Advertisement

The Need for and Nature of Buddhist Economics

  • Michael Lucas
Chapter
Part of the Mindfulness in Behavioral Health book series (MIBH)

Abstract

Increasingly, concern is being expressed from a number of quarters about the shortcomings of modern capitalism. On the other hand, the command (i.e., centrally planned) socialist economies have apparently not been a success, resulting in the widespread view that there is no alternative to the current shareholder value capitalism model. This model, intellectually grounded in neoclassical economics, still dominates business school education, thereby shaping future business leaders and economic policy makers, and at least implicitly informs much popular discourse, including that of the popular press. Given the very serious shortcomings of modern capitalism, which will be discussed in this chapter, there is a need to reconceptualize economics to transform our societies for the better. This chapter, therefore, considers how Buddhist philosophy and the ethical principles derived from it can provide an alternative system of thought, to inform the development of an improved economic system that works for all.

Keywords

Modern capitalism Neoclassical economics Buddhist philosophy Buddhist economics 

References

  1. Brazier, C. (2003). Buddhist psychology. London, UK: Constable Robinson.Google Scholar
  2. Britton, A., & Waterston, C. (2006). Financial accounting (4th ed.). Harlow, England: Pearson Education.Google Scholar
  3. David-Neel, A. (1978). Buddhism: Its doctrines and methods. London, UK: Mandala Books.Google Scholar
  4. Dhammapada. (1973). Contrary ways. Middlesex, England: Penguin Classics.Google Scholar
  5. Dillard, J. (2009). Buddhist economics: A path from an amoral accounting to a moral one. Advances in Public Interest Accounting, 14, 25–53.Google Scholar
  6. Gates, J. (1998). The ownership solution: Towards a stakeholder society for the 21 st century. Reading, MA: Addison-Wesley.Google Scholar
  7. Gleeson-White, J. (2015). Six capitals, or can accountants save the planet? New York, NY: W.W. Norton.Google Scholar
  8. Hobbes, T. (1651). Leviathan. Oxford, UK: Oxford University Press.Google Scholar
  9. Humphreys, C. (1981). Buddhism. Middlesex, England: Penguin Books.Google Scholar
  10. Keynes, J. M. (1936). The general theory of employment, interest and money. San Diego, CA: Harcourt Brace Jovanovich.Google Scholar
  11. Lessem, R., & Schieffer, A. (2010). Integral economics: Releasing the economic genius of your society. Farnham, Surrey, UK: Gower Publishing.Google Scholar
  12. Lux, K. (1990). Adam Smith’s mistake: How a moral philosopher invented economics and ended morality. Boston, MA: Shambhala.Google Scholar
  13. Marx, K., & Engels, F. (1975). The communist manifesto. Peking, China: Foreign Language Press.Google Scholar
  14. Parker, L., Ferris, K., & Otley, D. (1989). Accounting for the human factor. Sydney, Australia: Prentice Hall.Google Scholar
  15. Patel, R. (2009). The value of nothing: How to reshape market society and redefine democracy. London, UK: Picador Books.Google Scholar
  16. Schumacher, E. F. (1974). Small is beautiful: Economics as if people mattered. London, UK: Abacus.Google Scholar
  17. Smith, A. (1776). The wealth of nations. London, UK: Shine Classics.Google Scholar
  18. Summedho, A. (1987). Mindfulness: The path to the deathless. Hemel Hempstead, Hertfordshire: Amaravati Publications.Google Scholar
  19. Van Mourik, C., & Walton, P. (2014). The Routledge companion to accounting, reporting and regulation. Abingdon, Oxfordshire: Routledge.Google Scholar
  20. Ven. M. Pannasha Maya Nayaka Thera. (2007). The Buddhist way to economic stability. http://www.urbandharma.org/udharma5/ecostability.html. Accessed June 2016.

Copyright information

© Springer International Publishing AG, part of Springer Nature 2018

Authors and Affiliations

  • Michael Lucas
    • 1
  1. 1.Birmingham Business SchoolUniversity of BirminghamBirminghamUK

Personalised recommendations