What is Buddhist Economics? -- By Venerable Pategama Gnanarama Ph.D

There are two persons who can never be satisfied: one who squanders and one who continues to hoard. Wealth, according to Buddhism, is not, an end in itself. It is only a means to fulfill personal, social and religious obligations.

Due to consumerism and the market economy, which override every situation in human life, humanity is lost in ‘wants? Day in and day out the mass media keeps on bombarding our minds to crave for more. In order to satisfy those ‘wants?one after the other, man needs more money. As a result, he resorts to any means to get it, even at the risk of his own life. So the amassing of wealth in the form of money has turned out to be the whole purpose of life. In his point of view, as the ends justify the means, he pursues it relentlessly with whatever means at his disposal. There are, of course, two persons who can never be satisfied: one who squanders and one who continues to hoard.

The problems of poverty, wealth and economic resources are no longer confined to a particular nation or country in this world. These problems have grown out of proportion to other problems in today’s world. Some scholars such as E. F. Schumacher and Glen Alexandrian, therefore, stress the validity of Buddhist economics in solving the world's economic problems. In particular, Glen Alexandrian emphasises, as modern economics confines its scope solely to statistics without any concern for ethics, it must be replaced by Buddhist economics as it is applicable to all nations the world over Joseph Pears, who wrote Small is Still Beautiful twenty-five years after Schumacher, quotes Collins English Dictionary to show how economics is viewed in modern times. The term ‘economics?is defined as 'the social science concerned with the production and consumption of goods and services and the analysis of the commercial activities of a society. He further points out, according to this definition, it is not people, but goods and services and commercial activities that matter.

Buddhism advocates moderation in consumption. Once, the king of Kosala went to see the Buddha after a heavy meal, feeling sleepy and nodding most of the time in front of the Buddha. Straightaway the Buddha preached to him the benefits of knowing the limits of eating. Following the advice, he became slimmer and felt better and healthier. One day, he visited the Buddha again and expressed his appreciation of the Buddha’s admonition. Food is considered essential in every way, but over-eating is not encouraged. The monks were asked to stop eating while there is still room left for four or five more morsels of food. The Buddhist attitude to food is clearly illustrated in the story of a person who went in search of his ox. A poor man went in search of his lost ox. On his way back, he came to Alavi and visited the Buddha. As he was tired and hungry, the Buddha asked devotees to serve him food. Only when he had finished his meal did the Buddha expound the Dhamma, explaining hunger as the greatest illness.

Wealth is not, according to Buddhism, an end in itself. It is only a means to fulfill personal, social and religious obligations. One has to behave as a bee in accumulating wealth. Then, little by little, wealth heaps up just as an anthill is built up by white ants. Wealth thus acquired can be used for five offerings (bali). The offerings are: to kinsfolk, guests, the departed, the king (in the form of tax) and deities.

Venerable Pategama Gnanarama Ph.D., the spiritual advisor of Ti-sarana Buddhist Association and principal of Buddhist and Pali College of Singapore, will be conducting a series of discussions revolving around family and social matters using his book "An Approach to Buddhist Social Philosophy" as a reference. Organised by Ti-sarana Buddhist Association, the event is part of a series of activities aimed at fostering family bonds and spiritual development in celebration of it's 30th anniversary. Admission is free, all are welcome.

2 Sep 12:15-1:15pm 4 Kinds of Matrimonial

9 Sep 12:15-1:15pm 6 Ways of Wealth Management

16 Sep 12:15-1:15pm Getting Out of the Mud

Venue: Ti-sarana Buddhist Association 90 Duku Rd S429254

Tel: 6345 6721