What is Buddhist economics?

Buddhist economics advocates giving limitlessly because one’s ability to give is a very important economics value for Buddhist because it has a direct influence on our quality of mind. Buddhist economics is the material necessity for living and the basic improvement of life. Buddhist economics is the systematic concern to the individual, social system and environment as a whole. As with other disciplines Buddhist economics derived from a view of the meaning and purpose of life. Buddhist economics accept purely materialist but it doesn’t ignore the spiritual aspect of life. Buddhist economics has a number of implications.

Firstly the importance given to economics In Buddhism and secondly economics solving the problems of life. Buddhist economics is to investigate the three interconnected sphere of human existence, the individual, society and the nature. Buddhist economics ethically sees the economic activities done in a way that is not harmful to the individual, society and the nature.

Ignorance is a real limitation in life therefore we do not know how to conduct our lives. So without proper guidance we struggle at the directive of craving to stay alive. Craving leads to seeking objects which pander to self interests supported and nourished by ignorance. There is chanda which leads to effort and action founded on intelligent reflection. Tanha and chanda both lead to satisfaction but of different kind. Tanha seeks to satisfy the blind craving for sensual pleasure but chanda directs to realize the well being.

Buddhist economics also seeks wealth in right ways and use it for the good and happiness of both themselves and others. Buddhist economics judges the ethical value of wealth by the ways in which wealth is obtained and the uses to which it is put. Buddhist economics sees the enhancement of true well being coincides with the experience of satisfaction. Buddhist microeconomics works on three levels as follows:

1.    Purely material level, 2. Purely material and spiritual level 3. Purely spiritual level

Practice on the purely material level corresponds to find immediate material convenience avoiding hardship. Practicing on the material and spiritual level corresponds to happiness in lifetime to come. According to this, habits of truthfulness, training oneself without end, patience and self sacrifice with faith are the key factors in understanding Buddhist economics purely spiritual level is of economics one needs beyond the heaven realms to nirvana and a complete end of all defilements.

Buddhist economics shows us three ways of dealing with the wealth that we have honestly.

Keep one portion for the day today expense, keep half portion for the business purposes and keep one portion for the future.

This information is found in sigalavada sutta. The importance of Buddhist economics is to know that economics doesn’t mean selling and buying only but it is the spirituality within them.