23 Aug 2022


The Buddhist Approach to Economics

Format: MLA

Academic level: College

Paper type: Essay (Any Type)

Words: 1361

Pages: 5

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Money and wealth are two controversial factors that influence proceedings in the contemporary economic world. People are interested in the latter, with much dedication directed towards it. Buddhist economics provide insights as to what are the fundamental steps that should be taken into account to live a fulfilling life. Schumacher presents work values as the principles that guide an employee or employer. In a contemporary explanation, he cites that the emphasis that should be placed on the delivery of work, needs to be strategically aligned with the satisfaction of individual needs 1 . As such, any work done should be aligned with the goals of the organization in a professional fashion and in that, employers provide all of the support that might be necessarily required of them. This paper will discuss the Buddhist economic approach while aligning it with the objectives of a financial services company. 

Schumacher argues that the current global economy is more centered at placing the human resource second to goods, and consumption first to creativity. He heads on to state that those responsible for proper governance are more strategically inclined towards the beneficial role of the organization than that of other people. According to the contemporary economists, Schumacher states that if the idea of work is to get rid of employees, then reducing the workload will be the best solution. This can be through automation or specialization. Anything that will reduce the work load is considered as the best solution for capitalizing on return on investment. But from the Buddhist point of view work should not be rigid. It should be an array of activities that are all centered for the maximum work load output. 

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In a typical work environment, Buddhist economics offers a paradigm-breaking spirit, through a mindful approach to daily activities, by which various ways for ensuring the wellbeing of others can be deduced. The principle of exploitation should hold in various ways in all relationships 2 . In a financial service company, the employees are in different paths placed and under tight demands by their employer ultimately affecting overall job satisfaction. The value that is placed on the products is reflected in the profit generated which stems out from employee input. Economic exploitation lines up as one of the oldest forms of human life abuse. In work set up, the staff can choose to either decide to exploit their employer, and the reverse is also if they get a chance. As such, the cycle of economic exploitation is progressive. 

The Buddha point of view offers value in a threefold. Schumacher states that work is a platform that gives a man a chance to utilize and develop his faculties 3 . From the word faculties, Noon et al. argues that the employer should give an employee work according to his mind and body strength so that he or she can work without any injuries. From this explanation, the word injury can be deduced as any form of harm that the body experiences 4 . In a financial service company, the work of those involved with tax calculation can be deemed as hectic. During the taxing season, the job requirements and target can be stressful. As such, the immediate boss should be in an emotional intelligence domain to ensure that the plight of the workers is given an audience. Any challenges that occur should be handled with a maximum level of support to ensure that the faculties of the worker are not debilitated. 

Employee welfare details out anything that the employer provides to the employee to ensure their comfort. These includes benefits, services, and facilities 5 . As such, the employers should be in a position to avail all the deserving benefits to the staff of the organization with deserved benefits. In most instances, the financial analysts are the one receiving the greater share of the benefits, but according to the Buddhist economics, they should be distributed in a pattern that will ensure inclusivity. 

Summer postulates work as a continuous endeavor 6 . Thus, when engaging in any activity in an organization, it should be done diligently. With this argument, all staff should work in a fashion that will ensure maximum output without affecting the other working systems. Thus, the administrative work should be able to sync well with the clerical or financial analyst work. Working hard does not present itself as a solution to the Buddhists economists but only to a materialist economist who claims that value in employees is seen by those who understand its importance and have the will. Thus, an ideal work station set up is one where the funds are managed in an economical and effective manner. Financial analysts should be in a position to provide guidance, tools and the advice for the effective management of financial resources. This is not the only primary goal of the organization but also the objective. Therefore, all activities should be centered to meet the goals of the organization. 

A contemporary expression of the value of work is seen in the domain of customer care. Customer care calls for the employees to not only show absolute concern for clients as individuals but also to express great respect for them 7 . In this light, the whole staff in the organization need to be organized in a way that will meet the company objectives. This increasingly requires the employees to suppress any personal emotions. The impact of this is to elicit good feelings in the minds of the customer. From Schumacher point of view, the organization should be able to cater to the emotional needs of the employees. In this light, employers should allow staff not to report to work if they are facing multiple challenges which can affect their work output. 

According to a materialistic economist, work should be segmented in several ways 8 . In a more potent method, work load can be substituted by automation or division of labor. Division of labor refers to a position where work is subsequently divided into different categories such that the final product can be produced within the shortest time possible. From the Buddha perspective, work should be organized in a way that staff will be able to overcome their ego and work with others towards a common goal. With the aim of seeking satisfaction among the staff, it is part of the job jurisdiction to ensure that workers work together in a cordial surrounding environment 9 . In line with this, a good team leadership should provide conditions that allow ideas and people to flourish 10 . The financial service company is not a one show business, effective team work integrates the work of the administrator liaising with the financial analysts. Alternatively, the three departments can work together in a pattern where there is autonomy and a level of power that will allow effective decision making. With this point of view, the model should conform to the Buddhist view to enhance humankind skill and power. 

Buddhist economics differs from the economics of modern materialism in that the former aims to capitalize on purification of human character 11 . Organizational behavior outlines its meaning to the understanding and management of staff at work. As such, values need to be distinguished from attitudes and behaviors. Values refer to a personalized approach to a phenomenon based on guidelines while attitude refers to a learned predisposition towards an object 12 . For the sake of the Buddhist economics, the paper shall discuss on matters concerning the behavioral component whereby a staff is expected to behave under a certain situation. Work concerning discipline compliance requires that managers direct work which coincides with an individual expertise. To ensure that humans are given priority over goods and that there will be capitalization on creativity, employees job description should be aligned with the work given. One of the jobs of the financial analysts is to provide financial guidance to stakeholders. Giving them clerical duties will be undermining their creativity. 

Discipline compliance with time structures requires that every employee in the organization observe periods of leisure and work. The effect of time in an ideal work set up enables the staff to work on current projects while substituting ample time for dealing with other job deadlines 13 . As a financial service company, the reward offered to the staff can be satisfying but the job duties can fail to provide time for enjoying it. Therefore, the work flow should be designed to suit every individual in the organization appropriately. 

The Buddhist economics provide a guideline for those that believe that economic growth is important than spiritual or religious values. The insights offered are there to enlighten the materialistic economists that there are other approaches of viewing work. With this shift in paradigm, ground breaking “Right Livelihood” in a working setup will be a achieved. 


Noon, M., Blyton, P. & Morell, Kevin. (2013) The Realities of Work: Experiencing Work and Employment in Contemporary Society 

Schumacher, E.F. (1973) “Buddhist Economics” from Small is Beautiful: Economics As if People Mattered. HarperCollins Publishers 

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StudyBounty. (2023, September 15). The Buddhist Approach to Economics.


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