Buddhist economics as a new paradigm towards happiness

Fashion and the Buddha: What Buddhist Economics and Mindfulness Have to Offer Sustainable Consumption

“…Buddhism is a mind-based science (Mick, 2017; Puntasen, 2007), both philosophical and ethical (Daniels, 2005) and the most psychological of spiritualties (Mick, 2017). This 2,600-year-old tradition (Magnuson, 2007) stems from the teaching of an enlightened sage, Siddhartha Gautama, referred to as Gautama Buddha or the Buddha.…”

“…The marketplace has transformed our conception of happiness to mean maximal pleasure wrested from utility (Puntasen, 2007), while Buddhists correlate happiness with wellness, termed sukha : a reduction in suffering (e.g., peace, tranquility), not necessarily the inflation of pleasure (Puntasen, 2007). Humans experience pain or unpleasant feelings that stimulate a search for relief, increasing desire and a search for short-term reprieve (Ash, 2007; Brown, 2017; Puntasen, 2007). Marketplace solutions to these feelings, however, are inadequate to sustain pleasure because gains in prosperity and gratification via conditions or things are surprisingly short-lived (Brown, 2017; Wagner, 2007).…”

“…At the heart of the Western economy is traditional or classical economic theory, which portrays a rational actor who considers choices based on personal preferences, values, and constraints (e.g., price, income), seeking to maximize utility from goods and making choices on the assumption of complete and accurate information (Puntasen, 2007; Wintrobe, 2019). Controlled by scarcity, the scheme requires choices with opportunity costs (Stirling, 2014).…”

“…If one sought a conception of life without consumption at its seat, there resides BE (Brown, 2015). In this context, happiness (e.g., wellness) is situated in the spiritual rather than economic realm, and economic activity is conceived to aid peace and tranquility rather than sensual pleasure, if negotiated the “right way” (Puntasen, 2007; Wagner, 2007). Happiness is considered a byproduct of developing one’s true potential, leading to a moral and worthwhile life (Brown, 2017).…”

Adding an Ethical and Spiritual Dimension to Sustainable Business Models

“…2019;1:e190011. https://doi.org/10.20900/jsr20190011 the extremes of poverty and the materialistic search of wealth for its own sake can do a little good, inspire others and make more visible the existence of a worldwide community of caring people[67,73].The Buddhist approach to business has specifically implemented certain techniques, such as visualisation and meditation[75]. Thesepractices can lead to healthier work conditions in line with the achievement of eudaimonia-a sense of meaningful happiness based on the perception that one is doing something that is good for oneself and for others.…”