Buddhist economics integrates the capabilities approach of Sen, with the ecological economic approach compatible with strong sustainability (boundary thresholds for ecosystems), with the UN sustainable development approach for shared prosperity worldwide. Happiness comes from creating a worthy life, based on Aristotle, rather than hedonic happiness based on "more is better." We move from a "closetful economy" to a "mindful economy."
Following in the the footsteps of Daly and the other Genuine Progress Indicator researchers, Buddhist economics measures economic performance (and growth) by the quality of life, and not by the average GDP. Once we evaluate economic performance this way, then economic growth increases with redistribution from the rich to the those in need, and from protecting nature and reducing environmental degradation.
Consumption in Buddhist Economics takes a global approach rather than an domestic approach. Rich countries no longer can ignore the suffering from extreme hunger or poverty in poor countries; social welfare increases with transfers from rich countries to poor countries that improve the consumption of basic food, water, shelter, health care, education, and human rights. Development must depend on using clean energy instead of fossil fuel energy to raise the standard of living. Rich countries benefit from providing clean energy technology that supports green development.
Published on 6 April 2017