The Law of Economy - A misunderstood principle

Hualin International Journal of Buddhist Studies, 2019

This paper first identifies turbulent and imminent economic, social, and ecological problems threatening our modern economy and society. It is argued that many of these problems are natural or predictable consequences of the production-for-profit economic model feverishly advocated by mainstream economists and prevalently adopted by many policy makers in every corner of the world. The paper then examines the fallacy and deficiency of the production-for-profit economic model and its underlying philosophical tenets and premises. It shows that Buddhism, with its thorough examination of human predicaments and its pragmatic middle-way approach to the solution of these dilemmas, can be the philosophical basis for a viable alternative economic model which has not only the remedies for the problems created by the mainstream economic theories, but also the promise of a comprehensive solution to the human struggle for survival and prosperity. To help to formulate a new economic model, specific examples of how Buddhist principles can be applied to economic problems are elaborated and illustrated. The

Zenodo (CERN European Organization for Nuclear Research), 2023

In classical Indian philosophy, there are four Purusharthas, or goals of human life. These Purusharthas are Dharma, Artha, Kama, and Moksha. Artha is one of the four Purusharthas and is often translated as "wealth," "prosperity," or "material success." However, the concept of Artha is much more complex and nuanced than these simple translations suggest. Wealth creation and distribution are fundamental concerns for any economy, as they play a critical role in shaping social welfare and economic growth. Wealth creation refers to generating new resources and economic value, while wealth distribution refers to allocating resources across individuals and groups. Understanding the wealth creation and distribution mechanisms is crucial for policymakers and scholars alike, as it can inform policies that promote equitable economic growth and reduce inequality. In this research paper, we present an empirical study of wealth, focusing on identifying the drivers of wealth creation, the factors that influence wealth distribution, and the significance of wealth to the economy. The paper also focuses on intertwining the concept of Aartha from Purusharthas in Classical Indian philosophy with the empirical concept of wealth and economics, which could lead to a more empirically and spiritually prosperous society.

This chapter surveys contemporary economic models and “experiments” that inject Buddhist principles into secular systems as well as economic exchanges in Buddhist sanctuaries. I shall explore the ongoing dialogues between these two apparently incompatible systems and study how Buddhist communities have engaged in a harmonious partnership that combines Buddhist values and wisdom with existing economic paradigms. The critical success factor for this paradigm shift lies in the Buddhist discovery of the truth of karma and pratītyasamutpāda (dependent co-origination).

Buddhism in Dialogue with Contemporary Societies Religionen im Dialog, © Waxmann Verlag GmbH, 2021 , 2021

In the current state of the world, it is increasingly evident that conventional economic thinking falls short in dealing with the multiple challenges facing society, both at the level of macro-economics (nations) and micro-economics (business). There is a clear need for new economic thinking, yet it remains unclear what the exact basis for a new, sustainable economic paradigm will be. In that context, this paper considers whether Buddhism could offer an intellectual framework that could enrich and expand the scope of our economic thinking and help foster the leadership needed to usher in a new economic system. By taking the four Noble Truths as a framework to analyze the problems of our current economic model, the paper maps out the economic ideas that are based on a misperception of reality (ignorance) and should be adjusted to accord with reality (wisdom) in order to alleviate continued collective suffering. These adjusted ideas could serve as the foundations for designing a more ...

Journal of Management, Spirituality and Religion, 2019

Clair Brown is a well-established 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 that it connects Buddhist economic thought with the latest results of Western economics and presents a coherent and robust vision of a Buddhist economy. The book is endorsed by eminent scholars including Nobel Prize winning economists Amartya Sen and George Akerlof.

Society and Economy, 2018

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 fi nancially 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, selfi sh behavior; profi t-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; fi rms 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.

Journal of Global Buddhism , 2019

From the perspectives of lived practices of Buddhists, Theravāda Buddhism and economics have a deeply intertwined relationship. My proposed theoretical method for the study of Buddhism and economics delineates two approaches: the doctrinal approach of Max Weber and a modified lived religion approach. The doctrinal approach, which focuses on Buddhist texts and the early monastic life, treats anything outside of a posited “pure Buddhism,” as a transformation of the “original” teachings into something new and different. The remnants of this idea of transformation can be seen in studies of Theravāda Buddhism, causing economic practices involving Buddhist monks to be analyzed as a deviation from the Buddha’s teachings. I propose moving beyond early Buddhism and text-based studies as a baseline for comparison by offering as an alternative a modified version of the lived religion method of Meredith McGuire. My theoretical modifications to this approach allow us to think about lived religion in the Theravāda Buddhist context. I recommend that the cultural logic of Theravāda Buddhism, in particular the economy of merit and contingent conjunctures of engagements with the market, need to be considered in order to avoid understanding Buddhist connections with the economy as a transformation of Buddhist doctrine.

The Journal of International Buddhist Studies, 2023

This paper aims to summarize three fundamentals to create Quantitative Buddhist Economics, QBE, for people living with families and money to solve economic problems using graphs and mathematics that is contemporary style. Mathematics, scientific methods, and some parts of the operation-research method are methodologies. Minkowski's 4D model, price theory of economics, and Buddha's doctrines in the Thai Theravada schools are data. The investigation found that three fundamentals of QBE consist of (1) time, (2) the new price model, and (3) doctrines concerning the wealth of individuals from the Thai Theravada schools. First, about time, the inaccuracy, especially time positions of the Minkowski 4D model, was found, and the time equation was found later. The time equation and logical mathematics can reveal the inaccuracies of the price theory, the core of present economics: (1) an equilibrium condition, (2) price adjusting to an equilibrium point, and (3) an inappropriate demand definition, which needs to be corrected. Second, a new price model was created for two objectives: (1) eliminating the inaccuracies for avoiding the collapse of economic theories and (2) using the model for QBE that contributes QBE based on a scientific concept, so QBE can show the many different price concepts compared to present theoretical economics. Third, two cores of QBE consist of the first, the law of action, which shows positive and negative economic results affecting the wealth of a nation and individuals mainstream economists have never considered. The second, the "Heart of Millionaires," reveal suitable activities for solving economic problems based on Buddha's doctrines: meritorious making money by production, consumption, saving, and making terrific friends.