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Buddhist economics: Wikis


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Buddhist economics is a set of economic principles partly inspired by Buddhist beliefs that individuals ought to do good work in order to ensure proper human development.

The term was coined by Ernst Schumacher in 1955, when he traveled to Burma as an economic consultant for Prime Minister U Nu, and is used almost exclusively by followers of Schumacher and by Theravada Buddhist writers such as Prayudh Payutto and Phrabhavanaviriyakhun.

Schumacher's essay "Buddhist Economics" was first published in 1966 in Asia: A Handbook, and republished in Schumacher's influential collection Small Is Beautiful: Economics as if People Mattered (1973).

The efforts by the government of Bhutan are often considered an expression of Buddhist economics: for example, alongside traditional economic indicators, Bhutan uses 'Gross national happiness' to measure quality of life and non-economic well-being.

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