The vision of the latest economic development plan (1997-2001) in Thailand has been influenced by the movement which has appealed to Buddhism as the foundation for a renewed Thai-style economic system. Besides the works by this movement and scholarly works in search of Buddhist economics, there is no explicitly developed economic theory based on Buddhist teachings. This study attempts to (i) develop a theoretical framework for Buddhist economics from the fundamental Buddhist principles and (ii) explore basic features of a Buddhist economic system.
The study first lays out the basic philosophical framework and methodology based on the fundamental principles and ethical values of Buddhism. It also reviews the existing literature of Buddhist economics to place itself in the proper context. It then develops a basic theoretical framework for Buddhist economics which comprises two parts: positive and normative. The positive theory consists of three fundamental axioms which characterize the properties of economic phenomena: non-self, impermanency and unsatisfactoriness. The normative part consists of the criterion of cost-effectiveness and Buddhist principles of actions--responsibility, harmlessness, generosity, and discernment.
Based on this theoretical framework, the study then identifies the broad contours of a Buddhist economic system. The outline illustrates economic activities consistent with the Buddhist principles which comprises the acquisition, protection and utilization of wealth. It also discusses the characteristics of major economic institutions in a Buddhist economy: the market, firm, community, and state. The study concludes with some constructive suggestions for planning Thailand's long-term socio-economic development, should it choose to develop a Buddhist economy.
