BUDDHISM AND ECONOMICS The relevance between Buddhist idea of right livelihood and economics The fundamental tenet of the Buddhas economic philosophy is that the Right Livelihood is necessary for ind.
BUDDHISM AND ECONOMICS The relevance between Buddhist idea of right livelihood and economics The fundamental tenet of the Buddha's economic philosophy is that the Right Livelihood is necessary for individual growth and that the morality and well-being of individuals reflect the character of the society they live The Right Livelihood is a component of the result that the Buddha reached based on the Four Noble Truths: suffering, the cause of suffering, the cessation of suffering, and the path that leads to the cessation of suffering Most economists agree that society's social contract, which restrains possible excesses in the public and private sectors, must always be considered while analyzing the economy For instance, crony capitalism or cartelism cannot cause economic or social inequality; only fierce competition and free markets can Where taxes are high, the government must ensure that the money is used for state services like free healthcare and other social benefits In every system, the roles that business and government play in society must be interpreted In addition to being universal in that it may apply to various societies, the Eightfold Path is also highly personal because it deals with the individual's moral development Right Livelihood is the foundation of the Buddha's economic philosophy among these Eight truths A productive and advantageous economic existence is only possible if one stays away from harmful industries and careers Income and salary considerations are necessary, but they should be secondary to a commitment to pursuing a righteous life Additionally, given the current socioeconomic environment of a globalized world, where prosperity is rising, inequality is escalating The consequence is that the welfare of society is diminished, the environment is destroyed, and society grows more selfish and cruel if we live unethically and carelessly There will be more dissatisfaction, which could lead to the emergence of harmful political ideologies or even fascist attitudes Therefore, precepts are an essential factor in the Right Livelihood The Buddha introduced the Five Precepts to laypeople, with the number of precepts for monastics being considerably higher The Five Precepts are a prohibition against murdering, stealing, engaging in sexual misconduct, lying, and consuming intoxicants All of humanity is intended by the Five Precepts It reflects the thinking universality that economics requires to benefit all human beings Comment: Zen Master Thich Nhat Hanh said, "There is no way to happiness Happiness is the way," understanding that happiness cannot be attained in a single instant Instead, it is a quality we must cultivate every day Also, we can say, "There is no way to Right Livelihood Right Livelihood is the way." We will only eventually find the ideal job if we put in enough effort or have the perfect connections with others It is not a final state Instead, it is a journey of continued contribution, where finding meaningful work is our primary concern It is a long-term practice of closely examining our work in the present moment, and allowing ourselves to have a positive relationship with our aspirations and professional development Pursuing the right Livelihood implies that having a wrong livelihood is also possible Buddhist doctrine has always associated this with the worst practices, for instance, the production of chemical weapons, poisons, and human trafficking According to environmental activist Vandana Shiva, "right livelihood" is defined as "living in a way that truly promotes social and environmental peace." In contrast, the improper way of living causes conflicts in society and environment." The term "wrong livelihood" could be further broadened in the contemporary corporate capitalism context to refer to any work solely motivated by financial gain and contributes to widespread ecological destruction and systemic economic inequality We are advised to consider our employees' form and content as we pursue the path of the Right Livelihood, including how we present ourselves as compassionate employees and the products we produce through our labor We might see any incompetence or harm in our attitude or behavior as a chance for spiritual development and the reduction of suffering in ourselves and others The most critical activity on our path to the Right Livelihood is how we react in every situation and stage of life The path to the Right Livelihood does not start with our first job and finish with retirement Instead, a child or adolescent is cultivating their right livelihood through education and participation in society An older person can still contribute significantly to society through their efforts For instance, the transition to a renewable energy economy calls for the productive effort of millions of people to design, build, and maintain the infrastructure that does not already exist Such a project unites practically every occupation associated with the energy industry, from engineering and construction to marketing and finance, in pursuing an issue crucial to the world's survival As a result, the Right Livelihood is a vital factor for the sustainability of human existence ... suffering in ourselves and others The most critical activity on our path to the Right Livelihood is how we react in every situation and stage of life The path to the Right Livelihood does not start... can say, "There is no way to Right Livelihood Right Livelihood is the way." We will only eventually find the ideal job if we put in enough effort or have the perfect connections with others It... promotes social and environmental peace." In contrast, the improper way of living causes conflicts in society and environment." The term "wrong livelihood" could be further broadened in the contemporary