THE INFLUENCE OF THE BUDDHIST ECONOMIC THOUGHT ON SUSTAINABLE ECONOMIC DEVELOPMENT
Asian Journal of Advances in Research, Volume 9, Issue 4,
The spiritual approach of economics refers to Buddhist economics thought. Its main teaching aims to understand the confusion among what is harmful and advantages to sustainable economics and eventually attempts to create ethically mature human beings in society. The main objective of the article is to identify the basic concept of Buddhist economic thought for sustainable economic development. The study was utilized the content analysis provides an overview of Buddhist concepts for sustainable economic development practices using secondary resources such as books, articles, sutra, and other relevant documents. The study revealed that Buddhist economics has given the analytical approach encompassing the generally accepted economic concepts. Traditional Economics has studied concrete factors while Buddhist economic studied abstract factors. Buddhist economic approach to “Right Livelihood" is one of the requirements of the Buddha’s Noble Eightfold Path. Buddha has considered several important concepts for sustainable economics about the optimal pattern of consumption would be maximum well-being with minimal dependence on resources, importance to the protection of non-renewable resources, types of occupation or trade should be abandoned by human, employee employers’ relationship. There is limited knowledge and practice of the Buddhist concepts to economic development in society. The research finding revealed that spiritual development is a significant factor for sustainable development. This finding able to disseminate new knowledge and research finding will be useful to identify the Buddhist philosophy on sustainable economic development for future policymakers and economists.
- Buddhist philosophy
- limited resources
- workplace relationship
- sustainable development
How to Cite
Hummels H, Argyrou A. Planetary demands: Redefining sustainable development and sustainable entrepreneurship. Journal of Cleaner Production. 2021;278: 123804.
Payutto P, Evans B. Buddhist economics--a middle way for the marketplace; 1994.
Armstrong CMJ. Fashion and the Buddha: What Buddhist Economics and Mindfulness Have to Offer Sustainable Consumption. Clothing and Textiles Research Journal. 2021; 39(2):91-105.
Schumacher EF. The New Economics; 1968.
Bhojani Z, Kurucz EC. Sustainable Happiness, Well-Being, and Mindfulness in the Workplace. The Palgrave Handbook of Workplace Well-Being. 2021;1085-1109.
Dhammananda K Sri. What Buddhists believe. Taipei, Taiwan: The Corporate Body of the Buddha Education Foundation; 1993.
Vitharana LS. Buddhism, Welfarism and Social Development in Sri Lanka.
Ng EC. Introduction to Buddhist Economics. Springer International Publishing; 2020.
Thapa S. Buddhism, Ethical Economy and Development Buddhism in the Modern World and Involvement in the Development Process. Ethical Economy and Development Buddhism in the Modern World and Involvement in the Development Process; 2011.
Corbridge S. Development as freedom: the spaces of Amartya Sen. Progress in Development Studies. 2002;2(3):183-217.
Wickramarathne PC, Phuoc JC, Tham J. The impact of wellness dimensions on the academic performance of undergraduates of government universities in Sri Lanka. European Journal of Public Health Studies. 2020;2(2).
Badal BP. Buddhists Herminutics: An Analysis of Dhammapada in Sustainable Development. Research Nepal Journal of Development Studies. 2021;4(1):27-43.
Hewavitharana B. Framework for operationalizing the buddhist concept of gross national happiness. Centre for Bhutan Studies. 2004;496-531.
Redclift MR. (Ed.). Sustainability: Sustainable development. Taylor & Francis. 2005;2.
Saengsakorn R. Buddhist Economics as a Human Development’s Paradigm. Paṇidhāna Journal. 2018;14(1):163-181.
Delaney JT, Huselid MA. The impact of human resource management practices on perceptions of organizational performance. Academy of Management Journal. 1996; 39(4):949-969.
Song HC. Buddhist approach to corporate sustainability. Business Strategy and the Environment; 2021.
Lertzman DA, Vredenburg H. Indigenous peoples, resource extraction and sustainable development: An ethical approach. Journal of Business Ethics. 2005;56(3):239-254.
Abstract View: 10093 times
PDF Download: 473 times