The implications of Buddhist Economics for a new business model Buddhist Economy

[yontenjamyang]

In Neoclassical Economics the purpose of economic activity is simply to produce goods and services that will enable consumers to satisfy their desires – this is best achieved by business attempting to maximise profit.

The Buddhist interpretation of economics implies that the role of business is to produce goods and services in moderation for need and true well-being, but also to act as a vehicle for human development along the path towards overcoming self-centredness. In addition to cultivating tendencies towards cooperation, rather than individualistic competition, business can foster development of knowledge and human creativity far beyond what‘s required for maximising profit. It’s unlikely that these social objectives will be compatible with profit maximising behaviour and it may well be necessary to find alternative corporate governance and ownership arrangements to those which prevail under shareholder value capitalism, to enable business to fulfil its proper role in society. Those affected by a business’s activities and decisions - workers, local community and so on - must be included in its decision making process. The constraints imposed by capital markets must be removed if wider, more important social objectives are to be seriously pursued.

What do you think. Is this possible? Can this lead to a better world?

[Big Uncle]

I think for an enlightened society to arise, there must be a certain distinction from the current Samsaric driven society. I am not much an economist myself and could hardly comprehend your little discourse on the difference between Buddhist economics and conventional economics. I would say that instead of reinventing the wheel of economics, the current model could be modified to suit the model for an enlightened society. Like I said, I am not much of an economist but this is how is see it will work.

A sizable chunk of profit-sharing companies should be used to fund the activities of spiritual organisations. This is kind of similar to having an expanded CSR program except that it will be expanded to include these organisations. I think that would make a world of difference because many temples and spiritual organisations are poorly managed and are always lacking in funds. Hence, this boost would help them to spread their respective message that will promote peace, harmony and stability, which in turn will bring about an enlightened society. This may not be what you are talking about but that's how I see it will work for us.

[biggyboy]

Frankly, at this present times, which Buddhist organizations runs well and 'survive' with donations only.  None that I see.  Even if it is by donations, how much has they grown in size and how much has they reached out to.  Am not criticizing but more importantly, not to have an empty cold centre.  Thus, various creative means is necessary to sought for to help sustain the organization for the benefit of many be it the staff or volunteers and the people at large to be reached out. 

Question: What is the purpose of a Buddhist organizations existence if not to help, guide and a place of learning and solace/refuge for others?

In addition, it also helps to serve many involved to learn and practise alongside what work or business that has been assigned to do.  To view it as our means of practice and as retreat too. Not so much of business to earn profits but more so for sustainability of the organization for we still need to pay utilities, wages, rental, stocks, printing, etc. Or unless there is some form of funding from government or foundation available to subsidize the organization's sustainability goals other than the donations from members and public.

[yontenjamyang]

It would be a very good idea that more Buddhist organizations run businesses based of the Buddhist economics business model. I found some links that may be interesting.
Check it out and comment.

http://www.lbc.org.uk/village.htm
http://www.buddhistbusiness.com/

[michaela]

If the Muslim can have their Syariah Business and Banking concept, why can't the Buddhists have one too? 

[brian]

It will be very good that business be modeled to Buddhist way i.e. Dharma way especially in these degenerated times, we have to be on a constant vary of people taking advantage on us. Cheating, ploy and taking advantage. In actuality business should be done from the basis of honor, integrity and kindness. It should be done by this way from the begining instead of everyone cheating on each other which brings no benefit to anyone at all. Without these good qualities, how can a business to flourish, where business owners cheating on the customers?