
Transcendental/Buddhist Economics- Modern Society
15 JulIn Chapter 13 Social Consequences of the Dualist/Non-Dualist Perspective – The God is
No-Thing An Apophatic Assertion: An Introduction for Humankind’s Transpersonal
Actualization– revised Modern Society- Economics: An Overview. Copyright Rodger
Ricketts Psy.D.,2023. All rights reserved. Protected by international copyright
conventions. No part of this chapter may be reproduced in any manner whatsoever, or
stored in a retrieval system or transmitted, without express permission of the Author
publisher, except in the case of brief quotations with due acknowledgment.
Modern Society
Economics
The prevailing economic paradigm misapprehends reality because it is
entrenched in an inherently individualistic dualistic worldview, which
overlooks the ultimate interdependence of all natural entities
(Magnuson 2022, pp.77-80). For instance, the emphasis on material
production and consumption as an end in itself, is not sustainable. This
materialistic ideology creates not only human suffering but also an
inevitable degradation of Earth’s ecosystems, exemplified by the
present ecological crisis. To modify these harmful economic systems, it
is necessary to understand that economic reality is not an autonomous
sub-system of social action, but a highly interdependent system of value
creation. The necessary paradigm shift for our economic models
requires a process of restructuring economic institutions and policy
frameworks with the adoption of the wisdom that aligns them with
sustainable and moderate economic outcomes. Such a synergistic
perspective will create a broader economic paradigm that empowers
humans to thrive and will allow all life forms to flourish. The paradigm
advocated here to allow this is Transcendental/Buddhist economics.
Transcendental/Buddhist economics, as proposed by Professor Clair
Brown (2015), is based upon a set of assumptions: interdependency
between economic agents as well as between people and earth;
awareness of the need for enlightened self-interest originating in human
interconnectedness and altruistic motivation; genuine concern for the
wellbeing of all stakeholders; and caring sustainable attitudes toward
the environment. With these assumptions, Buddhist economics can
acquire prosperity, sustainability, and contentment for all participants.
Buddhist/transcendent economics is based on the knowledge of non-duality and the codependent interconnectedness or interbeing of
everything. Therefore, transcendental, and systems, ecological
economists share the insight that economics must embody normative
values that prioritize the common good over solely self-interested
aspirations (Farley & Kish, 2021). There is a standard of responsibly
promoting the well-being of society and the environment rather than
maximizing specific company/shareholder profits. In so doing, it offers
constructive suggestions on how to secure a socially just and
sustainable transition.
Transcendental economics emphasizes humanity’s intrinsic
motivation towards empathic and compassionate acts and that this
process is manifest in sustainable systems. As we have already seen in
previous chapters, the various apophatic spiritual traditions share
similar sentiments on sustainability by acknowledging the intrinsic and
spiritual quality of existence. These similar insights harmonize spiritual
and material aspects of progress. Apophatic psychology and Buddhist
economics emphasize that the gratification of selfish desires is both
ultimately unsatisfying and detrimental to global prosperity. E.C.H. Ng
(2020, p. 190) posits, ‘A sustainable transformation to Buddhist
Economics is possible by transforming our understanding of the notion
of ‘I’ through a six ‘I’s strategy: from individual to integral; from
independence to interdependence; from ignorance to insight’.
Buddhism stresses the interconnectedness of things, of
which economics is only one dimension. Rather than based on capital
accumulation, happiness is related to the wholeness of life and the quest
for meaningful work. This approach reflects a holistic socioecological
comprehension of the human condition, stimulating a deep
transformation of social structures. The emphasis is away from
egocentrism and greed and enables individuals to attain insight and
wisdom culminating in a state of lovingkindness and compassion. This
is pivotal to shaping attitudes informed by the awareness of an
interaction between human well-being and environmental protection
(Cooper & James, 2005; Keown, 2007; Terrone, 2014). This intrinsic
motivation for sustainability is imbued by interdependent personhood
and an inherent concern for the well-being of nature and future beings
(Becker & Hamblin, 2021). Economics is understood as a cognitive
field that embodies fundamental social, moral, and environmental
values in a way that produces economic agents that are more
responsible and holistically accountable for their choices.
In Buddhist transpersonal ethics, win-win, relational
interactions prevail over their instrumental, zero-sum game
counterparts typical of highly globalized economies (Ng 2020).
According to Zsolnai (2007), Buddhist economics comprises an
alternative strategy applied to an economic setting with a view of
promoting comprehensive subjective well-being and societal happiness.
