Comparative
Study on Modern and Buddhist Economic Theories
(The Concept of Buddhist Economics)
Contents
01.
Introduction
02.
Definition on Modern
and Buddhist Economics Theories
ü Oxford Definition
ü Cambridge Definition
ü The Free Dictionary Definition
03.
Modern Economic Theories
04.
Buddhist Socio
Economic Policies
05.
The Value of Ethical
Basis Economic System Depicted in Buddhist teachings
ü MahadukkhakkhandaSutta
ü SankittadhanaSutta states Sevenfold Noble Wealth
ü CakkaSutta states Fourfold wealth
ü AnanaSutta gives Fourfold Noble Wealth
ü VaddhiSutta gives ten kinds of wealth
ü Dhammapada states that the Appamāda
is the wealth
06.
Conclusion
07.
End Notes
08.
Bibliography
Introduction
Economic is one
of the major part in modern world. Since the early period, economic had
different methods and theories in the world. Earlier it had methods of Goods
and exchanges of their own materials.[1] Although, the economic conditions in early
periods were very simple but gradually, in later periods it turn into more
complicated because of human desires. Therefore, in modern world, there are
numbers of economic problems are depicted. By concerning on economic crisis,
different economists[2] have
submitted their ideals, principles, and solution as swift and most
appropriate solution to overcome modern economic crisis. Unfortunately, still
those theories are still not ripen their fruits and need to concern more about
fruitful results to the modern world. While modern economic theories concern
more about benefits of productions and consumptions, Buddhist teachings and
theories on economic benefits are different from modern economic theories. By
studying, both theories, this study concern more about most appropriate
theories to overcome from modern economic crises. Under the theme of theories it concern more on four areas
mentioned as follows.
·
Production theory[3]
·
Consumption theory[4]
·
Utility theory[5]
·
Distribution theory[6]
Buddhist theories
on economic concern more about what is harmful and beneficial in the range of
human activities involving production and consumption. And ultimately tries to
make human beings ethically mature. Buddhist economic thought in real sector
economics which are directly related to people, in order to demonstrate their
world. The more mechanistic economics of
finance and trade should be developed only after a firm foundation of the
system can be tried and proven. The seven preliminary theories for Buddhist
economics which serve as a framework to demonstrate viability and inspire
further theoretical development and expansion. Contributions cover the core
economic components of production theory, consumption theory, utility theory,
and distribution theory. Additionally more offers three other theories which
apply to time use, economizing, and work satisfaction.
Buddhist economics can be seen as a
radical alternative to the Western economic mindset. Western economics
represents a maximizing framework. It wants to maximize profit, desires,
market, instrumental use, and self-interest and tends to build a world where
“bigger is better” and “more is more”.
Furthermore, by comparing and contrasting
this both ideals on economic theories. It further discuss on the most
appropriate theories of economic to overcome from modern economic crisis.
Definition on
Modern and Buddhist Economics Theories
Economics or economy
is the social science that describes the factors that
determine the production, distribution and consumption of goods and services. This term derive from
ancient Greek words of οἰκονομία from οἶκος which means "house" and νόμος which menas "custom" or "law". Early it was used as term
with political economy but later by
economists changes it as economic
science in 19th century. In later, numbers of economists had
define the concept of economics with different theories. They had interpreted,
and explained the major functions or characteristic and theories of economics
as follows.
ü
Oxford definition
According to the Oxford dictionary defines economies as of a
subject considered in relation to trade, industry, and the creation of wealth: economic history. It further says that the word economic denoted household
management or a person skilled in this, hence the early sense of the adjective relating
to household management.
Cambridge
definition
The Cambridge dictionary defines the economy as the system of trade and industry by which the wealth of a country is made and used: the global economy the German/US economy the state of the economy a weak/strong economy Tourism contributes millions of pounds to the local economy.
ü The free
dictionary definition
According to the Free dictionary
defines the term of economics as follows:
1.
The social science that deals with the production,
distribution, and consumption of goods and services and with the theory and
management of economies or economic systems.
2.
Economic matters, especially relevant financial
considerations: "Economics are slowly killing the family farm".
