Adaptable Practical Buddhist Wisdom in

Contemporary Economics
Practical Wisdom for Management from the Buddhist Tradition
15-16 November 2012, Bangkok, Thailand

Kovács Gábor
Corvinus University of Budapest
Business Ethics Center
mr.malasa@gmail.com
THE PRESENTATION

Buddhism

Mainstream economics

Buddhist economics
BUDDHISM
PERCIEVE
TRUST
SUFFERING

PRACTICE

VIRTUES THE NOBLE EIGHTFOLD PATH WISDOM

LIBERATION
BUDDHISM
PERCIEVE
TRUST
SUFFERING

PRACTICE

VIRTUES THE NOBLE EIGHTFOLD PATH WISDOM

- birth, ageing, sickness, death
- be together with unfriendly people
- be detached from loved ones
- not fulfill desires

LIBERATION
BUDDHISM
PERCIEVE
TRUST
SUFFERING

PRACTICE

VIRTUES THE NOBLE EIGHTFOLD PATH WISDOM

- a conscious decision towards the

alleviation of inadequateness

LIBERATION
BUDDHISM
PERCIEVE
TRUST
SUFFERING

PRACTICE

VIRTUES THE NOBLE EIGHTFOLD PATH WISDOM

- by what is cessation attainable?

- efficiency of Buddhism

LIBERATION
BUDDHISM
PERCIEVE
TRUST
SUFFERING

PRACTICE

VIRTUES THE NOBLE EIGHTFOLD PATH WISDOM

LIBERATION
BUDDHISM
PERCIEVE
TRUST
SUFFERING

PRACTICE

VIRTUES Noble
THE NOBLE Eightfold
EIGHTFOLD Path: WISDOM
PATH

- right speech
- right action
- right livelihood

LIBERATION
BUDDHISM
PERCIEVE
TRUST
SUFFERING

PRACTICE

VIRTUES Noble
THE NOBLE Eightfold
EIGHTFOLD Path: WISDOM
PATH

- right effort
- right mindfulness
- right concentration

LIBERATION
 BUDDHISM
PERCIEVE
TRUST
SUFFERING
Noble Eightfold Path:

- right view
PRACTICE
- right decision

VIRTUES THE NOBLE EIGHTFOLD PATH WISDOM

LIBERATION
BUDDHISM
PERCIEVE
TRUST
SUFFERING

PRACTICE

VIRTUES THE NOBLE EIGHTFOLD PATH WISDOM

LIBERATION
 BUDDHISM
PERCIEVE
TRUST
SUFFERING
- cessation of suffering

- eradication of attachment
PRACTICE
- acknowledge things as they are
VIRTUES THE NOBLE EIGHTFOLD PATH WISDOM

LIBERATION
MAINSTREAM ECONOMICS
THEORIES
ASSUMPTIONS

PRACTICE

PARADIGM MAINSTREAM ECONOMIC SYSTEM GROWTH

CRISIS
MAINSTREAM ECONOMICS
THEORIES
ASSUMPTIONS

PRACTICE

PARADIGM MAINSTREAM ECONOMIC SYSTEM PROFIT

- theoretical conceptions of human
nature
- the legacy of industrial revolution
- scarcity

CRISIS
MAINSTREAM ECONOMICS
THEORIES
ASSUMPTIONS

PRACTICE

PARADIGM MAINSTREAM ECONOMIC SYSTEM GROWTH

CRISIS
MAINSTREAM ECONOMICS
THEORIES
ASSUMPTIONS

PRACTICE

PARADIGM - rational,
MAINSTREAM ECONOMIC standalone
SYSTEM actors
PROFIT

- utility- (profit-) maximization

- full information

CRISIS
MAINSTREAM ECONOMICS
THEORIES
ASSUMPTIONS

PRACTICE

PARADIGM - economic
MAINSTREAM ECONOMICefficiency
SYSTEM PROFIT
- maximize gains, minimize costs
- neoclassical approach to resource-
use

„The end justifies the means”

CRISIS
 MAINSTREAM ECONOMICS
THEORIES
ASSUMPTIONS

- profit
- GDP / GNP
PRACTICE
The quantification of qualities
PARADIGM MAINSTREAM ECONOMIC SYSTEM GROWTH

