The Buddhist approach to economic development : the path to a wisdom-based economy
Item and associated files
Author
Chang, Otto See all items with this value
Date
2006
Volume
7
Pages
173-181
ISSN
1530-4108 See all items with this value
Abstract
From a historical perspective, economic development in human society can be divided into several evolutionary stages or modes. The early gatherers’ economy was followed by an agricultural economy, industrial economy, and very recently an information or knowledge-based economy. The Buddhist approach to economic development represents the next stage of economic evolution: a wisdom-based economy. Just as suggested in the Mahayana literature, sentient beings are not ready to receive Buddha’s teaching of the perfect wisdom until they have been prepared through different stages of cultivation. The time is ripe for the world to adopt the Buddha’s wisdom into their economic lives.