Buddhist
Economic
The
Buddhist economics is simplicity and non-violence. Buddhists often tend to
disregard economics completely, because the monastic way of life idealized by
Buddhism is economically very minimalist. Such neglect of comment concerning
economic values is not warranted, however, because the Buddhist scriptures are
in fact rich with advice from the Buddha regarding sound economic values and
they are applicable to monastic and lay lifestyles alike. Buddhists we would say that taking advantage of others economically, in
whatever form, is unethical acquisition of wealth. Particular forms of
livelihood which the Buddha advised to avoid in this respect are the five sorts
of Unwholesome Livelihood (A.iii.207)
mentioned below:
|
Unwholesome Livelihood
|
|
|
|
Trading in
weapons
|
|
Trading in
people
|
|
Selling
live animals to the slaughterhouse
|
|
Trading in
alcohol or intoxicants
|
|
Trading in
poison
|
|
|
Table No: 01: it shows the five ways of unwholesome earning
in Buddhism
In Buddhism, It is not to say that
there are no more than these five ways of unwholesomely earning a living but
these are the main ones. Furthermore, Buddhism defines or recommended to
cultivate below mentioned qualities to overcome of economic crisis.
ü Careful conservation Ārakkhasampadā
Careful conservation means
skillfulness in the saving of wealth. Having earned wealth by the sweat of
one's brow in a scrupulous way, a person should take good care of their wealth,
not allowing it to be eroded away by unjust taxation, theft, natural disaster
or unintended inheritance.
ü Having virtuous
friends kalyānamittatā
Having virtuous friends means
surrounding yourself with a network of virtuous friends in all areas of your
life. The sort of friends one should cultivate are those endowed with faith self-discipline,
self-sacrifice and wisdom.
ü Living within your
means samajivitā
Living within your means skillfulness
in spending. Those who realize the ease with which wealth can come and go,
should lead their life in a way that is appropriate to their means not being
extravagant but at the same time, not too spendthrift either.
In
summary, Buddhist economic concern more about spiritual development rather than
collecting material wealth. It does not mean that Buddhist teachings and ways
are against to collect wealth but acclimating the wealth of spiritual
development is much appreciated rather than material wealth.
Modern Economic Theories
Numbers of
economists have submitted their economic theories to the development of
economic as well as overcome from economic crisis. According to their theories
on economic are mentioned follows:
ü
Supply and Demand (Invisible Hand)
ü
Classical Economics
ü
Keynesian Economics
ü
Neoclassical Synthesis (Keynesian for near-term macro; Classical for
micro and long-term macro)
ü
Neo-Malthusian (Resource Scarcity)
ü
Marxism
ü
Laissez Faire Capitalism
ü
Market Socialism
ü
Monetarism
ü
Solow Model (growth comes from capital, labor, and technology)
ü
New Growth Theory (Romer & endogenous growth)
ü
Institutions and Growth (rule of law, property rights, etc.)
ü
Efficient Markets Hypothesis
ü
Permanent Income / Life Cycle Hypothesis
ü
Rational Expectations
ü
Rational Choice Theory
ü
Something Behavioral (e.g., Prospect Theory)
ü
Adverse Selection and the Lemons Problem
ü
Tragedy of the Commons
ü
Property Rights as a solution to the Tragedy of the Commons
ü
Game Theory (e.g., Prisoner’s Dilemma)
ü
Comparative Advantage
ü
New Trade Theory
ü
The Trilemma (exchange rates, capital flows, and monetary policy)
Supply and Demand is the
main model of price determination used in economic theory. The price of a
commodity is determined by the interaction of supply and demand in a market.
The resulting price is referred to as the equilibrium price and represents an
agreement between producers and consumers of the good. In general, according to
the demand the supplement going on. Ex:
If in market people are demand
to have meat rather than having vegetables then suppliers should supply Goods
according to the demand of society it would less concern about good or bad
effects to the society but the demand of society.
Game Theory is the study
of mathematical models of conflict and cooperation between intelligent rational
decision-makers. It is mainly used in economics, political science, and psychology, as well
as logic, computer science, biology and poker. Originally, it
addressed zero-sum games, in
which one person's gains result in losses for the other participants. Today,
game theory applies to a wide range of behavioral relations, and is now an umbrella term for the science of
logical decision making in humans, animals, and computers.
Anton Webern analysis has long shown
the complex interplay between material development and ideological support or
denial from religious groups. Buddhist doctrine appeared to provide active
encouragement to the most striking of the newly emergent groups exploiting
changed political and productive conditions, namely the merchants and farmers.
The former group, while certainly not
homogeneous, was not only developing into a major producer and disseminator of
new kinds of Goods, but was also very active in promoting its own status and
its concerns as being central to those of society. The perception that Buddhism
provided an ideological support to this group leads us to confront a number of
questions rising in part from the previous chapter: Why would an ascetic group
disdainful of material wealth, and the motivations leading to its accumulation,
give ideological support to such a group? Why would this group in return provide
material support to the fledgling Buddhist group? What kind of economy was it that allowed this
group to emerge and apparently become so successful? To answer these requires
us first to investigate the economic conditions of the time.
