Buddhist Economics Research Articles

GNH and Artificial Intelligence for Sustainable Development

The objective of this research is application of Gross National Happiness (GNH) framework, grounded in the principles of Buddhist economics, in the Eastern European sustainable development context, specifically in Slovakia. This studies aim is to investigate the possibility of applying GNH framework in Slovakian environment. The research is an experimental study about the evaluation of the happiness index of Slovakian employees and employers of SMEs in Slovakia, in Rožňava region. The sustainable development in the region is lowest in the country, its' characterized by high unemployment rate, tendency of emigration, low standard of living, and inadequate healthcare services. Data were collected through two quantitative questionnaires, adapted and supplemented versions of the original Bhutanese questionnaire. The sample comprised 315 employees and 50 organizations in Slovakia. A distinctive aspect of this survey is its consideration of the implications of artificial intelligence and technological advancements. The study investigates the ways in which artificial intelligence influences human well-being and perceptions of trust. The findings reveal a critically low happiness index in the Rožňava region, indicating a need for intervention. This study would like to be contribution to the existing and further research of sustainability, about possibility to apply GNH framework in European culture in context of social, ecological and economical sustainable development.

Buddhist Economics: The Foundation for an Equitable, Sustainable, Caring Economy

Buddhist Economics: The Foundation for an Equitable, Sustainable, Caring Economy

Buddhist economics as a return to rational model of economic management

The concept of Buddhist economics is gaining increased appeal in a world where external factors are once again becoming more of a threat than a salvation. Buddhist economy is a return to the values of agricultural production, but taking into account the experience and achievements of the industrial and post-industrial economy. Care for the environment, personal development, community development, especially spiritual development – these are the priorities of the Buddhist economy. In particular, agricultural production appears as only the most convenient means for achieving these goals. However, Buddhist economics is not a rejection of the achievements of modern and postmodern society – it is an attempt to use these experiences and achievements for a more intelligent and effective implementation of the goals of the economy, which were defined by Aristotle. The rational model of economic management according to these views consists in thrifty but full consumption and restrained production with environmentally friendly aims.

Buddhist Economic: For Student Creativity Program in Entrepreneurship by Catera Zebuart Product

Several sources of primary Buddhist scriptures, secondary literature, and scientific articles were examined to find out what economic system was derived from the teachings of Buddhism described by Gautama Buddha. The principles of Buddhist economics are investigated from the personal and social ethics of the Buddhists that underlie the system. An economic system that adheres to Buddhist moral norms, and attitudes towards property and wealth that inspire in economic endeavors in particular entrepreneurial behavior. The method used is systematic content analysis. Entrepreneurship based on Buddhist values ​​is also analyzed to be applied in the Student Creativity program in the field of Entrepreneurship. Generosity which is the principle of Buddhist economics in this study is also applied. Through an institution approved by the Directorate General of Buddhist Community Guidance together with the Directorate of Taxes, the Ministry of Finance, six formal institutions similar to the Amil Zakat Agency in Islamic Religious Institutions were obtained. Meanwhile, the selected product is based on the creative economy in the form of a conscious work of art called Catera Zebuart.

ANALISIS EKONOMI SYARIAH MENURUT SUDUT PANDANG AGAMA BUDDHA

Sharia economics is a teaching that puts forward religious and ethical values in muamalah, which provides a fair value of benefits to both parties concerned and distributes existing losses so that they are not burdened with only one party. On this basis, this study was made to find out the correlation between Islamic economics and economics in Buddhism. The research method is based on literature review and uses methods that are relevant to existing theories. Sources of data used in this study took primary and secondary sources. Primary sources are Al-Quran and Hadith, Tipitaka. Secondary sources are popular books and other supporting sources that are relevant to the problem being discussed. The data analysis technique used in the preparation of the thesis mostly uses a deductive way of drawing conclusions. Deductively, namely the collection of data from things that are general to things that are specific, as well as correlatives that have a reciprocal relationship with one another. In this research, it was found that there was a correlation between Economics in Islam and Buddhism, which was carried out with effort without harming oneself, others or other creatures. From the point of view of Buddhism, it shows that the economy that is carried out must go through the right and legitimate path, according to what is taught, namely by being guided by the noble eightfold path, namely right livelihood. Buddhist economics not only considers one's own happiness, but also considers others.

