Buddhist perspective on the achievement of economic happiness: A refreshing alternative to the dominant economic models prioritizing growth and consumption

Abstract

This research investigates the Buddhist perspective on achieving economic happiness, emphasizing the integration of spiritual fulfillment and material well-being through ethical economic practices. It examines the notion of Right Livelihood outlined in the Noble Eightfold Path. It investigates the ways in which Buddhist principles assist individuals and societies in achieving a balance between the pursuit of wealth and moral behavior. Buddhist economics presents significant importance on the ethical acquisition, use, and conservation of wealth, advocating for satisfaction and benevolence as fundamental measures of genuine happiness. The paper also comprehensively examines the correlation between wealth and happiness within the Buddhist framework, therefore questioning traditional perspectives on economic prosperity. The objective of this research is to provide a Buddhist philosophical framework to facilitate the comprehension of the correlation between economics and happiness. This study promotes the development of moderation, non-attachment, and compassion in economic activities as a viable alternative to materialism, both at the individual and societal levels. Specifically, this work examines the Noble Eightfold Path and the notion of Right Livelihood as outlined in early Buddhist canonical texts. A textual examination of fundamental Buddhist teachings and ethical principles concerning economic activity is used, together with a thematic investigation of how Buddhism addresses wealth accumulation, consumption, and preservation. Additionally, the present research contrasts these teachings with modern economic practices to highlight the potential of Buddhist economics for fostering happiness and social well-being. This research presents an alternative to the current economic theories emphasizing consumption and growth by analyzing early Buddhist teachings thematically and textually. An economic system grounded on Buddhist principles would foster a society prioritizing well-being above riches by highlighting sustainability, ethical conduct, and inner satisfaction. Promoting contentment, compassion, and mindfulness cultivates a sustainable and balanced approach to personal and communal well-being by encouraging individuals and society to pursue happiness.