Buddhist economics as a return to rational model of economic management

Viktor Zinchenko

The Journal of Philosophical Economics, 2022, vol. 15, issue 1, 227-244

Abstract: The concept of Buddhist economics is gaining increased appeal in a world where external (global) factors are once again becoming more of a handicap than a deliverance. A Buddhist economy is a return to the long-established values of agricultural production that has the capacity to take into account the experience and achievements of the industrial and post-industrial economy. Care for the environment, personal development, community development, especially spiritual development – these are the priorities of the Buddhist economy. In particular, agricultural production is the most convenient means to achieve these goals. However, Buddhist economics are not a rejection of the achievements of modern and postmodern society – they attempt to use these experiences and achievements in the fashioning of a more intelligent and effective implementation of the goals of the economy, which were defined by Aristotle. The rational model of economic management according to these views consists of thrifty but full consumption and restrained production with environmentally friendly objectives.

Keywords: Buddhist economics; optimal consumption; personal development; economic rationality (search for similar items in EconPapers)
JEL-codes: A12 B40 Z13 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (2)

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Working Paper: Buddhist economics as a return to rational model of economic management (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:bus:jphile:v:15:y:2022:i:1:n:8

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