Buddhist Economics: Where a Religous Ideology and a Western Science Collide to form a New Worldview

This blog seeks to explore the emerging field of Buddhist Economics as a possible solution to some of the problems presented by the ever increasing globalization of Capitalism.

Friday, December 10, 2010

Individuals of Interest in Buddhist Economics

Payutto

Richard Layard

E.F. Schumacher

Posted by MB2BM55 at 4:07 PM

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Buddhist Economics seeks to change the meaning and role of human labor in the era of globalization

BE questions the validity of economic systems that see human labor as simply a means to an end. A line on the balance sheet to be minimized

Unbridled Capitalism in the Era of Globalization

Workers on a Maquila floor doing dehumanizing labor that destroys the body

An Example of Appropriate Technology

A Universal Nut Sheller in Uganda. In BE technology is supposed to enchance the human element of work in production. Not render it less meaningful in any way.

More Appropriate technology: The Hippo Water Roller

A simple device designed to make it easier to transport water from fresh water sources for daily use

Map of Total Cumulative Account Balance

Map of Total Cumulative Account Balance

CAB is a sophisticated measure of trade balance. It is not only an indicator of economic propserity of a nation, but, perhaps more importanly, is an indicator of a sustainable and growing economy. On a side note, notice the red U.S. Representative of our incredible trade defecit. A discussion of a different topic, but relevent when viewed fromt eh perspective of all-consuming consumerism that Buddhism and BE stand against

Total Cumaltive Account Balance per Capita

Total Cumaltive Account Balance per Capita

A rebalance of the information in the previous map to account for national population. Both the total size and size per capita are important indicators of a nations economic strength for individuals.

Global Competitiveness Index

Global Competitiveness Index

Most competitive nations in green, least competitive in red. The GCI measures the relative ability of nations to provide material propserity to its citizens.

Map of Total exports by Nation

Map of Total exports by Nation

The relative volume of material goods each nation sells to everybody else. A paradigm of modern capitalist theory

And Yet.....

there is a disconnect between the previous indicators of national economic strength and the following measure of National Happiness

World Happiness Map (by Adrian White, Analytic Social Psychologist, University of Leicester)

World Happiness Map (by Adrian White, Analytic Social Psychologist, University of Leicester)

A compilation of happiness data by country

Buddhist Economics: Making Happiness the Purpose of the Economy

In the above data comparing the economic strength of nations to the map of happiness, notice that there is some correlation due to the relative wealth of nations but there is still significant deviation. Notice that South America is considerably more competitive with Europe in happiness than it is in wealth. Also notice Japan and Germany. They are cumulatively, despite minimal natural resources, perhaps the strongest industrialized economies for their size; Paradigms of Western Economic Theory. Yet they are not in the top group for happiness, being not much better than middle of the pack. The goal of current economic theory is to produce as much capital as possible and that this leads to the happiness of the people. This formulation is clearly not sufficient and the emerging theory of Buddhist Economics seek to close this gap between prediction and results.

List of Articles on the web relating to Buddhist Economics (hyperlinked to their locations)

Interview on Buddhist Economics with Laszlo Zsolnai - Christian Egge (Cambridge, England 18.11.09)
Crossing the Crisis: The Success Story of Progressive Indonesian Entrepreneurs - Yulianti (Center for Religious and Cross-Cultural Studies, Graduate School, Gadjah Mada University, Indonesia)
Pathways to a Mindful Economy - Joel C. Magnuson
Why Buddhist Economics is Needed as a New Paradigm for a Better Understanding of Happiness (Wellness) - Prof. Dr. Apichai Puntasen (Dean- Faculty of Management Science, Ubon Rajathanee University, Thailand)
A Radical Conservative Buddhist Utopia: The Asoke People – Kanoksak Kaewthep (Faculty of Economics, Chulalongkorn University, Bangkok,Thailand)
Happiness and Economics: A Buddhist Perspective – Colin Ash (University of Reading, UK)
The Buddhist Way to Economic Stability – Ven. M. Pannasha Maha Nayaka Thera

List of Websites on and related to Buddhist Economics

Global System Change
GrossNationalHappiness.com
Home Page for First World Conference on Buddhist Economics
Homepage for Laszlo Zsolnai- major Buddhist Economics proponent
Urban Dharma
World Value Survey

List of Books Related to Buddhist Economics

Centralling Important Works in Buddhist Economics

Buddhist Economics: A Middle Way for the Marketplace

By Ven. P.A. Payutto (1984)

The full electronic copy can be found online free of charge at the following site:

http://www.buddhanet.net/cmdsg/econ.htm

The Amazon.com link for the book is here:

http://www.amazon.com/Buddhist-Economics-Middle-MarketPlace/dp/9748907031/ref=sr_1_5?ie=UTF8&qid=1291808750&sr=8-5

One of the early and highly important works in the field. Written by a Buddhist monk and scholar, the work applies Buddhist philosophy to the theories of economics in a comprehensive way that remains influential on the approach worldwide.

