According to The Free Encyclopedia, Buddhist economics refers to a system of economic principles related with Buddhist beliefs. In Buddhist economics, individuals are encouraged to do good work to ensure high human development.
Here we briefly come up with some major characteristics of Buddhist economics.
- Right Livelihood:
The Noble Eightfold Path describes right livelihood by pointing that one should not earn one’s living at the expense of others, but should do it in a legal and peaceful way. One is supposed to make money honestly without cheating and misleading in business. Buddhism suggests five types of businesses that result in harm for other living beings:
1. Trading weapons for killing
2. Trading human beings(slave, prostitution, children or adults)
3. Trading meat, resulting from slaughter and killing
4. Trading intoxicating alcohols and drugs
5. Trading poisonous products
Buddhism teaches that there is no such things as self and others. Living beings are interconnected and interrelated. In light of Buddhist interconnectedness, economy is not isolated from non-economics like ecology, ethics and environment, etc. The development of economy is associated with social cost, global warming, consumerism, climate change, pollution and health condition. The theory of cause and effect applies to economic development.
- Middle Way:
Buddhism describes the middle way as the right amount and moderation. It refers to a balance between sensual indulgence and self-mortification, knowing the optimum amount is a source of satisfaction. Let’s take consumption for example: consumption should be in tune with the specific amount appropriate to the achievement of well-being rather than greed and desire. Buddhist moderate way to economy dispels the myth that maximum consumption leads to maximum satisfaction.