Criticism of Buddhist economy

Buddhist economy is not so easy to practice. There are reasons:

• Among the leader-entrepreneurs there is a lack of appreciation for the evaluation of long term consequences of the present model of economic development, as they are more focused on the short term profit.

• Development has both costs and benefits. Those who take major economic and technological decisions enjoy the benefits and pay the cost of development least (in the form of adverse impact of climate change, increased economic inequality etc.). They are not worried. The poor and vulnerable sections lack in political power and are not able to influence decisions.

• The approach to development is based on faulty assumptions such as happiness rises in proportion to possession of material wealth.

• Without a basic change in philosophical paradigm and a consensus to look for alternatives, change in economic planning is not possible.

There is a need for conscientization of the people, and their movements to change the course of economic and technological development. It is certainly not easy to change the discourse on development without a democratic civil society action. It is only the democratic movements of people, networked globally, which have potential to change the economy and make it more value based.