Though Buddhist economics was presented as a theory in the previous post, two operational models actually exist in Thailand: 1. The Royal Thai Sufficiency Economy Model, which operates on the principles of moderation, reasonableness, self-immunity, wisdom and integrity, was publicly introduced by the King of Thailand following the 1997 economic crisis and is now championed
AuthorJuliana Essen
The “Buddhist” Part of Buddhist Economics
This post reviews some aspects of Buddhist ontology and the practical teachings that serve as the foundation for Buddhist economics. If you had some questions while reading the previous post, “Is Buddhist Economics an Oxymoron?” then this might help. Buddhism’s central doctrine, the Four Noble Truths, teaches that there is suffering (dukkha); the cause of suffering
Is Buddhist Economics an Oxymoron?
Buddhist economics and mainstream Western economics are not as radically opposed as suggested by their stereotypes, the monk and the stockbroker. Like its Western sibling, the Buddhist model is based on individual rational choices concerning material wellbeing. The accumulation of wealth is allowed, and in many cases even encouraged. Significant differences emerge, however, upon closer
Specifying Elements of Wellbeing…Democractically
As I was writing yesterday’s post, How to Thrive: Specifying the Universal Elements of Wellbeing, I started thinking about this paper I had presented at the International Conference on “Happiness and Public Policy” in Bangkok several years ago. It elaborated a democratic procedure through which communities could create a list of capabilities they wanted to
How to Thrive: Specifying the Universal Elements of Wellbeing
Although wellbeing can be subjective—the specifics of what makes a good life for one person surely differ from another’s—it seems safe to say that there are universally necessary elements. On a broad level, we must attend to all six dimensions of wellbeing: an individual’s mental/physical, material, social, and existential wellbeing, as well as that of
Why Wellbeing?
When most people think about the wellbeing of society, they tend to think in financial terms—how is the economy doing? Is it growing? By what percent? Yet there are fundamental problems with the overemphasis on economic growth as THE path to prosperity. Besides the fact that it’s based on Western values of material accumulation and