Buddhist Economics: An Ethnography of Tamang Community of Temal

Buddhists Economics is economic science based on Buddhists Philosophy specially focused on the noble eightfold path. Ethnography denotes the detailed cultural ethnicity profile of a specified community. Thus it is an ethnicity graph of Tamangs of Temal Rural Municipality from Buddhists' economic perspective. To get the detailed cultural and economic profile of Tamang of Temal the study has been prepared. It is an ethnography of Tamang of Temal from Buddhist economics and right livelihood. Finally, Tamang is Buddhists but they are highly influenced by different ideologies and now turned into a different type of unique Temal Tamang Buddhists.

A Possible Compatibility of Buddhist and Western Economics: A Cohesiveness Agendum to the Emerging Global Issues

The principles of Buddhist economics have commenced to gain impetus among the business and well-being scholars, however, with little impact on the negligence and constriction principles of Western economics. Therefore, this review article explores the conceptualism dichotomy of Buddhist economics and Western economics, and principles of Buddhist economics as a pragmatic way of attaining sustainable well-being and happiness. In addition, the article examines the reliability of Buddhist economics as an economic development policy. Articles were retrieved from the web-based databases and academic search engines using thematic key words like Buddhist economics, Western economics, well-being, happiness and global issues. The data generated through detailed reading of the 66 articles were analysed within and across using constant comparison analysis technique of QUAL approach. The findings suggest that the compatibility of Buddhist and Western economics is a cohesive solution to the emerging global issues. This article also draws attention of the policymakers and economic experts to reexamine their economic policies for the common well-being of global populace and the sustainability of the economy itself.

Does Profit Still Matter? The Implementation of Buddhist Ideas to Contemporary Business: Theory and Practice

The subject matter of this paper is Buddhist economics in theory and practice. The goal is to point out the main concepts of Buddhist economics, which is different from Western mainstream economics, and then explain how applying Buddhist teachings to business can possibly improve societal well-being and the condition of the natural environment. The main contribution of the article is twofold. Firstly, it aims to plumb the literature to identify characteristics of Buddhist economics, which is a relatively new field. Secondly, it compares Buddhist enterprises to relatively well-known social enterprises, showing the main differences between them. “Buddhist ideas in practice” are illustrated by examples of such companies as Benefit System or Patagonia. The main conclusion is that money and wealth are allowed in Buddhism, but religion reminds people not to become attached to their possessions and to share them with others. Examples described in the paper lead to an awareness that economic activity can be a means to a noble life. New criteria of assessment of business success including social engagement and care for the environment should be created. Thus, deep institutional changes which redefine the roles and duties of business would be required. The paper is based on literature, documents and online sources. The research methods used are the critique of literature covering the subject matter, comparative analysis and elements of case studies.

Fashion and the Buddha: What Buddhist Economics and Mindfulness Have to Offer Sustainable Consumption

While consumers increasingly expect fashion companies to be bastions of social and environmental causes, they also aspire for fashion in ways known to erode human well-being, evidencing an ethics–behavior gap. The purpose of this conceptual article is to explore how Buddhist economics (BE) and mindfulness could narrow this gap; a spiritual consciousness making consumer ethics more consequential. Classical economic theory is contrasted with BE, a moral framework, including moderation and nonviolence. Mindfulness practice is explored as a practice used to temper consumption. It is concluded that on the topics of human nature, self-identity, and the role of possessions, fashion epitomizes human suffering, from a Buddhist standpoint. This article’s contributions include educational guide points for consumers, a proposed definition of mindful clothing consumption, and identification of theoretical blind spots in fashion consumer behavior research considerably in need of attention to better understand the relationship between clothing and human well-being.