It is difficult to envisage an ‘economy’
existing in the Buddha’s time. The economy is at best an abstract term used to
categorize and describe particular aspects of human interaction. But economic
activity is clearly described in Buddhist literature. We must, however, be
constantly vigilant to avoid applying the terminology of contemporary economics
to events and conditions that are distorted by the use of such technical terms.
We assume, following Pearson, that ‘the economy at all levels of material existence
is asocial process of interaction between man and his environment in the course
of which Goods and services change form, are moved about and change hands. The
shape of this process, i.e., its institutional form and the motives which make
it run are determined not by any single factor either in nature or man, but are
the resultants of several interdependent levels of human existence, ecological,
technological, social and cultural. Taking this as a lead we treat social and
economic conditions together, even at the risk of confusing two overlapping
conceptual categories.
The Buddhist Socio Economic Policies
Buddhist
economics is a “Middle way” of development, aiming to achieve maximum
well-being with minimum consumption. Accordingly, the function of work should
act as educational toward development of skills, a sense of community, and
satisfaction through meaningful work. Monotonous or overly specialized work,
thus, is a grave indignity to humanity. Labor should instead serve as the
individual’s sense of fulfillment and satisfaction.
The process of
mechanization, too, should be beneficial to humans through technology utilized
to augment the individual’s capacity, rather than for it to serve as the
central element of production. Buddhist economics serves to purify human
character through challenging and meaningful labor, as opposed to a focus on
maximizing production and consumption. It argues unsustainable consumption is a
“destroyer of cultures”. Instead, mindfulness promotes resource conservation
and environmental protection. Thus, this proposes small-scale, localized
economies as the means to alleviate the world of the problems created by a
system devoid of moral values.
Buddhist Economic
implications of: impermanence
requires the acknowledgment that wealth and possessions will not last and
unduly attachment to these will only bring suffering. Causality is based on radiation, a function which suggests that the
moral actions of a group of individuals can have a positive influence on the
happiness and prosperity of the larger community in both the short-run and the
long-run. It concludes that poverty is
in no way virtuous as it leads to immoral actions such as stealing and violence.
Wealth should be attained and maintained, however, in the principle of Right
Livelihood and the consideration of generosity. Generosity, it argues, causally leads to greater wealth and social
status in the future.
In Buddhist
Economic System in Practice, Pryor asserts
that the State’s ultimate aim should be to promote the “spiritual improvement” of a population. Income redistribution is
one means, through reducing poverty which restricts spiritual growth. Pryor cites that virtuous action, such
as generosity and other merits,
supporting redistribution of wealth lead to an inevitable increase in the
material wealth of the community. At the same time, regulation of the market is
limited to activities which do not abide by right livelihood (no arms, drugs,
etc.). Additionally, market competition is accepted as long as it is based on Right
Intent and Right Action.
In Summary,
Buddhist economics acts are an ethical policy. It suggests that enhances
traditional economics in that it sees individuals as they are, not as an
abstract concept. Additionally, the system itself is a process of education and
recognizes the capacity for humans to change. Therefore, Buddhist economics is
a guide rather than a theory, and is to be developed experimentally. It too,
urges for spiritual happiness, not a happiness based solely on material
conditions. Economists, can benefit the most from these values in determining
viable applications to the present economics.
The Value of Ethical Basis Economic System Depicted in
Buddhist teachings
Buddhism
and Economics, being subjected to many discussions and many researches have
being conducted on these by the Buddhist scholars and the economists. Here, it
is quite doubtful whether there is anything left out to be discussed further.
But, when the behavioral patterns and social phenomena are taken into
consideration, it seems that despite all the researches that have been
conducted, the issues of these fields remain still unsolved. The reason adduces
for this is that the current society is not a place where morality is
concerned.
As
we are living in a society, we depend on each other. No one can stay alone. As
a result of that, we have to face serious conflicts so as to keep our wealth
protected. When the man tries to keep his wealth protected because of his
craving for sense pleasure, there arise conflicts in the society. Mahadukkhakkhandasutta[7] states
that there happen conflicts; disagreements; debates; blaming; taking arms;
killings and so on between kings; Katriyās
(Warriors and Rulers); Brāhmins
(Priests and Teachers); Gahapatis (Householders);
and between mother and children; father and children; brothers and sisters; and
between brothers; sisters and friends.[8] When Mahadukkhakkhandasutta states how
conflicts arise in the society, Bahuvedaniyasutta
[9] states
what should be done not to arise such situations in the society. In the Sutta, the Buddha mentioned to Ven.
