Economics & Sociology

ISSN: 2071-789X eISSN: 2306-3459 DOI: 10.14254/2071-789X
Index PUBMS: f5512f57-a601-11e7-8f0e-080027f4daa0
Article information
Title: Contemplation for Economists. Towards a Social Economy Based on Empathy and Compassion
Issue: Vol. 10, No 3, 2017
Published date: 10-2017 (print) / 10-2017 (online)
Journal: Economics & Sociology
ISSN: 2071-789X, eISSN: 2306-3459
Authors: Krzysztof T. Konecki
University of Lodz
Keywords: Buddhism, economy, money, institutionalized greed, meditation, contemplation
DOI: 10.14254/2071-789X.2017/10-3/1
Index PUBMS: 5f153862-f269-11e7-9371-fa163e5d4f72
Language: English
Pages: 11-24 (14)
JEL classification: A13, Z13

The goal of the paper is to present the Buddhist approach to the economy and what we can learn from it. It demonstrates David Loy’s analysis of the meaning of money from the Buddhist perspective. Money becomes a reality symbol and an ego symbol. The paper also presents some conclusions from analysis of Buddhist prescriptions to the economic system according to Frederic Pryor. Stress is put on compassion and ethics, which show the ubiquitous interconnectedness that works for the well-being of the whole society/societies. The Buddhist approach to the economy is connected with pro-social values and compassion, and this paper looks at the contemporary economy and society from this point of view. Contemporary organizations are based on the greed, which is a feature not only of individuals but also of institutions (institutionalized greed). Work on the self-ego is an important practice (contemplation, mindfulness practice and meditation) in limiting or eliminating greediness in the social and economic system in which we are immersed, but usually not aware of.


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