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The Reality and Diversity of Buddhist Economics
Author(s) -
Drechsler Wolfgang
Publication year - 2019
Publication title -
american journal of economics and sociology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.199
H-Index - 38
eISSN - 1536-7150
pISSN - 0002-9246
DOI - 10.1111/ajes.12271
Subject(s) - buddhism , unification , diversity (politics) , odds , happiness , epistemology , positive economics , action (physics) , sociology , social science , economics , philosophy , political science , law , mathematics , computer science , anthropology , statistics , physics , theology , programming language , logistic regression , quantum mechanics
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.