The mainstream neoclassical economics has “self-interest”and “competition” as its foundations for the analysis of market efficiency in the capitalist economy. Utility maximization and profit maximization are the axioms for the valuation of market efficiency.In mainstream economics theories, “utility” is a synonym oflife satisfaction or happiness. Therefore, pursuing non-stoppingeconomic growth becomes a major strategy to meet the insatiabledesires and to attain consumption gratification. However, thedeficiency of the mainstream economic theories is to blame for the development of various adverse outcomes of the market economy,such as global warming, natural resources depletion, and incomeinequality in the world. Moreover, the mainstream economicstheories are also incapable of solving these problems.
The Buddhist economics criticizes the deficiency of mainstreameconomics and introduces economic theories based on the ethicsof Buddha’s teaching. Contrary to the mainstream economics, theBuddhist economics claims that happiness does not lie on materialconsumption, but on the status of mind. Also, the mainstream economics proposes the principle of maximizing consumption with the optimal pattern of production, but Buddhist economics treasures maximizing human satisfaction with the optimal consumption pattern. Moreover, Buddhist economics proposes alternative principles of economics activities, such as minimizing suffering, simplifying desires, non-violence, compassion and genuine care, instead of the mainstream economics’ self-interest and competition.
This study aims to develop an alternative framework for the Buddhist Economics study, based on Master Sheng-yen’s preaching of “Protecting the Spiritual Environment” and “Building Pure Land on Earth.” The theoretical framework has consumption, production, employment, social environment, and natural environment in the integrated setting. The aim of this work is to develop a conceptual framework for a society that could achieve sustainable happiness and maintain economic prosperity. The core value of economic activities for people in this society is to protect their spiritual environment, so that the society can attain the quality of life and preserve the purity of the living environment at the same time.