CRISIS
MAINSTREAM ECONOMICS
THEORIES
ASSUMPTIONS

PRACTICE

PARADIGM MAINSTREAM ECONOMIC SYSTEM GROWTH

CRISIS
 MAINSTREAM ECONOMICS
THEORIES
ASSUMPTIONS
- individual plane: unhappiness,
depression, despiritualization
- social plane: inequality, insecurity,
poverty PRACTICE
- environmental plane: resource
depletion, loss of biodiversity, climate
PARADIGM MAINSTREAM ECONOMIC SYSTEM
change GROWTH

CRISIS
BUDDHIST ECONOMICS
PERCEIVE
INADEQUATE
TRUST ECONOMIC
PRACTICE

BUDDHIST
ECONOMIC
PRACTICE

PARADIGM
BUDDHIST ECONOMICS WELL-BEING
VIRTUES

LIBERATION
BUDDHIST ECONOMICS
PERCEIVE
INADEQUATE
TRUST ECONOMIC
PRACTICE

BUDDHIST
ECONOMIC
PRACTICE

PARADIGM
BUDDHIST ECONOMICS WELL-BEING
VIRTUES - in alternative approaches

- efficiency of doing things differently

LIBERATION
BUDDHIST ECONOMICS
PERCEIVE
INADEQUATE
TRUST ECONOMIC
PRACTICE

BUDDHIST
ECONOMIC
PRACTICE

PARADIGM
BUDDHIST ECONOMICS WELL-BEING
VIRTUES
- conscious decision towards
alternative economic approaches

LIBERATION
BUDDHIST ECONOMICS
PERCEIVE
INADEQUATE
TRUST ECONOMIC
PRACTICE

BUDDHIST
ECONOMIC
PRACTICE

PARADIGM
BUDDHIST ECONOMICS WELL-BEING
VIRTUES

LIBERATION
BUDDHIST ECONOMICS
PERCEIVE
INADEQUATE
TRUST ECONOMIC
PRACTICE

BUDDHIST
ECONOMIC
PRACTICE

PARADIGM Buddhist economic strategy:

BUDDHIST ECONOMICS WELL-BEING
VIRTUES - minimizing suffering
- simplifying desires
- practicing non-violence
- genuine care
- generosity

LIBERATION
 BUDDHIST ECONOMICS
PERCEIVE
INADEQUATE
TRUST ECONOMIC
PRACTICE

- individual plane: contentment

BUDDHIST
- social plane: basic necessities
ECONOMIC
- environmental plane: preservation,
PRACTICE
restoration
PARADIGM
BUDDHIST ECONOMICS WELL-BEING
VIRTUES

LIBERATION
BUDDHIST ECONOMICS
PERCEIVE
INADEQUATE
TRUST ECONOMIC
PRACTICE

BUDDHIST
ECONOMIC
PRACTICE

PARADIGM - bounded rationality,WELL-BEING

no-self
BUDDHIST ECONOMICS
VIRTUES
- minimize suffering

- developing consciousness

LIBERATION
BUDDHIST ECONOMICS
PERCEIVE
INADEQUATE
TRUST ECONOMIC
PRACTICE

BUDDHIST
ECONOMIC
PRACTICE

PARADIGM
BUDDHIST ECONOMICS WELL-BEING
VIRTUES

LIBERATION
 BUDDHIST ECONOMICS
PERCEIVE
INADEQUATE
TRUST ECONOMIC
- balanced livelihood PRACTICE

BUDDHIST
- spiritually-orineted livelihood
ECONOMIC
PRACTICE
- noble livelihood
PARADIGM
BUDDHIST ECONOMICS WELL-BEING
VIRTUES

LIBERATION
CONCLUSIONS

The aim of Buddhism is the cessation of suffering.

Mainstream economics is inadequate, it generates suffering.

A possible cure can be the Buddhist approach to economic affairs.

Three spirals – only two are virtuous.

THANK YOU FOR YOUR ATTENTION

Kovács Gábor
Corvinus University of Budapest
Business Ethics Center
mr.malasa@gmail.com