The Reality and Diversity of Buddhist Economics

Wolfgang Drechsler

American Journal of Economics and Sociology, 2019, vol. 78, issue 2, 523-560

Abstract: This essay develops three central points: Buddhist economics (BE), like most religion‐based economics, is not only an extrapolation from the basic texts but is also how BE has recently been practiced. Examples of that practice include the application of the concept of “Gross National Happiness” in Bhutan, the implementation of a “sufficiency economy” in Thailand, and action based on the principle of the Unification of King and People in Yogyakarta, Indonesia. BE as a concept comes originally from an outside understanding of Buddhism that entails perspectives that text‐based BE might not have. Buddhism, as such, is at odds with standard textbook economics (STE). BE thus potentially forms its own economic paradigm, but BE as practiced often coexists with STE. Discussing these points will hopefully result in seeing that there is considerable diversity within BE and that there is such a thing as real, existing BE that truly does matter.

Date: 2019
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