Ananda that He has well preached the Dhamma,
if the followers accept them and practice them well, they can live in a
peaceful society where there is no crimes; conflicts; disagreements; and so on.[10] When
the factors are considered there is no severe difficulty for earning wealth but
the difficulty is with living peacefully.
Therefore,
the first thing we should understand is that we are linked with whatever around
us whether material or immaterial, or animate or inanimate. The world is like a
wheel with its spokes and the hub. All the things that exist in the world,
whether they are subjected or objected, should be concerned. Nothing can be
neglected. When the natural phenomena are concerned, they do not do any harm to
the natural occurrences. But human beings are the most harmful moving equipment
that does the serious damages to the natural process of the world. Considering
the human beings as the most harmful moving equipment they should be groomed. The people lived during the Indus Valley
Civilization did not want to overpower the natural phenomena. Their sole
aim was to survive. However, with the development of the human brain they
wanted to defeat the natural phenomena that cannot ever be performed. Buddhism,
considering all the human needs and all the human activities, has introduced
the ethical conducts that should be performed by the individual for the sake of
himself, the world and the being.
As
human beings we need to lead a life of wealthy. Therefore, as the people in the
society, the first thing we should understand is what wealth really is. Unless
we understand the meaning of wealthy and the meaning of life, a discussion on a
sound economy would be ineffective. With regard to wealth, we can put forth the
following questions.
ü What is the wealth?
ü Is the money wealth?
ü Is the property wealth?
ü Is the treasury wealth?
All
these are controversial. None of them could be considered wealth. However, the
people live in this world believe that wealth is nothing but money, property,
treasures etc. But in the Buddhist teachings, wealth is interpreted
indifferently. For the purpose of discussing what wealth really is, I have
quoted some of the facts given in various
Suttas, below.
- Sankittadhanasutta[11] States Sevenfold Noble Wealth.[12]
- Cakkasutta[13] states Fourfold wealth.[14]
- Ananasutta[15] gives Fourfold Noble Wealth.[16]
- Vaddhisutta[17] gives ten kinds of wealth.[18]
- Dhammapada states that the Appamāda is the wealth.[19]
'Wealth'
for the Buddha matters not only for mundane happiness but also supra-mundane
happiness. Sankittadhanasutta[20] in Anguttara Nikaya states Sevenfold Noble
Wealth[21] (saptārya dhana).
- saddhā - Faith
- sīla - Virtue
- hiri - Shame of Blame
- ottappa - Fear of Blame
- suta - Listening
- cāga - Gifting
- paññā - Wisdom
According
to the Sutta, wealth is sevenfold.
Here, in the Sutta, the Buddha has
emphasized that the path to the Nibbāna
is the highest achievement that can be obtained by following the seven states
such as saddhā, etc. In the initial
stage we need saddhā to begin our
journey to the final bliss. In that sense it becomes a wealth. With regard to
the sevenfold noble wealth the Paññā is the final and it is the highest.
Therefore, to the individual who follows the supra-mundane life these seven
become the wealth.
Cakkasutta[22]
states Fourfold wealth[23] out of
which three are related to the current life and the last, to the previous
lives.
- patirūpadesavāso - Living in a peaceful area
- sappurisupassayo - Associating with worthy friends
- attasammāpanidhi - Connected with profitable deeds
- pubbe ca katapuññatā - Having previously done merits
Mangalasutta
also gives the same and the only difference that can be seen is sappurisupassayo which is replaced with panditānañca sevenā. The fourfold wealth that is given in Cakkasutta is considerable for the attainment of the final
liberation. Though these facts are directly connected with the liberation, they
are even relevant for the mundane life. As long as we lead a happy mundane
life, no liberation could be available. On the one hand, if the whole society
is threatened by various dangers, it would not be a place for safe meditation.
On the other hand, if the people have nothing to offer as daily requirements
for the ascetics or monks, they (ascetics or the monks) cannot practice
meditation. The great wisdom is such which cannot be obtained through
starvation. The place we live in should be very peaceful with enough daily
requirements, otherwise no happiness in mundane or supra-mundane could be
gained.
In
Sappurisavagga and various Suttas in Anguttara Nikaya prominence is given to the sappurisupassayo. This is
very essential even to the mundane people. In Sigālovādasutta different kinds of friends are introduced and the
benefits that can be obtained with the association of a good friend are
mentioned. Since we depend on each other in the society, the friends with whom
we make relationships should be carefully chosen.
