Justin Ecclestone
Buddhist Economics
What are the economic impacts of Buddhist economics on the Canadian economy?
1. Schumacher, E. F. "Buddhist Economics." New Economics Institute. New Economics Institute,
n.d. Web. 25 Apr. 2013.
The article “Buddhist Economics”, written by E. F. Schumacher raises a very interesting
point. It presents this ideology that we as humans are doing things backwards when it
comes to modern economics in the sense that employers strive to pay the employee the
least amount of money possible for the most amount of work while the employee wishes
they could receive income without having to work. Buddhist economics says that we should
work in order to; utilise and develop our faculties, eliminate all egos by working with each
other in common task as well as bringing forth the goods and services needed for existence.
The New Economics Institute is a credible source because it prioritizes the well-being of
people and the planet. They are currently working with 14 university groups around North
America to help change the future of the global economy.
2. Norberg-Hodge, Helena. "Buddhism in the Global Economy." International Society for
Ecology and Culture: Promoting Locally Based Alternatives to the Global Consumer Culture.
International Society for Ecology and Culture, n.d. Web. 26 Apr. 2013.
Modern economics values monetary transactions and in doing so it disregards things we
should value such as family and community. In other words the western economy acts to
exploit our self-centredness as opposed to trying to temper it in the way Buddhist
economies do. True globalization means to create a monoculture. It attempts to minimize
cultural differences and create an “ideal human”. Our world is starting to lack personality.
We as Canadians need to change the future of the “global economy”.
The International Society for Ecology and Culture is an extremely credible source when it
comes to Buddhist Economics because they have been addressing the issue of monoculture
since 1991. Their mission is to protect local economies from globalization in order to
preserve their cultural values and beliefs. In other words the things that make us unique as
human beings.
3. Guenter Wagner, Hans. "On Buddhist Economics as a Science of Right Livelihood." HansGuenter Wagner, Buddhist Economics. N.p., n.d. Web. 26 Apr. 2013.
Justin Ecclestone
Buddhist Economics states that “Good economic decisions are those based on an awareness
of the costs of the individual, social and environmental levels, not just in terms of production
and consumption. These economic decisions are karma. Every time an economic decision is
made, karma is made, and the process of fruition is immediately set in motion, for better or
for worse, for the individual, for society and the environment.” What this means for Canada
is that every time we make an economic decision that isn’t for the well-being of the
environment or society we are subjected to bad karma which could potentially lead to
natural disasters economic destruction or anything that would cause us harm. We must be
more aware of what and who are economic decisions are affecting or harming.
Hans Guenter-Wagner is a reliable economist because he is a professor at the University of
Cooperative Education and has received numerous awards on the topic over the years.
By: Justin Ecclestone