The turn in accounting and business education: neoclassical dominance to Buddhist economics

Abstract

This paper critically analyses accounting and business education theories which are embedded in neoclassical economics. This paper calls for much broader critical theories than the technical neoclassical economics theory which is mathematically driven. We suggest an alternative, that of Buddhist economics (BE) which needs to be well articulated in the business and accounting curriculum in higher education. BE intends to infuse moral and ethical values in society in the wake of recent global financial crisis which has been shaped by greed. This paper calls for an alternative BE in business decision making which may shape people to be better corporate citizens. BE has been scarcely discussed in the mainstream accounting and business literature and this paper intends to expand on BE to provide a thorough understanding of ethical and moral values in society to which business and accounting education needs to pay particular attention. BE principles may create awareness amongst scholars and managers working within the traditional Western economic framework than other available alternatives. Engaging in BE education demonstrates our effort to assimilate theories that are broader and morally appealing for ethical behaviour amongst business and accounting students.