Introduction to Buddhist Economics

The Relevance of Buddhist Values in Contemporary Economy and Society

Ernest C. H. Ng

• Publisher: Palgrave Macmillan
• Year: 2020
• Print ISBN:
  9783030351137
• eBook ISBN:
  9783030351144
• Topic: Economics
• Subtopic: Business Ethics
• Index: Economics

Living in a market-driven economy where short-term profit and economic growth appear to be the ultimate goal, this book explores how Buddhist teachings could bridge the divide between our spiritual and material needs and reconcile the tension between doing good for social interest and doing well for financial success. This book serves as a pioneering effort to systematically introduce Buddhist Economics as an interdisciplinary subject to audience with limited background in either Buddhism or economics. It elaborates some core concepts in Buddhist teachings, their relevance to economics, and means of achieving sustainability for individuals, society and the environment with the cultivation of ethical living and well-being. Through scholarly research from relevant fields including Buddhist studies, economics, behavioral finance, cognitive science, and psychology, this book illustrates the relevance of Buddhist values in the contemporary economy and society, as well as the efficacy ofBuddhist perspectives on decision-making in daily life.

Part IThe Subject and Framework

© The Author(s) 2020

E. C. H. NgIntroduction to Buddhist EconomicsStudies in Buddhist Economics, Management, and Policyhttps://doi.org/10.1007/978-3-030-35114-4_1

Begin Abstract

1. What Is Buddhist Economics?

Ernest C. H. Ng¹

(1)

Centre of Buddhist Studies, The University of Hong Kong, Hong Kong, People’s Republic of China

Ernest C. H. Ng

Email: [email protected]

End Abstract

Buddhism: The Teacher, the Teachings, and Students

The word “Buddha” is not a name but a title designated to “one who has woken up.” It refers to an extremely rare and extraordinary class of beings that have awakened to the “knowledge of the world as it truly is and in so doing finds release from suffering” (Gethin 1998). The Buddha is a man, but an extraordinary one. He is not a savior but a teacher (satthar as frequently appeared in the ancient Pāli texts). Realizing the true nature of sufferings, he teaches out of compassion and sympathy the path of the cessation of suffering for the benefit and welfare of all living things. With his teachings, the Buddha set in motion the wheel of dhamma and established a community of disciples, the saṅgha.

Despite his profound wisdom in discovering and delivering the path to enlightenment to others, the Buddha is not a god. He is more of a super spiritual being who has achieved enlightenment in his life time as a human being, a living example of how ordinary human beings could eventually achieve the extraordinary through many life-times of excelling the practice of compassion and wisdom. He is therefore respected and honored for his achievements and teachings.

There are other gods in Buddhism representing higher planes of existence, but they are also being bound by the same laws of cause and effect, just as there are also other lower realms of existence. The Buddha or those achieve enlightenments have transcended above the cycles of birth and death and conditioned sufferings through enlightenment. Other enlightened followers share the same traits, but a Buddha has the profound wisdom and compassion required to lead others towards the path of spiritual learning and their own realization.

Tracing the historical evidences of the Buddha is a difficult task. There were no biographies or written documents from his era, and the earliest were rooted in remarks reportedly made by the Buddha when he taught drawing from his own experiences. Later Buddhist sources usually focus on the Buddha’s quest towards enlightenment in relation to his teachings, highlighting Buddhist doctrines. These remarks were verbal transmission initially until they are formally transcribed in the written forms. The earliest sources on the Buddha’s life story are the “Pāli canonical ‘discourses’ of the Buddha , the suttas and texts on monastic discipline, the vinaya ” (Cantwell 2010). Initially Buddhist philosophies were developed alongside other Indian religions, adopting and reinterpreting some of their concepts and practices. The rich mythology and complex monastic codes were later adoptions. One mythical account states the moment the Buddha was born, he stood upright, walked seven steps and confirmed this would be his final birth (i.e. no future rebirth). Buddha-s come into the world when it is mature enough for their presence, achieve enlightenment, teach and then enter into final liberation.

Box 1.1 The Buddha, Dhamma, and the Saṅgha

The Buddha , dhamma , and the saṅgha are together the “three jewels” (tiratana ) which are the most valuable and reliable treasures for us to take refuge in.

As stated in the Vatthūpama Sutta (MLDB. MN 7), the Buddha, the Blessed One, is “accomplished, fully enlightened, perfect in true knowledge and conduct, sublime, knower of the worlds, incomparable leader of persons to be tamed, teacher of gods and humans, enlightened, blessed.”

The dhamma, is “well proclaimed by the Blessed One, visible here and now, immediate effective, inviting inspection, onward leading, to be experienced by the wise for themselves.”

The saṅgha, is “practicing the good way, practicing the straight way, practicing the true way, practicing the proper way, that is, the four pairs of persons, the eight types of individuals; [it] is worthy of gifts, worthy of hospitality, worthy of offerings, worthy of reverential salutation, the unsurpassed field of merit for the world”.

The historical Buddha , the one we currently look into, lived in Kapilavatthu on what is currently the Indian-Nepalese border. He was born as Siddhattha Gotama of the clan of Sakya . The earliest Buddhist sources, dated from the fourth or third century BCE, additionally mentioned he was the son of a local chieftain rājan . Later Buddhist accounts may tend to exaggerate the wealth of the Buddha , making him out to be a royal prince as opposed to a member of an important aristocrat family. Nonetheless, he lived a comfortable, luxurious life. From birth, he had been prophesized to either be a great ‘wheel-turning’ king (Pāli: cakkavattin ) or a Buddha , and his father tried to his best to ensure Siddhattha was sheltered from the ugliness of the world. But one day, leaving his palace, he encountered a withered old man, a sick man, and a corpse being carried to the funeral. He realized that his life is also subject to suffering in the form of sickness, old age, and death like everyone else anyway, mundane pleasures are not solid and worthy. Upon spotting a peaceful wandering ascetic who illustrated the possibility of practice and training, he decided to leave home and follow the footsteps of all noble practitioners. This tradition is sometimes known as the “renouncer (Skt.: saṁnyāsin ) tradition.” Basically, it refers to individuals who renounce “their normal role in society as a member of an extended ‘household’ in order to devote themselves to some form of religious or spiritual life” (Gethin 1998). The renouncer tradition often includes undertaking austerities (fasting, enduring extreme weathers and physical discomfort, etc.), cultivating meditative techniques to obtain a deeper understanding of the world, and forming philosophical views to support particular practices and the knowledge they have gained from them. They depend on alms to sustain their livelihood.

The Samaṇas (Pāli) preached a very frugal code of conduct as well as offered space for spiritual and philosophical experimentation. Anyone was welcome to join regardless of their social background. Buddhist monastic order represented a “Middle Way” between the hermit Samaṇas life and the householder life. It emphasized monastics as a community with close relations to its lay patrons. By the fifth century BCE, the tradition had become quite widespread.

Siddhattha studied under various teachers, engaging in severe austerities before realizing the futility of such practices. The Mahāsaccaka Sutta notes that extreme ascetic practices made his body too weak to properly meditate and could not possibly be the path to enlightenment (MLDB. MN 36). The recognition came with a recollection of a meditative experience he had had as a child. He had been sitting in the cool shade of a rose-apple tree and entered “a state of focused rapture” (Cantwell 2010) that was absent of all unwholesome thoughts. Concluding it was the foundation for enlightenment, and combined with the strength ...

Table of contents

• Cover
• Front Matter
• Part I. The Subject and Framework
• Part II. The Suffering
• Part III. The Cause
• Part IV. The Cessation
• Part V. The Path
• Back Matter