Buddhist economics as a new paradigm towards happiness

Abstract

While the mainstream economics — also known as — capitalism considers capital as the mode of production, Buddhist economics suggests that pañña , or the ability to understand everything in its own nature be the mode of production. The economy under this mode of production is known as pañña -ism. Buddhist economics, argues that sukha — happiness, defined here as the opposite state to pain, which implies peace and tranquility, rather than the usual meaning of prosperity, pleasure and gratification — is the result of the emergence of pañña . Therefore, Buddhist economics is the most efficient economics in term of resources used. It is the kind of economics that advocates sustainable development, especially in the world, which is now close to the blink of catastrophe from global warming due to inefficiency in consumption, the concept that cannot be clearly understood in the mainstream economics. The most difficult part in Buddhist economics is how to cultivate pañña for as many people as possible.

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