A Growing Economy from a Buddhist Perspective

Abstract

The modern global economy, often equates economic growth with material
accumulation, but Buddhism teaches that true happiness and identity do not
stem from mere materialistc possessions. Instead, it emphasizes the principle of
sufficiency, meeting one’s needs without excess. Buddhist economics, as developed
by contemporary scholars, prioritizes compassion over competition and promotes
well-being over mere material gain. This paper aims to envision an alternative
economic model rooted in Buddhist teachings, emphasizing indicators such as
Gross National Happiness (GNH) and other holistic well-being indexes. Such a
model would shift the focus from increasing material wealth to addressing both
the physical and mental challenges facing humanity. That would also advocate
for economic planning that centers ecological regeneration and non-harming
principles. Original sources from the Pali Canon, along with recent research
by Buddhist scholars, serve as key references for this inquiry. In an increasingly
interconnected world, economy of countries is gradually integrating with global
markets. As it does so, Buddhist scriptures and contemporary Buddhist economic
thought offer valuable guidance for constructing a radical, values-based economic
model tailored to countries unique socio-cultural context.