Economic Wealth from a Buddhist Perspective

Abstract

This study explores the Buddhist view of economic prosperity to understand business ethics, the use of money and prosperity and its relationship with happiness. Peculiar to Buddhist economics is the matching of wealth creation and its virtuous application; therefore, the right livelihood or Sammā-ājīva is part of the Noble Eightfold Path. Entailing case studies of two of these Sutras, namely the Vyaggapajja Sutta and Sigālovāda Sutta, the study explains principles related to diligence, wealth, virtuous relationships, and moderation. Gross is something more acceptable than, as an end, wealth is viewed as a means to help create an improved quality of life, fulfill obligations for the common good, and evolve spiritually. The study provides a voice to the critique of the negative outcome of the act of achieving wealth responsibly. It outlines wisdom in the moral use of wealth for investment, donations, and selfless endeavours. Buddha believes in economic activities that seek to help improve the welfare of humans and their ethical standards and return to the welfare of society. This integration of material prosperity with spiritual advancement presents Buddhist economics from a perspective of how economic activities can be harmonised with a society's all-round ethical and spiritual growth, with the end or aim of Nibbāṇa – the extinction of suffering.