The value of something: material value versus inner value

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Chapter 5 in Buddha, Wisdom and Economics, 2024, pp 69-83 from Edward Elgar Publishing

Abstract: This chapter explains how the market determines the value of a good or a service. In economics, the value of a good is equivalent to the price of the good which is determined in the market through the interactions between the demand force and the supply force. There are however some exceptions such as a public good or a good that is not traded in the market. The goods that are not traded in the market can be exchanged implicitly or indirectly, nonetheless. The concept of value as explained in economics can be appreciated by Buddhists as appropriate for some stages of practice. The Four Immeasurables in Buddhism are what cannot be valued in the market or by any other means, according to Buddhism. Economics, on the other hand, does not attempt to value mental states or metaphysical concepts that are beyond the material world.

Keywords: Development Studies; Economics and Finance (search for similar items in EconPapers)
Date: 2024
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