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Wisdom-Based Economic Theory as Informed by Buddhism
Author Chang, Otto (著)
Source Hualin International Journal of Buddhist Studies
Volumev.2 n.2 Special Issue: Buddhism and Business: South and East Asian Perspectives
Pages31 - 80
PublisherCambria Press
Publisher Url
LocationNew York, US [紐約州, 美國]
Content type期刊論文=Journal Article
NoteAuthor Affiliations: Paul E. Shaffer Professor of Accounting Emeritus
Purdue University Fort Wayne
KeywordBuddhist economic model; production for profit; production for enlightenment; market economy
AbstractThis paper first identifies turbulent and imminent economic, social, and ecological problems threatening our modern economy and society. It is argued that many of these problems are natural or predictable consequences of the production-for-profit economic model feverishly advocated by mainstream economists and prevalently adopted by many policy makers in every corner of the world. The paper then examines the fallacy and deficiency of the production-for-profit economic model and its underlying philosophical tenets and premises. It shows that Buddhism, with its thorough examination of human predicaments and its pragmatic middle-way approach to the solution of these dilemmas, can be the philosophical basis for a viable alternative economic model which has not only the remedies for the problems created by the mainstream economic theories, but also the promise of a comprehensive solution to the human struggle for survival and prosperity. To help to formulate a new economic model, specific examples of how Buddhist principles can be applied to economic problems are elaborated and illustrated. The paper concludes with an urgent plea for the whole world to reconsider the efficacy of our current approach to economic well-being and to seriously consider the merits of a wisdom-based economic model as informed by Buddhism.
Table of contentsI. Problems of Our Modern World 32
II. Fallacy and Deficiency of Production-for-Profit Economic Model 34
II.1 Unrealistic Assumptions 35
II.2 Deficiencies of the Model 37
II.3 The Need for an Alternative Approach 44
III. Buddhist Approach to Economics 47
III.1 Buddhist Premises 47
III.2 Buddhist Responses to Economic Questions 49
IV. Implementing Buddhist Economics 59
IV.1 The Need for a Revolution in Education 60
IV.2 Ethical Consumption 61
IV.3 Responsible Use of Labor and Natural Resources 63
IV.4 Equitable and Productive Ownership of Assets 66
IV.5 A Pragmatic Middle Way Approach 70
V. Conclusion 73
ISSN25762923 (P); 25762931 (E)
Created date2021.03.23
Modified date2021.03.23

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