Purpose – The purpose of this paper is to argue that mainstream economic theory leads to a diminishment of human happiness and well-being. Alternatively, Buddhist wisdom, applied to economic decision making, offers the opportunity for a well-lived life of purpose and meaning. Design/methodology/approach – The paper begins with an examination of the foundational elements of Buddhism and economics, then contrasts the paths (or models) constructed from these bases and the associated implications for happiness and well-being. Findings – The assumptions of Buddhism and economics regarding incessant wants, method of analytical inquiry, assignation of primary agency, and promotion of individual freedom, all bear striking similarities. Yet, despite these commonalities, the paths they undertake could not be more different. Specifically, their views and beliefs regarding consumption, work, and self-interest lead to radically different implications for how to live a well-lived life and how to organize economic society. Research limitations/implications – Business leaders should develop alternative business models that incorporate a broader range of values and ideals than those associated with traditional economic modeling. Explicit inclusion of a firm's social responsibilities can be implemented via social accounting procedures and its mission statement. Responding to consumer demand for goods that are produced fairly, humanely, and sustainably will allow firms to do well by doing good. Originality/value – Significant and detrimental consequences arise from the adherence to the mainstream economic model. Buddhist wisdom, on the other hand, provides a path that offers an alternative vision of economic society, one that would likely lead to greater human fulfillment.

Using a more comprehensive accounting than previous studies, we examined the economic impact of child support orders on residential mothers and children compared to nonresidential fathers and how that impact differed across income levels. With the inclusion of child support and other expenses associated with raising children, the well-being of mothers and children fell by 37% compared to a decline of 16% for nonresident fathers, relative to their standard of living while intact. We also found significant differences in the child support obligation rate across income levels with low-and middle-income fathers facing much greater child support obligations than high-income fathers. Additionally, although the poverty rates of low-income fathers were high at 28%, those for low-income mothers and children were almost 3-fold higher at 73%.

Despite their increasing numbers, divorced families with a noncustodial mother and a custodial father have received scant research attention. Our study attempts to provide some initial insight into the economic status of these families. Examining the child support obligation, we find that noncustodial mothers face a much smaller award than noncustodial fathers, both in terms of the absolute dollar amount of the award and as a percentage of the obligor's income. This potential inequity, however, is offset by the fact that-despite the relatively lower child support obligation-noncustodial mothers experience a larger decline in their standard of living than do custodial fathers and their children. Thus although previous research has found that custodial mothers bear the brunt of familial dissolution, this conclusion does not apply to custodial fathers. Rather, mothers-regardless of custodial status-fare more poorly than fathers.

This chapter reviews the literature integrating modern business management with ancient Buddhist thought. The first question interrogated here is that of how relevant and practical is Buddhist wisdom for our contemporary economic and business society? Next, we examine the thinkers who have broadly undertook to apply Buddhist wisdom to business matters, and then we turn to those researchers who examined specific issues, with particular attention given to those who have considered how the Buddhist wisdom of mindfulness applies to business practices and leadership. A consensus is observed among the studies reviewed here that Buddhism provides a practical platform upon which to bring greater ethical decision-making and responsibility into business management and leadership. Buddhist practices can thus provide a point of departure from the free-market model, with the result that the hunt for profits is tempered with a heightened awareness of its impact on the planet and all its inhabitants.

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