The Moral Framework Of Buddhist Economics In Early Buddhism

Abstract

A moral framework of Buddhist economics is found within the Buddha’s socio-ethical teachings given to peoples and the governments. This moral framework concerns a mutually supportive two economies: the family economy and the social economy. The family economy is the responsibility of the peoples. The social economy is the responsibility of the governments. The target of the family economy is the happiness of the family and the target of the social economy is to facilitate families to achieve their target of happiness. The responsibility of the religion is to give moral guidance to both institutions—the family and the government—to achieve their targets. The ethical framework for family economic plan guides its stakeholders to achieve both material well-being and moral happiness. It respects the rights of all living beings to live and make a living. It invites its stakeholders to adjust their lifestyles and economic goals to the norm of “moderation”. It asks the stakeholders to conform to the rules of law and discipline being grounded on the universally accepted good principles such as simplicity, truthfulness, nonviolence, friendship, compassion, social justice, and equality. It demands that governments take policy decisions on providing basic facilities and creating employment opportunities for the families to earn a living while enriching their social life. This paper by examining the early Buddhist discourses on “lay disciplinary rules” found in the Pali canon aims to discuss the modern relevance and application of the moral virtues that the Buddha prescribed for the family and social economies in the 6th century B.C.E. India.