Buddhist Economics: An Analytic, Appreciative and Applicative Study
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Abstract
This study aimed to (1) analyze the fundamental philosophical concepts of Buddhist economics, (2) appreciate the critiques and counterarguments directed at Buddhist economics, and (3) propose applicable approaches at the individual, community, and public policy levels. The research employed a philosophical methodology incorporating the Socratic dialectic, hermeneutics, and reflective contemplation to analyze and compare Buddhist economics with mainstream economic theories. The study also utilized descriptive narrative writing to propose a new approach aligned with the moderate postmodern paradigm. The findings revealed that (1) Buddhist economics was rooted in the Four Noble Truths, the Noble Eightfold Path, and the Three Characteristics of Existence, emphasizing mindful living, sufficiency, and non-harming; (2) mainstream economics prioritized maximum utility and endless consumption, while Buddhist economics did not reject economic growth but rather advocated development grounded in morality, ethics, and mental tranquility; and (3) Buddhist economics could be applied at the personal level through mindfulness practice, at the community level through mutual support activities, and at the policy level through designing economic systems that prioritized quality of life over material gains. This research presented a new body of knowledge in the form of the B.U.D.D.H.A. model, a framework for developing a human-centered economy that genuinely fostered sustainable development at both the psychological and societal levels.
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