According
to the seeds grown, we can reap the harvest.[24] The
results, be them profitable or unprofitable, could not be made realistic, until
the plans developed in discussions are properly implemented. They should be
practiced. Depending on the results we can reform, change or continue the
plans. Therefore, attasammāpanidhi
(Connected with profitable deeds) is placed next by the Buddha. Here, what we
should practice is that what gives good results. In Assalāyanasutta[25] the
statement made by the Buddha is applicable in this context. "Having been a
master, one may become a slave, and having been a slave, one may become a
master"[26]
is the statement made by the Buddha. On the one hand, the wealth can decide the
status of a man, whether he is a master or a slave. On the other hand, the
occupation or the duty of the man can decide whether he is an outcast or not
according to the factors given in Vasala Sutta[27]. In
this regard, man should be conscious with regard to his occupation because it
should be beneficial to himself and others as stated in Ambalatthikarāhulovaādasutta[28].
Therefore, attasammāpanidhi
(Connected with profitable deeds) is a substantial point to the individual in
search of money. When the facts are concerned, the individual should understand
what sort of occupation he should prefer. There were individuals who could not
realize the correct form of occupation. As a result of that the Buddha had to
emphasize kinds of occupations that should be abandoned by the Upāsakās. Therefore, no room is given in
Buddhism to practice five kinds of abandoned occupations.[29] The
occupations or trading abandoned by the Buddha are:
i.
Sattha vanijjā -
selling weapons
ii.
Satta vanijjā -
selling animals
iii.
Mansa vanijjā -
selling flesh
iv.
Visa vanijjā -
selling poisons
v.
Majja vanijjā -
selling liquor
The
fourth wealth, Cakkasutta states, is pubbe ca katapuññatā (having previously
done merits). Mangalasutta[30] also
gives pubbe ca katapuññatā as a fact
of protection. This is confirmed with the facts mentioned in the Cullakammavibangasutta[31]. This
is a crucial point in this article. In economic condition no priority is given
to the kamma. Here, the meaning of
the term kamma is not mere action. It
is the result of previously done actions. That is what it is mentioned in the Cullakammavibhangasutta. The kamma can decide whether the individual
is high or low.[32]
It is true that the kamma cannot
decide the future and everything does not happen according to the previous kamma. But kamma should not be forgotten since it has been a part of Niyāma Dharmas.
Buddhism
accepts the kamma and its results.
Therefore, Andhasutta (dvicakkhu)[33]
introduces the two fold development of the individual. One is the knowledge to
acquire wealth unattained and the second is to see the states that are
praiseworthy. When the first directs the individual towards the financial
development, the second directs him towards the moral development. Both the
financial and ethical development should be balanced.
Not only had the
Buddha paid his attention on earning money but also on the consumption.
Consumption is directly related to the ethics. Kāmabhogisutta[34]
introduces ten persons involved with sense pleasure. Among them the tenth
person is highlighted as the best, chief, topmost, highest and supreme. This
person is praiseworthy because of the following five qualities:
i.
Seeks after wealth lawfully, not
arbitrarily
ii.
Makes himself happy and cheerful
iii.
Shares his wealth with others
iv.
Does meritorious deeds
v.
Makes use of his wealth without greed
and longing, without infatuation, heedful of the danger and alive to his own
salvation.
In
this way what he earns should be spent on himself, wife and children, parents,
brothers and sisters, friends, relatives, neighbors, clergies (Samana Brāhamas) and the poor. The man should live in the society happily.
For the happiness of the mundane life he needs wealth. Fourfold Noble Wealth of
the wordings[35]
delivered by the Buddha to Anāthapindika[36] states
in Ananasutta.[37]
1. Atthisukha -
when a person acquires wealth by means of righteous, he has a great sense of
economic security and self-esteem.
2. Bhogasukha - the
feelings that he could spent wealth as he wishes on himself, family, friends,
relatives, workers and meritorious deeds
3. Ananasukha -
the feeling that he is free from debts
4. Anavajjasukha
- the feeling that he has a life of purity in thought, words and deeds.
When
the man lives in the world with these fourfold wealth, he can experience the
mundane happiness. If the man is so greedy, he cannot experience any of these.
To suppress his greed, he needs to practice morality step by step. The initial
method that should be followed by an individual is the Threefold Meritorious
Deed.[38] Being Dāna the first step towards the cessation
of craving, in many Suttas it is
given as the first. When the Buddha introduced the consumption, He has given
priority to the giving or generosity in relation to the earning. The above
mentioned Suttas show that how far
the Buddha has concerned the giving when he divulged the economic prosperity. Cāga in Sankittadhanasutta; Bhogasukha
in Ananasutta; the second, third and
fourth factors, in Kāmabhogisutta;
are examples to generosity.
