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3 safety needs progressing towards self-esteem and finally towards the attainment of selfactualization or liberation as the pinnacle of the hierarchy of needs. At this stage, it would be interesting to conclude how the Buddha would describe the perfect homo oeconomicus considering the above-mentioned teachings. One aspect is a person s understanding of the overall economy target. Seeing economy as an integral part of the path to liberation is the key. Economy is not an isolated aspect of everyday life, but needs to meet criteria that also fit the view of a Buddhist. A Buddhist economic framework cannot be based on a consensus, which is not in line with Buddhist ethics. Further to that, the targets of Buddhist homo oeconomicus should not only suit the individual but must not harm others or the environment. Hence, the Buddhist homo oeconomicus has a well-developed sense for the community and collective responsibility. This thought is based on the teachings of dependent arising: all mental and physical phenomena are intertwined 8. Changes for the better are only possible on a collective basis. The Buddhist homo oeconomicus understands the validity of this approach, as she appreciates that there is no distinction between the other and herself. Seeking individual benefit is elusive as it is non-existent. Western neoclassical economists claim that due to an informational asymmetry, it is impossible to know what other human beings desire. Hence, all are better off to maximise their own targets 9. This however is not the view of a Buddhist homo oeconomicus. She would argue that right view and right concentration lead all human beings to do the right deed and enables everyone to know what the desired moral way is. In the end, she understands that her personal well-being is also dependent on her environment. Hence creating a balance between her community s and her personal targets will deliver the social justice that brings her one-step closer to personal happiness. The Buddhist homo oeconomicus knows her responsibilities towards the achievement of her goal of liberation. Buddhism offers enough flexibility for interpretation. There is no room for hiding behind teachings that justify wrong doing. She knows that only she can find her own path 8 9 Harvey, Peter. An Introduction to Buddhism- Teachings, History and Practices. Cambridge: Cambridge University Press, Mankiw, Gregory. Principles of Microeconomics. Stamford: Cengage Learning, 2004 p.11.
4 to liberation. This makes the Buddhist homo oeconomicus also committed to independent thinking and hence not prone to dogmas. She understands situations are not set in stone but are rather an influx of phenomena, which can be shaped to a certain extent 10. As all areas of life are interconnected - such as claimed by the Buddhist teachings, economic activities and their impact need to be studied and evaluated on a constant basis. Independent thinking results in her attitude that her consumption pattern will also affect others, in the most narrowed way those who produce the products. This insight makes her a supporter of the concept of sustainable consumption. As pointed out by Brodbeck, sustainable consumption starts with the consumer s knowledge about what the real source of happiness is. Once the duality of objects is understood, a profound change in consumption attitude can be achieved. 11 Buddhist s understanding of consumption is straightforward: the aim is to maximise one s well-being with the minimum amount of consumption. A second aspect of sustainable consumption is the question, how to deal with products that are either not ethical or not produced in an ethical way 12. Hence, following a sustainable consumption attitude she prefers to obtain products and services that are produced in line with Buddhist ethics. There is no distinction between the values she believes in and the ones she uses when evaluating her consumer choices. König elaborates further that from a Buddhist perspective, sustainable consumption might also be understood as to how consumption contributes to freeing up time to follow meditation or other activities that help a Buddhist to find the path to liberation. 13 König s logic is quite sharp: The lower the need for consumption, the less working hours a particular person needs to invest for earning a living to sustain one s consumption level. The less working hours one needs to earn a living, the more time one has to follow meditation and hence the path to enlightenment. She concludes similar to Brodbeck that once the Buddhist values are internalised, a real change in consumption patterns occurs that will reduce consumption and therefore leave time and space to enrich the idealistic aspects of her life. Localised processes can be better monitored than globalised ones. The homo oeconomicus therefore supports local businesses, which follow a responsibility and relationship strategies over cost-cutting ones. Another advantage to restrain from globalisation is a more Gowans, Christopher. Philosophy of the Buddha. London: Routledge, 2003, pp Brodbeck, Karl-Heinz. Buddhistische Wirtschaftsethik. Aachen: Shaker Verlag, p König, Sabine. Zwischen Realität und Ideal. Münster: LIT Verlag, 2004 p König, Sabine. Zwischen Realität und Ideal. Münster: LIT Verlag, 2004 p.77.
5 sustainable growth as described by the Royal Thai Sufficiency Economy Model. Sustainable growth, which at times might also mean no growth or marginal growth rates, preventing expansion based on debt-financing. Lower growth rates offer a possibility to establish a stable local structure, which are less prone to negative economic or financial shocks. 14 As the homo oeconomicus is confident as well as determined to follow Buddhist ideals, she keeps meditating on a regular basis. This activity not only helps her to keep desire in check but also makes her calmer and more compassionate towards her community. Sharing and donations are a natural aspect of the Buddhist homo oeconomicus life - as shown above and all she is interested in is a positive community development. The act of sharing also prevents her from the accumulation of an access of material wealth, which can only lead to attachment in the long run 15. According to Buddhist teachings a real change can only be obtained by a changing mindset. As stated in the First Noble Truth, life is suffering 16. There is no escape from suffering other than understanding its roots and mechanisms. Once one understands that blind consumerism does not prevent one from suffering, a real change in the mind-set can be achieved. The change in mind-set will also prevent one from the view that personal consumption has no impact on the external world and regrettably might contribute to violence, be it active physical violence or passive structural type. The government of the day can facilitate in implementing policies that impacts on the private individuals and business sectors in the Buddhist macro-economic sense as we are mindful of the interdependent conditional living. Despite the idea of a perfect economic person, it is irrevocable that in the end we are all beings on this planet, with the need for freedom and survival. Turning a blind eye on this given fact will cause negative impact eventually. Consequently, caring for the others well-being might not only prove useful in economics but will impact positively additional aspects of one's life. 14 Essen, Juliana. Economic Sufficiency and Santi Asoke. Zsolai, Laszlo. Ethical Principles and Economic Transformation- A Buddhist Approach. Budapest: Springer, pp Bodhi, Bhikku. Dana The Practice of Giving October < 16 Thera, Ven. Piyadassi. The Buddha, His Life and Teaching. Kandy, Sri Lanka: Buddhist Publication Society, 1982 p.38.
BUS 102-3 credits Description: This course will give you Scriptural support for the belief that God delights in the prosperity of His children (Psalm 35:27). It is His desire that we lend and not borrow.
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