In this respect, identifying the common threads of Buddhist economics
and other apophatic discourses will substantially expand our modern
perspective on sustainable management practices. Buddhist economics
evolves pathways to achieve harmony, eliminate economic deprivation,
enable human dignity, and protect Earth’s ecosystems (Brown 2022a,
p.67).
Transcendental economics shows how our way of life can be
meaningful and worthy especially when we transform our lifestyle to
have empathy for all people and the planet. Using our knowledge,
experience, and talents, and within our cultural community, each
person becomes involved with creating new ways of living on our
planet that are sustainable over time. The Buddha taught that the
ignorance that creates suffering stems from people’s mental states, and
that feelings of discontent and alienation accompany never-ending
cravings. As Buddhist monk Thich Nhat Hanh wrote, ‘Happiness does
not come from consumption of things.’
Although we are often told that national happiness increases
as the average per capita income increases, this is not generally
observed in developed countries. This is known as the Easterlin
Paradox – over the long run, as average per capita income grows,
average national happiness tends to remain the same once basic needs
are met (Easterlin et al. 2010). Instead, psychological studies have
found that being kind to oneself and others makes people happier
(Otake et al. 2006). Once people experience genuine moments of
compassion, there is a positive feedback loop: with an intention of
again doing a kind deed, one becomes happier, which makes it more
likely to do another kind act. The positive psychology of kindness
makes a person happier and healthier, and much more likely to repeat
more acts of kindness (Dixon 2011).
Transcendental economics distinguishes between outer
(material) wealth and inner (spiritual) wealth. While it does not object
to material wealth, it teaches that craving or attachment to material
possessions or wealth creates discontent and suffering. Researchers
speculate that a clear link between minimalism and psychological
well-being has to do with the fact that minimalists are better able to
control their desires to consume. Minimalism also encourages people
to focus on inner psychological needs — such as autonomy,
competence, contentment, and relatedness which have been shown to
promote psychological growth. Researcher Aimee Chabot explains,
‘But as their practice evolves, their motivations for pursuing
minimalism often expand to include more outwardly focused sources
of motivation, such as environmental or ethical concerns’. Also,
academic Teresa Belton argues that the factors driving human well-being leave a very small environmental footprint. She states, ‘What
generates and sustains well-being are all sorts of what I call ‘non-material assets. Good relationships, contact with the natural world.
Being creative, having a sense of belonging and community and
purpose and meaning, being actively engaged in life and things like
that, don’t involve any material consumption or very little.’
However, modern advertising usually focuses upon the
importance of the product even though it is not actually needed; and
claims that personal importance or status increases with the product,
resulting in cravings for and purchase of the product. Advertising
always depicts whatever is being sold in a positive light, creating
misrepresentations and unrealistic expectations, all for the benefit of
the seller. Overall, social media also promotes and encourages
overconsumption and using money and material objects to feel good.
Also, frequent repetition of verbal adverts makes a person likely to
memorize the desired dialogues and lyrics. This results in people
tending to believe the advert and want whatever is being sold. All this
behavioral reinforcement creates a constant craving and discontent,
leading to the purchase of products that have also depleted resources
of the Earth’s limited supply base.
Research led by Joshua Hook of the University of North
Texas supports the adage that ‘money can’t buy happiness,’ The
researchers state that, ‘Overall, the vast majority of studies found a
positive relationship between voluntary simplicity and well-being‘. Their research has found that as an alternative to the high-consumption lifestyle often found in Western cultures, voluntary
simplicity (minimalism) involves a lifestyle that is focused on
reducing consumption and excess in one’s life so that individuals can
focus on prioritizing their values. ‘I think this research counteracts the
general tendency in our society to go after more,’ says Hook. ‘It’s one
of the biggest lies we can buy into that we just need more money, more
material possessions, and more [blank] to be happy.’ This finding
was consistent across both quantitative and qualitative research
designs. Researcher Aimee Chabot states, ‘Typically, people adopt
minimalism in the interest of their own psychological wellbeing — to
reduce stress and cultivate mental clarity.’
In Buddhism/transcendental psychology, inner wealth is
intrinsic and includes our capacity to appreciate experiences and
relationships as life unfolds around us. Inner wealth includes our
mindful use of resources to thrive in life and to help others, and true
inner wealth—love, compassion, and wisdom—is always available
and inexhaustible. The cultivation of inner wealth in apophatic
spirituality is part of one’s daily practice of happiness and kindness on
the path to Awakening. From this perspective, a well-functioning
economy supports people’s development of their full potential,
including their spiritual life and their contribution to the community.
In realizing one’s interconnection with all life, one gladly gives up the
egocentric incessant demands and instead reaches out to others with
compassion and focus of gratitude. In realizing one’s interconnection
with all life, one does no purposeful harm to others or to the
environment, knowing that any harm done subtracts from economic
performance. Living interdependently with nature, one enjoys and
cares for nature, and realizes the beauty in life.