In
Buddhism the highest goal that can be attained by the individual is the Nibbāna. This cannot be attained by the
individual until he is confident with the mundane need. Lay people are not like
monks and nuns. They cannot obtain what they need from the others. At least
four requisites (cloths, foods, shelters, medicines) cannot be accepted.[39] If they
accept, they become beggars. Being a wealthy person, having the tenfold wealth
mentioned in Vaddhisutta,[40] he can
attain Nibbāna. In the Sutta, ten kinds of wealth, a noble possesses, are
given.[41]
i.
Kettavatthuhi
vaddhati - possession of land and goods
ii.
Dhanadhaññena
vaddhati - wealth
iii.
Puttadārehi
vaddhati - wife and children
iv.
Dāsakammakarāporisehi
vaddhati - employees
v.
Catuppadehi
vaddhati - four foot animals
vi.
Saddhāya
vaddhati - faith
vii.
Silena
vaddhati - morality
viii.
Sutena
vaddhati - education
ix.
Cāgena
vaddhati - generosity
x.
Paññāya
vaddhati - wisdom
Appamāda
Vagga in Dhammapada
states that the foolish ignorant folk spend their time unprofitably, heedless
of perfection. The wise man guards heedfulness (appamādaµ) as his greatest treasure.[42] In
creating a sound economy, idleness needs to be defeated. This is further
evident with the facts found in Sigalovadasutta[43] that
one finds excuses not to work saying:
i.
It is too early.
ii.
It is too late.
iii.
It is too cold.
iv.
It is too hot.
v.
It is too hungry.
vi.
It is too full
Therefore,
each society should be based on ethics. The ethical codes introduced in
Buddhism should be practiced in achieving wealth and its consumption. If we
neglect the ethics we have also neglected the happiness.
Conclusion
To conclude,
people need to deal their economic problems through the eyes of Buddhist
Economics. Usually such matters are not the domain of expertise of a monk but
when economics become such an implicit part of everyone's life, even monks
cannot afford not to have a standpoint however, where monks do become involved
in such matters, it should be in a way suitable for a monk. By trying to gain insight into the reality of
economics and waking people up to that reality, helping to train-up virtuous
people and encouraging Buddhists truly to pursue perfections in the footsteps
of the Buddha spreading the wisdom of
Buddhism far and wide, while helping to forge an amenable home ground for
Buddhism.
By clarifying
Buddhist principles relating to economics on the three levels of aim in life,
it will be easier for Buddhist in conscience to know where compromises can be
made and where compromises would be unscrupulous. What sort of wealth is worthwhile
and what sorts undermine the fabric of society. It is also the hope that people
will start to grasp that from the point of view of Buddhism it is not just
money or economic figures parse that matters in economics but happiness on
three levels of aim in life. Often things other than money can better bring
happiness and from the Buddhist economic viewpoint we would say that the
virtues mentioned that bring mental wellbeing or inner freedom are more
valuable than money and it cannot buy and
so economically priceless.
End notes
[1] Material means farmer
had food and carpenter has his own Goods. So early periods exchanges these
materials.
[2] An economist
is a professional in the social science discipline of economics.
[3] Production
theory is the study of production, or the economic process of converting inputs
into outputs. Production uses resources to create a good or service that is
suitable for use, gift-giving in a gift economy, or exchange in a market
economy.
[4] Consumption is a
major concept in economics and is also studied by many other social sciences.
Economists are particularly interested in the relationship between consumption
and income, as modelled with the consumption function.
[5] In economics, utility
is a measure of preferences over some set of goods and services. The concept is
an important underpinning of rational choice theory in economics and game
theory, because it represents satisfaction experienced by the consumer of a
good. A good is something that satisfies human wants.
[6] In probability theory,
the normal (or Gaussian) distribution is a very common continuous
probability distribution.
[7] M.N. Vol. i, PTS, p.
87
[8]
Tassa ce bhikkhave kulaputtassa evam
ugghahato ughagato vāyamato te bhogā abhinipphajjanti, so tesam bhogānam
ārakkhādhikaraoam dukkham domanassam pagisamvediti:
Puna na param bhikkhave
kāmahetu kāmanidānam kāmādhikaraöam kāmānameva hetu
Rājānopo rājūhi
vivadati. Khattiyāpi khattiyehi vivadati. Brahmanāpi brāhmanehi vivadati.
