interest are minimized. This is why “small is beautiful” and “less is more” nicely express the essence of the Buddhist approach to economic questions. It is not the primary aim of Buddhist economics to build an economic system of its own. It is better to see it as an alternative strategy, which can be applied in any economic setting anytime. Buddhist economics may help Buddhist and non-Buddhist alike to create sustainable livelihood solutions which reduce suffering of human and non-human sentient beings by practicing want negation, non-violence, caring and generosity based on the liberating insight of no-self.