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Buddhist Philosophy in Economics Episode 05 Wednesday, March 26, 2025
Nowhere is it said that all the good principles taught in Buddhism are set in a framework or lead to a goal that ends only in the attainment of auspicious results in the next life. Liberation from the cycle of birth and death, which is the ultimate goal of Buddhism, can be achieved in this world directly if one strives hard to achieve it. The Pali phrase “Dhammacari sukhum seti, asmi loke parantek” means that a person who leads a right life always lives happily in this world as well as in the next. This means that the happiness granted in the next world depends entirely on living a right and fruitful life in this world. Furthermore, there is no teaching in Buddhist doctrine that suggests that one must suffer in this life in order to enjoy happiness and prosperity in the next life. In the same way, the Buddha pointed out that all suffering in this world is not due to the influence of any deity, but is the result of one's own actions. On the other hand, Buddhism also clearly states that in order to overcome all suffering and stress in life, one must work hard and have a strong will.
When referring to karma, it is pointed out that this is not the only reason that affects human life on this earth. But karma is only one such influence. There is no point in thinking only about karma. Will and will should be given higher priority than karma. This is what the Buddha taught his disciples on various occasions.
The philosophy of suffering as enshrined in Buddhist theory, karma, and the teachings on the hereafter is not a barrier to economic development, either individually or collectively.
Now let us examine the practical economics that Buddhism teaches us through its philosophy for successful living. The Buddhist economic philosophy, unlike modern economic principles, does not give importance only to material progress, but also focuses on the inner intellect of the individual.
Economics is the science that determines how the economic needs of the physical body of man are met in order to make man happy. The clear theory in this world is that “the resources of the world are limited, while the economic needs of man are unlimited.” This theory is also stated in Buddhism. In the Rattapalā Sutta of the Madhyamaka Nikāya, it is mentioned that the people of this world are not perfect and that they are not happy. They are slaves to desires. Western economists, who have raised the issue of limited resources and unlimited wants, have seized this opportunity to encourage consumers to consume more and more. Although this system is necessary for a capitalist economy, those with few needs see that the powerful and privileged are destroying resources, creating more and more economic problems. Buddhism supports the view that a simple life will help us use limited resources properly and solve the economic problems created by our unlimited wants and desires.
When it comes to Buddhist economic philosophy, the views expressed in the Buddhist theory of resources have become important perspectives. The criterion by which a person’s wealth can be measured is money. Money is used as a means to satisfy material wants and desires. Accordingly, Buddhist theory also accepts the view that in order to live a life of abundance, One should accumulate wealth in four stages. Buddhism speaks of the development of a person. One such opportunity is the opportunity to enjoy happiness. The Buddha also stated that wealth thus accumulated should be accumulated by hard work, and wealth thus acquired should be protected so that some of it is not wasted. This is stated in the Sutta of the Buddha and the Singhalavada Sutta. In the philosophy of Buddhist theology, the manner in which wealth should be accumulated and how money should be spent is clearly explained in Buddhist texts. According to the Singhalavada Sutta, the money saved should be spent first on food, clothing, housing, medicine, etc., so as not to cause hardship. In the same sense, the Buddha described in his teachings that the fact that a person spends his money on his needs and necessities... should make him feel that he has spent his money to attain happiness and that his wealth is being used for a good cause. This should give him both mental and physical happiness. There, the Buddha explained that the money saved should be spent for his own benefit as well as for the benefit of those under his care and those living with him, so that they do not suffer from hunger. The form of money saved (Buddhist Philosophy in Economics Episode 05)