Small is Beautiful: Economics as if People Mattered

By E.F. Schumacher (1975)

University Library Main Stacks, Lower Level - HB171 .S384

One of the most important books in the field. Written by a prominent economist and Rhode Scholar, this was one of the first works to apply the language of economics to the principles of Buddhism. In this book, Schumacher outlined a general theory for how and why a system of BE would provide quality of life and greater happiness for the masses and yet maintain production of the essential means for life.

A link for the chapter titled ‘Buddhist Economics’ is here:

http://www.schumachersociety.org/buddhist_economics/english.html

The chapter ‘Buddhist Economics was previously a stand-alone article published by Schumacher on the topic. It is very important historically in the field as it represents on of the seminal founding documents of field as far as combining Buddhist philosophy with Western Economic Theory. A history of the article’s publishing is at this link:

http://www.schumachersociety.org/buddhist_economics/buddhist_history.html

Related and Influential Works

Silent Spring

By Rachel Carson (1962)

University Library Main Stacks, Lower Level QH545.P4 C38

The book that exposed the dangers of DDT use in agriculture and helped ignite the environmentalist movement. More importantly, as far as Buddhist Economics is concerned, this work significantly contributed to the growing disillusionment with unbridled Western Capitalism, Big Business, and the unregulated globalization that was wiping out smaller business owners such as small farmers.

The environmentalist movement and Buddhist Economics share much common ideology. Environmentalism and respect for nature are a major part of Buddhist doctrine and as such the two movements are natural allies and share common influences.

Happiness; Lessons from a New Science

By Richard Layard (2006)

The Amazon Link for the book is here:

http://www.amazon.com/Happiness-Lessons-Science-RichardLayard/dp/0143037013/ref=sr_1_1?ie=UTF8&qid=1292022090&sr=8-1

This work by the distinguished economist Richard Layard re-examines the effectiveness of the current Western approach to the economy and its ability to bring happiness to the people. Layard turns to Buddhism in parts to help him analyze alternative approaches and draw new conclusions. Not only does this contribute to the field, but it is important as a work that raises the mainstream awareness of BE – an important and difficult hurdle to implementation.

Happiness and Economics: How the Economy and Institutions Affect Well-Being

By Bruno S. Frey and Alois Stutzer (2002)

University Library Main Stacks, Lower Level - HM35 .F74

This is another important work in examining modern economic theory and its effectiveness at bringing happiness to the people and consistently improving it. While it does not address Buddhism directly, the questions and analysis’ it raises are very relevant to the approach taken by Buddhist Economics.

Scholarly Articles Related to Buddhist Economics

Title: What Can Economists Learn from Happiness Research?
Author(s): Bruno S. Frey; Alois Stutzer
Source: Journal of Economic Literature, Vol. 40, No. 2 (Jun., 2002), pp. 402-435
Publisher(s): American Economic Association
Stable URL: http://www.jstor.org/stable/2698383

Title: A Buddhist Economic System. In Principle: Non-Attachment to Worldly Things Is Dominant but the Way of the Law Is Held Profitable
Author(s): Frederic L. Pryor
Source: American Journal of Economics and Sociology, Vol. 49, No. 3 (Jul., 1990), pp. 339-349
Publisher(s): American Journal of Economics and Sociology, Inc.
Stable URL: http://www.jstor.org/stable/3487014
Abstract: Some of the major canonical scriptures of Buddhism are examined, as well as some of the secondary literature about these writings, in order to see what type of economic system might be inferred from the religious tenets which Gautama Buddha expounded. The personal and social ethics underlying such a system, the economic institutions which are consistent with such moral rules and the attitudes toward property and wealth which they inspire are analyzed for the light they shed on the explanation of economic behavior.

Title: A Buddhist Economic System. In Practice: The Rules of State Policy Making of the Ideal Kings Sought a 'Middle Way' between Right and Left
Author(s): Frederic L. Pryor
Source: American Journal of Economics and Sociology, Vol. 50, No. 1 (Jan., 1991), pp. 17-32
Publisher(s): American Journal of Economics and Sociology, Inc.
Stable URL: http://www.jstor.org/stable/3487026
Abstract: Although there is little discussion of distributive justice in the Theravādā canon, the Buddhist State is advised to provide all people with a minimum income. Radiation theory sees the economy prospering through the virtuous actions of individuals following the moral law. Early Buddhist writings generally accept existing political and economic institutions, even while providing a democratic social ethos revolutionary for its time. King Aśoka, greatest of all Indian emperors, pursued a highly activist fiscal policy even though he believed only meditation could help people to advance in moral living. But canonical beliefs about economic activity are much more ambiguous than economic literature often indicates. Hence today there are rightist and leftist Buddhists, differing in interpretation. One can infer economic behavior from the principles of Theravādā Buddhism, as I reported in my previous essay, "A Buddhist Economic System--in Principle" (Pryor, 1990). This leaves the question what influence did they bear on economic behavior as reported in the Theravādā canon. Thus we advance from homilies to annals, and find that this branch of Buddhism was not as "other-worldly" as Max Weber thought

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