Buddhists Economics

Ideas of Buddhist economists are foreign to those of western civilization. In a nation where business profit is the number one priority, ethics in Western economics are rarely given the same importance. In Buddha’s Eightfold Path is the principle to Right Livelihood. This means that one must live in such a way that does not bring harm or violence to another being, in all aspects of life, including how one obtains their wealth. This brings about the matters Buddhist feel western economists neglect in their efforts to consume toward happiness. In E.F. Schumacher’s Essay, Buddhist Economics, he contrasts the ideals of Buddhist economists with those of Western economists regarding the issues of the nature of
On the other hand machines have created other types of jobs such as designing and maintaining them. Machines do not have the power to take away from mans ability to build character because work is not the only way to build character one has other means of building character such as life experiences as well as activities they are involved in. With the jobs machines take away there are also new jobs created that can replace the older ones where creativity can still be exercised. Also, machines prevent mindless work by allowing the machine to perform the same process over and over again. They also bring value to consumers since they help to lower prices by the amount of quantities that are able to be produced, which otherwise would not be. Western economists can learn from the Buddhist point of view to use creativity in their work and Buddhist economists can learn that advances in technology are not harmful ones character.
The Buddhist view on woman not working seems to be unjustifiable. I think it is important that woman take care of their children, but who is to say that woman can’t do this while working at the same time. In the Buddhist theory that work teaches character, woman should be able to build character by working just as men do.
Buddhist measure human well being by simplicity and non-violence which they feel is created by minimum consumption. There goal is to reach satisfaction with the least amount of