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Introduction to Buddhist Economics pp 3–27Cite as

Palgrave Macmillan

What Is Buddhist Economics?

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Part of the book series: Studies in Buddhist Economics, Management, and Policy ((SBEMP))

Abstract

This chapter introduces Buddhism and market economy for readers with limited prior knowledge of the fields. Buddhist Economics as an evolving and interdisciplinary subject looks into the intersection of spiritual and material well-being. It also explores from the Buddhist perspective how we could change Market Economics to better serve humans. Both Buddhism and market economy comprise a wide range of theories and cannot be generically explained by a single school of thought. The core motivation for Buddhist Economics is not to fulfil the missions of the market economy by applying Buddhist principles. It is however an insightful exploration on how Buddhist values could drive sustainable decisions and address some of the challenges the market economy encounters in the twenty-first century.

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Notes

  1. 1.

    Ray Dalio is the founder, president and co-chief investment officer of Bridgewater Associates, one of the largest hedge funds in the world. As of Dec. 2019, Bridgewater Associates managed approximately US$160 billion and received over 50 industry awards and various recognitions in the past 10 years.

  2. 2.

    Intermediate Technology Development Group is a British non-government organization founded by Schumacher with the aim of implementing his vision on an economics as if people mattered. Since 1960s, it has operated in the southern continents to develop small enterprises based on ethical and environmental sustainable principles using small-scale technology managed and owned by small local communities. Zadek (1997) challenged the resilience and meaning of some of the observed practices arising from the work of these organizations.

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Authors and Affiliations

  1. Centre of Buddhist Studies, The University of Hong Kong, Hong Kong, People’s Republic of China

    Ernest C. H. Ng

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  1. Ernest C. H. Ng
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Correspondence to Ernest C. H. Ng .

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Ng, E.C.H. (2020). What Is Buddhist Economics?. In: Introduction to Buddhist Economics. Studies in Buddhist Economics, Management, and Policy. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-35114-4_1

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  • DOI: https://doi.org/10.1007/978-3-030-35114-4_1

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  • Publisher Name: Palgrave Macmillan, Cham

  • Print ISBN: 978-3-030-35113-7

  • Online ISBN: 978-3-030-35114-4

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