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Western economics versus Buddhist economics

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  • Laszlo Zsolnai

    ()
    (Corvinus University of Budapest, Business Ethics Center, Budapest, Hungary)

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    Abstract

    The paper explores Buddhist economics as a major alternative to the Western economic mindset. Buddhism is centred on want negation and purification of the human character. Buddhist economics, developed by Schumacher, Payutto, Welford and others, challenges the basic principles of modern Western economics: (1) profit-maximisation, (2) cultivating desires, (3) introducing markets, (4) instrumental use of the world, and (5) self-interest-based ethics. Buddhist economics proposes alternative principles such as minimising suffering, simplifying desires, non-violence, genuine care, and generosity. It is suggested that Buddhist economics is not a system but a strategy, which can be applied in any economic setting.

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    Bibliographic Info

    Article provided by Akadémiai Kiadó, Hungary in its journal Society and Economy.

    Volume (Year): 29 (2007)
    Issue (Month): 2 (August)
    Pages: 145-153

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    Handle: RePEc:aka:soceco:v:29:y:2007:i:2:p:145-153

    Note: The paper is based on a much broader paper of the author published in Bouckaert et al. (2007).
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    Web page: http://www.akkrt.hu

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    Postal: Akadémiai Kiadó Zrt., Prielle K. u. 21-35. Budapest, 1117, Hungary
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    Related research

    Keywords: Buddhist economics; minimising framework; strategy;

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