Gahapatīpi gahapatīhi vivadati. Mātāpi puttena vivadati. Puttopi mātarā vivadati.
Pitāpi puttena vivadati. Bhātāpi bhātarā vivadati. Bhātāpi bhaginiyā vivadati.
Bhaginīpi bhātarā
vivadati. Sahāyopi sahayena vivadati.
Te tattha
kalahaviggahavivādāpannā aññamaññaµ pāöīhipi upakkamanti. Leddūhipi
upakkamanti. Daödenapi upakkamanti. Satthehipi upakkamanti. Te tattha maraöampi
tigaccanti maraöamatthampi dukkhaµ. Ayampi bhikkhave kāmānam ādīnavo…
[9] M.N., Vol. I, PTS, p.
397
[10]
evaµ pariyāya desito kho ānanda mayā
dhamme ye aññamaññassa subhāsitaµ sulapitaµ samanujānissanti,
samanumaññissannti, samanumodissanti, tesametaµ pātikaµkhaµ: samaggā
sammodamānā avivadamānā khīrodakībhūtā aññamaññaµ piyacakkhūhi sampassantā
viharissantīti.
[11]
Samkhittadhana Sutta, Dhanavaggo, Sattaka Nipatha, A. N. Vol. iv, BJM,
p.284. /A.N., Vol. iv., PTS, p.4
[12]
Sattimāni Bhikkhave, dhanāni. Katamāni
satta:
Saddhādhanam, sīladhanam,
hiridhanam, ottappadhanam, sutadhanam, cāgadhanam, paññādhanm
Imāni
kho bhikkhave, satta dhanāni’ti.
[13]
Cakka Sutta, Cakka Vaggo, Cakkanipāto, Dutiyabhago, Anguttara Nikāyo, Vol. ii,
p. 66/ A.N., Vol. ii., PTS, p.31
[14]
Patirūpadesavāso, sappurisupassayo,
attasammāpanidhi, pubbe ca katapuññatā.
Imāni kho bhikkhave cattāri cakkāni,
yehi samannāgatānaµ devamanussānaµ catucakkaµ vattati, yehi samannāgatā
devamanussā na cirasseva mahantattam vepullattaµ pāpunanti bhogesūti.
[15] Anańa Sutta, A. N.
Vol. ii, 69 / Ańguttaka Nikāya, Pattakamma Vaggo, Anańa Sutta, BJM, p. 130
[16]
Bhogā me atthi ugghānaviriyādhigatā
bāhābalaparicitā sedāvakkhittā dhammikā dhammaladdhāti
adhigacchati sukham, adhigacchati somanassam
Ugghānaviriyādhigatehi bhogehi
bāhābalaparicitehi sedāvakkhittehi dhammikehi dhammaladdhehi bhoge ca bhuñjāmi
puññānī ca karomīti adhigacchati sukham, adhigacchati somanassam,
Na kassaci kinci dhārema appaµ vā
bahuµ vāti adhigacchati sukhaµ, adhigacchati somanassaµ, ...
Anavajjenamhi kāyakammena
samannāgato, anavajjena vacīkammena samannāgato, anavajjena manokammena samannāgatoti
adhigacchati sukham, adhigacchati somanassam, …
[17] Vaddhi Sutta,
Anguttara Nikaya, Vol. VI,
[18] Kettavatthu, Dhanadhañña, Puttaddra, Dasakammakarâporisa, Catuppada,
Saddha, Sila, Suta, Caga, Pañña
[19]
Pamādamanuyuñjanti – bālā dummedhino janā
Appamādañ ca medhāvī - dhanam seyyham’va
rakkhati
Dhammapada
Verse. 26
[20]
Samkhittadhana Sutta, Dhanavaggo, Sattaka Nipatha, A. N. Vol. iv, BJM,
p.284. /A.N., Vol. iv., PTS, p.4
[21]
Sattimāni Bhikkhave, dhanāni. Katamāni
satta:
Saddhādhanam, sīladhanam,
hiridhanam, ottappadhanam, sutadhanam, cāgadhanam, paññādhanam.
Imāni
kho bhikkhave, satta dhanāni’ti.
[22]
Cakka Sutta, Cakka Vaggo, Cakkanipāto, Dutiyabhago, Anguttara Nikāyo, Vol. ii,
p. 66/ A.N., Vol. ii., PTS, p.31
[23]
Patirūpadesavāso, sappurisupassayo,
attasammāpanidhi, pubbe ca katapuññatā.
Imāni kho bhikkhave cattāri
cakkāni, yehi samannāgatānaµ devamanussānaµ catucakkaµ vattati, yehi
samannāgatā devamanussā na cirasseva mahantattaµ vepullattaµ pāpuöanti
bhogesūti.
