The Reconstruction Value and Practical Enlightenment of Buddhist Economic Thought to Modern Economics

The Reconstruction Value and Practical Enlightenment of Buddhist Economic Thought to Modern Economics

The current global challenges—including widening wealth disparities, escalating ecological pressures, rampant consumerist culture, and stagnant social well-being—certainly correlate with mainstream economics’ overemphasis on instrumental rationality while neglecting ethical values and humanistic care. Buddhist economic philosophy, grounded in core principles like the Middle Way, righteous livelihood, pure wealth, generosity, equality among all beings, and the unity of dependent and independent existence, has developed an Eastern ethical framework that integrates moral constraints, sustainable development, shared benefits, and life-centered perspectives. This system provides crucial intellectual resources for modern economics’ theoretical refinement, paradigm shifts, and practical optimization. This paper systematically examines the core ethical dimensions and practical paradigms of Buddhist economic thought. Through five key dimensions—human nature assumptions, value theories, consumption logic, distribution mechanisms, and growth objectives—it engages in theoretical dialogue with modern economics. Practical implications are distilled across three levels: microeconomic agent behavior, macroeconomic development models, and theoretical paradigm reconstruction. The study explores localized applications through contemporary practices like ethical enterprises, social enterprises, philanthropy, and green development. Research demonstrates that Buddhist economic thought does not negate modern market economies. Instead, it addresses mainstream economics’ theoretical shortcomings through holistic, long-term, and ethical thinking, shifting economic development from material growth to life well-being. This approach holds significant theoretical and practical value for building a modern economic system that is fair, inclusive, sustainable, and warm-hearted.