The Buddha was born Siddhartha Gautama in Nepal in 563 BCE. After seeing old age, sickness, and death outside the palace walls for the first time, he sought to understand suffering by studying under yoga masters and practicing extreme asceticism. He achieved enlightenment under a bodhi tree, realizing the Four Noble Truths and establishing the Middle Way. His teachings of non-self, dependent origination, and the Eightfold Path were passed down orally and through texts. Buddhism spread globally due to its scientific, experience-based philosophy and emphasis on mindfulness meditation. Buddhist Economics focuses on minimizing suffering through non-attachment, non-violence, and simple living with optimal consumption.

1. The Buddha, his
teachings and Buddhist
Economics
Relevance of Buddhism in modern-day life and business.
~ Suyog Prajapati,
M.Sc., MA (TU)
23 Jan, 2017 (Monday)

2. ò Who was the Buddha and what are his teachings (philosophy)?
ò How do we know about Buddha’s teachings?
ò Why is Buddhism such a major force in modern-day life?
ò What is Buddhist Economics?
ò How can Buddhist practices be related to economics and
management?

3. Who was the Buddha?
ò The word “Buddha” is a title.
ò Sanskrit/P li root: budh (“to perceive”)
ò Buddha = “the one who is awakened” or “one who can
perceive and understand the four noble truths”
ò Historically refers to Gautama Buddha
ò Born 563 BCE at Lumbini into the Shakya clan
ò Birth name Siddh rtha

4. Early life
ò Tradition — his mother Mah m y Dev conceived him
while dreaming of a white elephant — on the way to her
maternal home Devdaha (the Koliya kingdom) gave birth to
Siddhartha in the beautiful Lumbini garden (Vaiṣākha
P rṇim )
ò Father uddhodana invited five renowned Brahmin scholars
during his naming ceremony. Four prophesized the boy would
either be a great king or a great sage.
ò The youngest Brahmin, Koṇdaññya singly predicts that the
boy would be a great sage (a Buddha).
ò Fearing his son will leave the palace, shields him from all
kinds of misery and indulges him in extreme luxury

5. Marriage and the Four
Great Sights
ò At age 16, father uddhodana arranges marriage of
Siddh rtha to his cousin, Ya odhar (also 16), a Koliya
princess.
ò All education and military training completed within the
confines of the palace.
ò At age 29, decides to venture outside to meet his subjects.
Aghast seeing the sight of an old man, a diseased person and a
funeral procession.
ò Also sees a calm ascetic monk. Asks his charioteer, Channa
about all this, who tells him that this is real world.

6. Dissatisfaction and the
Great Departure
ò At around the same time Siddh rtha is blessed with a
son, named R hula.
ò Instead of happiness, feels even greater mortification.
Vows to relinquish life as a prince.
ò Convinced to look for the root cause and end of all
bodily and mental anguish.
ò In the dead of night with the help of Channa, riding the
horse Kaṇṭhaka silently departs, leaving behind all
material possessions. The event — Mah bhiniṣkramaṇa

7. Practices existing yoga
techniques
ò After departure goes to R jagṛha
ò First learns meditation techniques from l ra K l m,
then from Uddaka R maputta, both renowned vedic
sages. Unsatisfied, departs to Uruvela.
ò Practices very harsh meditation techniques for six
arduous years.
ò Extreme mortification almost leads to death.

8. “Enlightenment’
ò On the full moon day of Vaiṣākha, a lady named Suj ta offers rice-
pudding to Siddh rtha, meditating under a tree, thinking him to be a
tree-spirit.
ò At once Siddh rtha realizes the uselessness of self-torture. Again
begins deep meditation.
ò In three stages of 4-hour each (praharas), achieves three stages of
enlightenment—1st, the recollection of past memories
(p rvaniv s nusmṛti jñ na); 2nd, the knowledge of arising and
diminishing (cyutotpatti jñ na); 3rd, the knowledge of
interdependence ( ravakṣaya jñ na)
ò Upon realizing the third level of enlightenment (unique till that
time), he achieved the Bodhijñ na and became the Buddha