Buddhist Economics: An Enlightened Approach to the Dismal Science, by Clair Brown

Buddhist Economics: An Enlightened Approach to the Dismal Science, by Clair Brown

Who should be responsible for our common well-being? A Gross National Happiness approach to promoting a responsive and sustainable Business Community

The roles and responsibilities of the business community to the society are underexplored and least understood both by the business community as well as by the society in general. In the absence of any guideline on the societal responsibilities of the business community in Bhutan, an intellectual gap possibly exists between the ideology of Gross National Happiness and the roles of the business community. Thus, this review explores the tangible societal responsibilities of the business community. It also discuses the long-established arguments on the roles of business to society beyond profit making and maximizing its financial well-being. Using key words such as the business community, well-being, social responsibilities, Buddhist economics, western economics, and sustainable business, 114 articles were retrieved from the web-based resources. The data generated thus were analysed using the constant comparison analysis of QUAL approach. The finding indicates that the societal responsibility of the business community is an oxymoron conceptually. The paper also addresses the principles of Gross National Happiness as an approach to promoting a responsive and sustainable business community. However, an in-depth research is necessary to understand the roles and responsibilities of the business community in the context of Gross National Happiness.

공유경제시대 불교경제학의 미래

공유경제시대 불교경제학의 미래

Introduction: Buddhism and Economics

Throughout this introductory article, I bring attention to the important distinction between the field of Buddhist Economics and the field of Buddhism and Economics. Rather than drawing up normative frameworks for how one should engage economically, the authors in this special issue offer new theoretical frameworks for conceptualizing how Buddhists necessarily do engage economically. First, I provide a brief overview of the field of religion and economics, and the burgeoning field of Buddhism and Economics more generally. I then narrow in on the innovative theoretical frameworks presented in this special issue, including important discussions as to the impact of Max Weber, along with considering merit and the contingent conjunctures within which Buddhists negotiate economic contexts. The contributing authors in this special issue emphasize not only how Buddhists necessarily engage with the economy, but also how Buddhist economic exchanges influence as well as are influenced by the surrounding socio-economic environment. I conclude by emphasizing the importance of considering economic relations when examining contemporary Buddhist contexts.

E. F. SCHUMACHER AND THE MAKING OF “BUDDHIST ECONOMICS,” 1950 – 1973

Until around 1950, the German émigré Ernst Friedrich Schumacher (1911–1977) was a relatively conventional economist, believing in progress based on economic growth and developments in science and technology. Then, as he turned forty, he went through a period of prolonged self-examination and spiritual quest, which, amongst other things, led him to become critical of Western modernity. Developing a great interest in Buddhist spirituality and culture, in 1955 he travelled to Burma, where he spent three months as a United Nations consultant. His encounter there with the encroachment of Western development upon a traditional society proved pivotal for him, confirming his skepticism about modernity and stimulating him to write a renegade essay, “Economics in a Buddhist Country.” This experience in Burma shaped his work thereafter, as contributor to debates on development both East and West, as promoter of intermediate technology, and as author of the prophetic, popular book of 1973 Small Is Beautiful: A Study of Economics as if People Mattered.

Sustainable development and Buddhist economics in Thailand

PurposeThe purpose of this paper is to examine “(Buddhist economics)” in urban reform Buddhism in Thailand. In the West, Buddhist economics is often perceived as a specific economic system, but understanding the sustainable development debate in Buddhist countries requires recognition that there are many versions.Design/methodology/approachThe authors organize the discussion about Buddhist economics into a framework used in the sustainability debate. Current literature, largely from Thai writers, is analyzed to understand their positions on economy and environment.FindingsFour representative movements are discussed which show substantial differences. Status quo Wat Dhammakaya feels that Buddhist economics is mainly about improving individual moral behavior within the current capitalist system, and needs little systemic change. Santi Asoke is explicitly anti-capitalist, and its most serious adherents live simple lifestyles in collectivist agricultural communities. “(Reform-from-within)” seeks a mixed economy containing both capitalist and socialist elements. Kuan Im is also between the extremes, largely small business capitalist and wanting some restraints on perceived predatory big business.Originality/valueBuddhist perspectives are just beginning to enter mainstream western discussion on sustainability. The most common understanding of Buddhist economics in the west is incomplete, assuming only one form of Buddhist economics. In fact, Buddhist societies, represented here by Thailand, cover the whole range of thinking on sustainability.

