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The Reality and Diversity of Buddhist Economics

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  • Wolfgang Drechsler

Abstract

This essay develops three central points: Buddhist economics (BE), like most religion‐based economics, is not only an extrapolation from the basic texts but is also how BE has recently been practiced. Examples of that practice include the application of the concept of “Gross National Happiness” in Bhutan, the implementation of a “sufficiency economy” in Thailand, and action based on the principle of the Unification of King and People in Yogyakarta, Indonesia. BE as a concept comes originally from an outside understanding of Buddhism that entails perspectives that text‐based BE might not have. Buddhism, as such, is at odds with standard textbook economics (STE). BE thus potentially forms its own economic paradigm, but BE as practiced often coexists with STE. Discussing these points will hopefully result in seeing that there is considerable diversity within BE and that there is such a thing as real, existing BE that truly does matter.

Suggested Citation

  • Wolfgang Drechsler, 2019. "The Reality and Diversity of Buddhist Economics," American Journal of Economics and Sociology, Wiley Blackwell, vol. 78(2), pages 523-560, March.
    • Handle: RePEc:bla:ajecsc:v:78:y:2019:i:2:p:523-560
    DOI: 10.1111/ajes.12271
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    Cited by:

    1. Chaitawat Boonjubun & Anne Haila & Jani Vuolteenaho, 2021. "Religious Land as Commons: Buddhist Temples, Monastic Landlordism, and the Urban Poor in Thailand," American Journal of Economics and Sociology, Wiley Blackwell, vol. 80(2), pages 585-636, March.
    2. Viktor Zinchenko & Mykhailo Boichenko, 2022. "Buddhist economics as a return to rational model of economic management," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 15(1), pages 227-244.
    3. Daneshwar Sharma & Saumyaranjan Sahoo & Ashwani Kumar & Donald Huisingh & Dheeraj Sharma, 2023. "Corporate Nirvana: The Buddhist way to social sustainability and business innovation," Business Strategy and the Environment, Wiley Blackwell, vol. 32(8), pages 5289-5313, December.
    4. Gil, Olga, 2019. "Public participation in China and the West," SocArXiv dapvj, Center for Open Science.
    5. Viktor Zinchenko & Mykhailo Boichenko, 2022. "Buddhist economics as a return to rational model of economic management," Working Papers hal-03760219, HAL.

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