9. What are the teachings of
the Buddha?
ò At age 36, made his first discourse in the Deer-park at S rn th
to five ascetics. Event — dharmacakrapravartana
ò The five ascetics became the first Saṃgha. The first teachings
of the Buddha (Dharma) was about the four noble truths and
eight-fold noble paths
ò The Three Jewels of Buddhism (Tri-Ratna) — Buddha (the
teacher), Dharma (the teachings) and Saṃgha (the disciples)
ò A Buddhist — someone who has taken refuge upon the Tri-
Ratna (Tri- araṇa)

10. The Four Noble Truths
ò Sufferings (dissatisfaction, unease etc.) prevail in life
(PROBLEM)
ò These sufferings are caused by desires
(CAUSE)
ò Sufferings are ended when nirvāṇa is attained
(SOLUTION)
ò Nirvāṇā is achieved through the eight-fold noble paths
(METHOD/PATH)

11. The Eight-fold Noble
Paths
ò Right Understanding
ò Right Thinking
ò Right Speech
ò Right Action
ò Right Livelihood
ò Right Effort
ò Right Attention
ò Right Meditation
Prajñ (insight/wisdom)
la (morality)
Sam dhi (concentration)
u K ya (body)
u V ka (speech)
u Citta (mind)

12. The Three Universal Characteristics, the
Three Root Causes of Sufferings and
the Five Aggregates
ò Tri-lakṣaṇa— Anitya (change) — Dukkha (unease/
suffering) — An tma (no-self)
ò Dukkha caused by — R ga (attachment), Dwe a
(hatred) and Moha (ignorace)
ò World is made up of Pañca-Skandha (Five Aggregates)
— Form (R pa), Feeling (Vedan ), Congition (Sajñ ),
Volition (Saṃsk ra) and Consciousness (Vijñ na)

13. How do we know about
the Buddha and about his
teachings?

15. Why is Buddhism such a
major force in modern-day
life?
ò Until the late 1700s, Buddhism was limited only to Asia
ò During the 19th century many original Buddhist texts arrived
to Europe. Meanwhile Buddhist archaeological sites were
being discovered in South and Southeast Asia
ò Western scholars became interested in this hitherto unknown
form of belief and began translating the texts.
ò Towards the end of the 1800s and beginning of the 20th
century, organizations like the Pali Text Society and the
Buddhist Society of London were formed in the West

16. The “experience yourself”
philosophy
ò The European enlightenment, industrial revolution and
dramatic economic changes lead to great social upheaval.
ò Scholars, philosophers, artists and writers were on the look
out for radical view points.
ò Buddhism attracted the rational scientific minded Europeans
because of it’s strict emphasis on first-hand evidence (eg.
K l ma Sutta of Aṅguttara Nik ya)
ò Buddha himself instructed not to take his words at face value
— “Don’t believe just because it’s written in the scriptures, just
because your teacher told you, or because of tradition
always see, feel and experience what has been said first-hand
in order to believe it”

17. The “middle-way”
ò Siddh rtha Gautama before leaving palace was in
extreme luxury. Then in the forest practiced extreme
mortification. Both did not favor him. So he sought a
“middle-way” (madhyama-m rga)
ò Neither eternalistic (leading to fatalistic thinking) nor
nihilistic (leading to hedonistic thinking)
ò Like tuning a stringed intrument
ò Applicable in all situations in day-to-day life

18. Spread of mindfulness
meditation
ò Since the last half-century many Buddhists from Asia
travelling to Western countries. Americans, Europeans
and Australians are also coming for meditation practice
ò Tibetan-diaspora attracted attention of powerful
countries like the US. Also increased interest in their
culture which is in large part Buddhistic
ò Integration of mindfulness techniques with modern
Psychology helping countless people live stress-free lives
ò Study of Buddhism not limited to only scholars