[24]
Yadisam vapate bījam tādisam harate phalam -
Kalyānakārī kalyānam pāpakā ca pāpakm
Isayosamuddaka Sutta,
Samyutta Nikaya, Vol. I, p. 404 / S.N. Vol. I, PTS p.226
[25] Aiyo hutvā dāso hoti,
daso hutvā iyo hoti.
[26] An Approach to
Buddhist Social Philosophy, Ven. Pathegama Gnanarama, Ti-Sarana Buddhist
Association, Singapore, 1996, p.76
[27] S.n. PTS, p. 20
[28] M.N. Vol.i, PTS,
pp.413-419
[29] Pañcimā, bhikkhave,
vanijjā upāsakena akaraniyā, katamā pañca? Satthavanijjā, sattavanijjā,
maµsavanijjā, majjavanijjā, visavanijjā
A.N. Vol. iii, PTS,
p.208
[30] S.n., PTS, p.47
[31] M.N. Vol. iii, PTS,
p.206
[32]
Kmmaµ satthe vibajati yadidan
hinappanītatā
[33] Anda Sutta, Anguttara
Nikaya, Vol. I, PTS, p. 129
[34] ayam imesam dasannam kâmabhoginam aggo ca settho ca pâmokkho ca uttamo
ca pavaro ca
Kamabhogi
Sutta, Anguttara Nikaya, Vol. V, PTS, p. 177
[35]
Bhogā me atthi ugghānaviriyādhigatā
bāhābalaparicitā sedāvakkhittā dhammikā dhammaladdhāti
adhigacchati sukhaµ, adhigacchati somanassam
Ugghānaviriyādhigatehi bhogehi
bāhābalaparicitehi sedāvakkhittehi dhammikehi dhammaladdhehi bhoge ca bhuñjāmi
puññānī ca karomīti adhigacchati sukhaµ, adhigacchati somanassaµ, …
Na kassaci kinci dhārema appaµ vā
bahuµ vāti adhigacchati sukhaµ, adhigacchati somanassaµ, ...
Anavajjenamhi kāyakammena
samannāgato, anavajjena vacīkammena samannāgato, anavajjena manokammena
samannāgatoti adhigacchati sukham, adhigacchati somanassam, …
[36] Anguttara Nikaya Vol.
ii, p 130 BJM
[37] Anańa Sutta, A. N.
Vol. ii, PTS, p. 69 / Ańguttaka Nikāya, Pattakamma Vaggo, Anańa Sutta, BJM, p.
130
[38] dāna, sīla, bhāvanā
[39] Civara, pindapata, senasana, gilampasa
[40] Vaddhi Sutta,
Anguttara Nikaya, Vol. V, PTS, p.137
[41] dasahi bhikkhave vaddhihi vaddhamâno ariyasâvako ariyaya vaddhiyâ
vaddhati sârâdâyi ca hoti varâdâyi kayassa katame dasahi
[42]
Pamādamanuyuñjanti – bālā dummedhino janā
Appamādañ ca medhāvī - dhanaµ
seÊÊham’va rakkhati
Dhammapada
Verse. 26
[43] Sigalovada Sutta,
Vol. II, Digha Nikaya, pp. 302
Bibliography
Primary
Sources
ü The
Long Discourses of the Buddha: A Translation of the Digha Nikaya. Trans.
Maurice Walshe. Boston. Wisdom Publication, 1987
ü The Middle Length Discourses of the Buddha: A Translation of the
Majjhima Nikaya. 3rd ed. Trans. Bhikkhu Nanamoli and Bhikkhu Bodhi. Boston:
Wisdom Publication, 2009
ü
The Numerical Discources of
the Buddha: A Translation of the Anguttara Nikaya, Trans. Bhikkhu Bodhi. Boston: Wisdom
Publication, 2012
ü
The Connected Discourses of the Buddha: A Translation
of Samyutta Nikaya. Trans. Bhikkhu Bodhi. Boston: Wisdom Publication, 2000
Primary Sources
ü An
Approach to Buddhist Social Philosophy, Ven. Pathegama Gnanarama, Ti-Sarana
Buddhist Association, Singapore, 1996,
ü Buddhist
Economics, the original booklet of a talk given by the author at Thammasat
University on March 9, 1989; translated by Dhammavijaya.
ü http://www.centerforneweconomics.org/buddhist-economics,
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ü http://pioneer.netserv.chula.ac.th/~sprapant/Buddhism/buddhist_econ.html#Production
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