Buddhist economics as a return to rational model of economic management

Viktor Zinchenko and Mykhailo Boichenko ()
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Mykhailo Boichenko: Institute of Higher Education of the National Academy of Educational Sciences of Ukraine, Kyiv-city, Ukraine

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 factors are once again becoming more of a threat than a salvation. Buddhist economy is a return to the values of agricultural production, but taking 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 appears as only the most convenient means for achieving these goals. However, Buddhist economics is not a rejection of the achievements of modern and postmodern society – it is an attempt to use these experiences and achievements for 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 in thrifty but full consumption and restrained production with environmentally friendly aims.

Keywords: Buddhist economics; optimal consumption; personal development; economic rationality; [SHS.PHIL]Humanities and Social Sciences/Philosophy; [SHS.ECO]Humanities and Social Sciences/Economics and Finance (search for similar items in EconPapers)
JEL-codes: B40 (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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