The Reality and Diversity of Buddhist Economics

AbstractThis essay develops three central points: Buddhist economics (BE), like most religion‐based economics, is not only an extrapolation from the basic texts but is also how BE has recently been practiced. Examples of that practice include the application of the concept of “Gross National Happiness” in Bhutan, the implementation of a “sufficiency economy” in Thailand, and action based on the principle of the Unification of King and People in Yogyakarta, Indonesia. BE as a concept comes originally from an outside understanding of Buddhism that entails perspectives that text‐based BE might not have. Buddhism, as such, is at odds with standard textbook economics (STE). BE thus potentially forms its own economic paradigm, but BE as practiced often coexists with STE. Discussing these points will hopefully result in seeing that there is considerable diversity within BE and that there is such a thing as real, existing BE that truly does matter.

Buddhist economics – an enlightened approach to the dismal science

Clair Brown is a well-known economics professor at UC Berkeley. Her new book provides a fresh, new insight into the field of Buddhist economics. What is the real novelty of Clair Brown’s book is th...

Buddhist economics: An overview

Over the centuries, Buddhist monks applied economic models in the operations of their monasteries to make them sustainable while also observing Buddhist principles. The large variety of economic practices observed demonstrate the creativity of monastics in acquiring the resources to support their large monasteries in a way that was viewed as compatible with Buddhist ethics embodied in the Noble Eightfold Path. Researchers have analyzed the integration of faith-based and financially related monastic needs for different countries in different eras. The Buddhist economics approach as it has been developed in the last 40-50 years aims to create an alternative worldview that challenges the main underlying assumptions of Western economics. The mainstream Western economics model is originally based on the following assumptions: rational, selfish behavior; profit-maximization; competitive markets; and instrumental use of the environment. Buddhist economics is based on a different set of assumptions: dependent origination (“pratityasamutpada”), where people are interdependent with each other and with Earth; people are aware of enlightened self-interest based on interdependence and thus are altruistic; firms care about the well-being of workers, customers, shareholders, and community; and all activities include caring for the environment. With these assumptions, the Buddhist economic model has shared prosperity in a sustainable world with minimal suffering as its goal.

Mindfulness and Buddhist economics in the financial market–generating Delta or Alpha?

The financial market is undeniably the prime exemplar of capitalism where practitioners compete under intense pressure to excel in decision making every nanosecond. This unrelenting pursuit of outperformance is limited by human physical and mental capacities to make decisions based on the available technology and information. This paper reviews the state of contemplative practices as a form of “mind technology” in the financial market. In order to deliver outperformance, financial Alpha, in the market, this mind technology seems to suggest that it is important to engage in contemplative practices so that our brainwaves could transcend from the faster neural Gamma and Alpha waves to the slower and advanced state of neural Delta waves. This research looks into the benefits of these contemplative practices, particularly in decision making and management. It then evaluates the potential integration and conflict between contemplative practices and material pursuits. It argues that while contemplative practices are conducive to better decision making and management, they have not reached their full potential. It explores the potential unique contribution of Buddhist Economics and offers some avenues for the modern mindfulness movement to rethink how we could develop our mental capacities to cope with the challenges in the market economy.

A Buddhist economics approach to innovation and capacity building: The case of Siam Hands

The prevailing view of capacity building is summed up in the adage: “Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.” In other words, simple compassion is counterproductive; utilitarian measures of effectiveness are the best standard for evaluating a social innovation. This paper will explore the alternative possibility that practicing simple compassion as the highest virtue, as did the Buddha, can be so productive that the aphorism should be: “Give a woman a fish, and she may help you build a fish farm.” This argument is illustrated by an exploratory case study of a Thai firm, Siam Hands. The company exemplifies a Buddhist economics approach to social innovation and capacity building, as opposed to mainstream Western utilitarianism.