BUDDHIST ECONOMICS

RESPONSIBILITY IN ECONOMICS
THE LEGACY OF E.F. SCHUMACHER (1911-1977)
22-23 September 2011, Antwerp, Belgium

Gbor Kovcs
Business Ethics Center
Corvinus University of Budapest
 THE BACKGROUND
Lack of metaphysical background in modern
economics

This is a reorientation thought,

what I call Buddhist economics,
I might have called it Christian
economics, but then no one
would have read it.
(E. F. Schumacher)
 BUDDHIST METAPHISICS
The aim of Buddhism is the final
cessation of suffering
unsatisfactoriness

No-self is in the core of Buddhism

Economics is a necessary tool for

achieving this aim
(especially in our modern age)
 SCHUMACHERS
INTERPRETATION
Four areas of his investigation:

1. The role and content of work

2. Simplicity and non-violence
3. Responsibility and compassion
towards sentient beings
4. The importance of of renewable
resources
 CLASSIC WORKS
The economics of the Buddha
(historical works)
Frederic Pryor Glen Alexandrin

One needn't be a Buddhist

or an economist to practice
Buddhist economics.
(P. A. Payutto)
 FURTHER IMPROVEMENTS

The practice of Buddhist economics in Asia

Simon Zadek

Sarvodaya Movement Sufficiency Economics

BUDDHIST ECONOMICS AS A
SCHOLARSHIP I.

Richard Welford (Tackling Greed)

Peter Daniels (Material Flow Analysis)
Julie Nelson (Relational Firm)
John Gowdy (Business Ethics and the
Death of Homo Oeconomicus)

Knut Ims (Take it Personally)

Laszlo Zsolnai (Ethical Business)
BUDDHIST ECONOMICS AS A
SCHOLARSHIP II.

Buddhist Economics Research Platform

Eastern and Western scholars

Hungary (2007) Thailand (2009) Australia (2012)

Colin Ash, Peter Daniels, Knut J. Ims,

Joel Magnusson, Apichai Puntasen,
Laszlo Zsolnai
 THE INTERPRETATION OF BUDDHIST
ECONOMICS IN THE WEST
Buddhist Economic
Strategy
(Laszlo Zsolnai)

1.Minimizing suffering
2.Simplifying desires
3.Practicing non-
violence
4.Genuine care
5.Generosity
FURTHER AREAS OF BUDDHIST
ECONOMICS
Happiness Research
Gross National Happiness

Psychology
Neuroscience
Business ethics
Deep-ecology
 CONCLUSIONS
Buddhist economics can contribute to solve the
Worlds problems by

A paradigm shift
Embeddedness
Interdisciplinarity

E. F. Schumachers intuitive idea has been

flourishing for the betterment of the world
THANK YOU FOR YOUR
ATTENTION