This document summarizes and compares Western economics and Buddhist economics. It discusses how Buddhist economics challenges the Western conception of the self through its concept of "no-self" or "anatta". The key principles of Western economics are outlined as profit-making, generating desires, introducing markets, instrumental use of all creatures, and strategic philanthropy. Buddhist economics principles are then presented as minimizing suffering, simplifying desires, practicing non-violence, genuine care, and generosity without expectation of return. In conclusion, Western economics represents a maximizing framework while Buddhist economics represents a minimizing framework focused on reducing suffering, desires, violence and self-interest.

1. Laszlo Zsolnai
Corvinus University of Budapest
&
Buddhist Economics Research Platform
Western Economics
versus
Buddhist Economics
“Buddhist Values in Business and its Potential for Europe”
November 24-25, 2012
Brussels, Belgium

2. The Problem of the Self
Buddhism challenges
the Western conception
of the self.
The “no-self”, “anatta”
Thomas Schelling
Western economics is an
„ego-nomical framework”.

3. Principles of Western Economics
• Profit-making
• Generating desires
• Introducing markets
• Instrumental use of all creatures
• Strategic philanthropy

4. Principles of Buddhist Economics (1)
Minimize suffering
of human and non-
human beings.
Sentient beings are
more sensitive to losses
than to gains.

5. Principles of Buddhist Economics (2)
Simplifying desires
Materialistic value
orientation destroys
well-being.

6. Principles of Buddhist Economics (3)
Practicing non-violence
(“ahimsa”)
Market-driven violence
in society and nature.

7. Principles of Buddhist Economics (4)
Genuine care
Responsible organizations
can be rewarded for the
higher cost of caring.

8. Principles of Buddhist Economics (5)
Generosity
giving without
expecting any return
“Homo reciprocans”
people tend to reciprocate
what they get and often
give back more

9. Western Economics versus
Buddhist Economics
Western economics Buddhist economics
represents a maximizing represents a minimizing
framework. It wants to framework where suffering,
desires, violence, instrumental
maximize profit, desires,
use, and self-interest have to be
market, instrumental use,
minimized.
and self-interest.
“biger is better” “small is beautiful”
“more is more” “less is more”

10. Buddhist Economics
is not a system but a
universal problem-solving
strategy.

11. Promising projects in the West
• local, organic food (CSA)
• energy-independent households
• car-free cities
• ethical fashion
• holistic healing
• ethical banking
• fair trade

12. No-self &
compassion