BUDDHIST ECONOMICS

Abstract

Economics is the science of allocating resources to maximize the benefits to meet human needs. Traditional economics concepts often focus on increasing productivity, economic growth, and increasing national income. However, in today's world, we find that increased economic prosperity does not always bring true happiness. Economic inequality, the competition for natural resources, and environmental degradation are all consequences of economic approaches that lack ethics and balance. Buddhist economics is a concept that applies Buddhist principles to lay the foundation for a balanced and sustainable economy, focusing on sufficiency, mindful use of resources, and mutually beneficial coexistence. This approach does not view the economy as just a tool to increase profits, but rather as a mechanism that should help humans live peacefully, safely, and with a truly good quality of life.