Buddhist economics suggests that we should directly evaluate
and compare the well-being of people through their quality of life. In
this approach, people require the basic goods and services considered
essential by their communities, and their quality of life is based upon
their capabilities to achieve meaningful and thriving lives, including
nurturing the knowledge of the imminence of all life. In Buddhist
economics, income is only one element in measuring a person’s
quality of life, and economic performance does not depend only on
how fast average national income is growing. Buddhist economics
evaluates economic performance holistically by measuring how well
people live (prosperity), how fairly resources are distributed (justice),
and how well the ecosystems are functioning (sustainability). People’s
quality of life includes their health, education and livelihood, their
ability to buy basic goods and services, their relationships with family
and friends, and the availability of public services, including
childcare, transportation, and safety along with coherent political
participation. An adequate income is a necessary part of the equation,
but it does not guarantee well-being and happiness, as demonstrated
by the Easterlin paradox.
Buddha’s teachings explain how to end our suffering by
becoming Awakened to non-dualistic truth and that ignorance and
greed and ego-centric illusions result in suffering and alienated lives.
Buddhist economics suggests that we should directly evaluate and
compare the well-being of people through their quality of life, which
follows the capabilities approach of Amartya Sen (1999). In this
approach, people require the basic goods and services considered
essential by their communities, and their quality of life is based upon
their capabilities to achieve meaningful lives, including nurturing the
human spirit.
Insights of transcendental or non-dualistic based economics
present a radical challenge to today’s globalized economy which is
based on dualistic economic principles. Economics and society must
understand, comprehend, and do things differently to create meaningful
lives in a sustainable world. Contemporary materialistic and
individualistic economies based on increasing average per capita
income should be transformed into more holistic and enlightened
economies focused on providing shared prosperity and reduced anguish
in a sustainable world. Business has a role to play in creating jobs with
living wages and hours, enabling people to live a balanced life with
meaningful experiences. Businesses must also respect ecological
planetary boundaries and produce green products and services that
people need to live sustainably and comfortably. Individuals play a
crucial role in creating an awakened economy by changing their
lifestyles to become sustainable, less wasteful, and simpler, including
not driving gas-powered vehicles, eating less meat, and stopping food
waste. They must live and work in more efficient buildings that use little
heat and electricity. In such a society, people would focus more on
caring for each other and caring for nature, and, thus, people would
become happier as they realize their true interconnected and
compassionate nature.
Worldwide countries already measure economic performance
with a holistic metric that evaluates quality of life, allowing political
leaders and others to know if the economy is on the right path, and
how the quality of life might be improved. We have the technology
and the policies to restructure our economies to share prosperity and
be sustainable, yet moving forward to a transcendental style economy
requires a strong commitment by people and their countries. As R
Buckminster Fuller, (1981), said, ‘Neither the great political or
financial powers of the world nor the population in general realize
that the engineering-chemical-electronic revolution now makes it
possible to produce many more technical devices with ever less
material. We can now take care of everybody at a higher standard of
living than anybody has ever known. It does not have to be “you or
me,” so selfishness is unnecessary, and war is obsolete. This has never
been done before. Only twelve years ago technology reached the point
where this could be done. Since then, it has made it ever so much
easier to do.’ The careful application of transcendental/Buddhist
economics can facilitate a life of sustainability, peace, interbeing,
empathy and compassion.
Sen, Amartya (1999) Development as Freedom. New York: Alfred A.
Knopf
Brown, C. (2022a). “Buddhist Economics: Creating a Sustainable and
Compassionate Economy.” In: R.D. Sherma and P. Bilimoria (eds.),
Religion and Sustainability: Interreligious Resources, Interdisciplinary
Responses (pp.61-68). Springer. 61-68.
Chabot, Aimee (2020). The Pursuit of Health, Wealth, and Well-being
Through Minimalist Consumption. Dissertation, Duke University.
Joshua N. Hook, Adam S. Hodge, Hansong Zhang, Daryl R. Van
Tongeren & Don E. Davis (2023). “Minimalism, Voluntary Simplicity,
and Well-Being: A Systematic Review of the Empirical Literature.”
The Journal of Positive Psychology 18:1, 130-41.
Schedneck, B. (2019). “An Entangled Relationship: A Lived Religion
Approach to Theravāda Buddhism and Economics.” Journal of Global
Buddhism 20, 31-48.
Schumacher, E.F. (1973). Small is Beautiful: Economics as if People
Mattered. Harper & Raw