19. What is Buddhist
Economics?
ò Right Livelihood — one of the Eight-fold Noble Paths. It
means Buddhism is directly related to daily transactions.
ò E.F. Schumacher used the term “Buddhist Economics” in his
seminal work ‘Small is Beautiful’
ò Modern liberal economics — solely profit oriented, consumer-
market based, reduces the function of work to merely the
production of goods
ò Buddhist Economics takes the function of work as to — help
enable and develop ones faculties, let go of ego and cooperate
and create goods and services for better (happier) existence

20. Materalist goods versus
Buddhist liberation
ò Materialist interested mainly in goods. Buddhists aim at
liberation from the cycle of rebirth and suffering.
ò But Buddhism being “The Middle Way” does allow
materialistic fulfillments as well.
ò Wealth does not hinder liberation. Rather attachment to wealth
does.
ò Craving for pleasure and not the enjoyment of pleasurable
things are the source for entanglement
ò Buddhist Economics focus simplicity (lessening desire and
cravings) and non-violence

21. Maximum well-being with
minimum consumption
ò Buddhism does not oppose the accumulation of wealth or the
use of material goods.
ò But both should be optimum and not excessive
ò Buddhist Economics measures high standard of living not by
more consumption but by optimal consumption through least
effort, thus allowing our efforts to be directed towards other
creative endeavors
ò Modern economics — maximize consumption by optimal
pattern of productive effort
ò Buddhist Economics — maximize human satisfaction by
optimal pattern of consumption (“the middle way”)

22. Buddhist practices, economics
and management
ò Main aim of Buddhists — Happiness in this world (Lokiya
Sukha) and Happiness in the world hereafter (Lokottara
Sukha)
ò Driving force for both economics and management — la
(Morality). Pañca la (Five precepts) — not to kill, not to
steal, refrain from sexual misconducts, not to lie and refrain
from intoxication
ò E.g. Sig lov da Sutta of D gha Nik ya — Guidelines for
Householders (gṛha vinaya) based on above — covers the
whole spectrum of economics and management.

23. Fulfillment of reciprocal duties
ò Six directions of veneration — East (Mother and Father),
South (Teachers), West (Wife/Husband and Children), North
(Friends and Relatives), Zenith (Holy People, Seers, Buddha)
and Nadir (Workers, Employees)
ò Parents — support and nurture them in their old age
ò Teachers — greet with respect and master their teachings
ò Spouse & Children — provide respect, security and skills
ò Friends/Relatives — be generous, use kind words
ò Ascetics — proper acts of mind-body-speech and hospitality
ò Workers — be just, allow appropriate work

24. Economic and Social aspects in
Sig lov da Sutta
ò 6 ways wealth is lost — intoxicants — wandering streets
at unseemly hours — frequenting theatrical shows —
gambling — being with evil companions — habitual
idleness
ò Optimum use of earning — one-fourth for daily use,
donation etc., on-fourth for security (contingency) and
half as capital for business
ò Treatment of employees — give work as per capacity,
sufficient wages, medical facilities, do not discriminate,
give holidays, incentives for working overtime

25. Final Remarks
Modern Western Economics Buddhist Economics
Maximize Profit Minimize Sufferings
Maximize Desires Minimize Desires
Maximize Market Minimize Violence
Maximize Instrumental Use Minimize Instrumental Use
Maximize Self-interest Minimize Self-interest
“Bigger is Better” “Small is Beautiful”
“More is More” “Less is More”
v Use available facilities and develop new ones — Simplify
Desires — Do not cling to any objects (mental or physical)
— Always follow la, practice Sam dh and have Prajñ

26. Ye dharm hetu prabhav hetun, teṣāṃ tath gato hyavadat,
teṣāṃ ca yo nirodha, evaṃ v d mah ramaṇa!!
(Hetu Dh raṇī)
Manopubbaṅgam dhamm manoseṭṭh manomay
manas ce paduṭṭhena bh sat v karoti v
tato naṃ dukkham anveti cakkaṃ va vahato padaṃ.
Manopubbaṅgam dhamm manoseṭṭh manomay
manas ce pasannena bh sat v karoti v
tato naṃ sukkham anveti ch y va anap yin .
~Dhammapada

27. Thank You!