







































Ecology, Economy and Society–the INSEE Journal 6(2): 273-276, July 2023 

BOOK REVIEW 

Buddhist Wisdom for a Sustainable World 

Vishal Narain 

Ng, Ernest C H. 2020. Introduction to Buddhist Economics: The Relevance of 
Buddhist Values in Contemporary Economy and Society. Cham: Palgrave 

Macmillan.  

Around 2600 years ago, 
Siddhartha Gautama—
better known to the 
world as the Buddha, the 
enlightened one—laid 
down a path to 
overcome suffering and 
attain nibbana—freedom 
from the eternal cycle of 
birth, life, and death. 
Introduction to Buddhist 
Economics provides a 
succinct application of 
this path to reconciling 
the goals of economic 
growth and human well-
being with ecological 
sustainability, a core 
concern of ecological 
economics.  

The prime concern of 
Buddhist philosophy is 
the overcoming of 

 
 Professor, Management Development Institute, Gurgaon, Haryana, India. 
vishalnarain@mdi.ac.in  

Copyright © Narain 2023. Released under Creative Commons Attribution © 

NonCommercial 4.0 International licence (CC BY-NC 4.0) by the author.  

Published by Indian Society for Ecological Economics (INSEE), c/o Institute of  Economic 
Growth, University Enclave, North Campus, Delhi 110007.  

ISSN: 2581–6152 (print); 2581–6101 (web).  

DOI: https://doi.org/10.37773/ees.v6i2.1087  

mailto:vishalnarain@mdi.ac.in
https://doi.org/10.37773/ees.v6i2.1087


 Ecology, Economy and Society–the INSEE Journal [274] 

dukkha, translated as suffering, broadly meaning a sense of discontent with 
one’s circumstances. The four noble truths around which Buddhist 
philosophy is built are the truth of suffering, the cause of suffering (desire), 
the possibility of overcoming suffering, and the path leading to overcoming 
suffering (the eight-fold path). From a Buddhist perspective, human well-
being is attained not through the satisfaction of material desires, but 
through a path of wisdom, ethics, and meditation. These three cornerstones 
of Buddhist practice are encapsulated in the eight-fold path. Right view and 
right intention constitute wisdom; right action, right speech, and right 
livelihood constitute morality; and right effort, right mindfulness, and right 
concentration constitute meditation. Moral discipline is the foundation of 
the spiritual path—the path leading to happiness and well-being. Buddhist 
morals, however, are persuasive rather than coercive. Since all phenomena 
are governed by cause and effect, our happiness is shaped by how we think, 
speak, and act in our daily life. Three important concepts in Buddhist 
philosophy are dukkha (suffering), anicca (impermanence), and anatta (non-
self). The doctrine of anatta emphasizes the lack of a permanent self—
objects and phenomena do not exist independently but only as long as the 
causes and conditions that support them exist. This phenomenon of 
conditioned arising is encapsulated in the Pali word “pratityasamutpada”. 

The book uses these principles and concepts to outline an approach that 
helps us overcome the weaknesses of the market economy and secure a 
congruence among economy, ecology, and society. The book comprises 12 
chapters organized into five parts. Part I introduces the subject and 
framework of the book through two chapters, namely, “What Is Buddhist 
Economics?” and “The Four Noble Truths: A Decision-making and 
Problem-solving Framework”. Each of the subsequent parts discusses the 
four noble truths as applied to the problems of the market economy. 

The most common measure of human wellness in the market economy is 
the level of economic activity (GDP). Material production, consumption, 
and possession are considered essential benchmarks—more is better. This 
welfare approach, the author argues, is a materialistic approach to human 
wellness. This is contradicted, for instance, by the Easterlin paradox 
(Easterlin 1995) that economic growth as measured by real GDP per capita 
does not necessarily translate into an increase in reported well-being. A 
welfare approach to measuring human happiness through GDP has its 
limitations. It does not consider the impact of income inequality and 
assumes that we can only observe how people behave and not how they 
feel.  Happiness is activity based and related to self-realisation and an 
orientation towards others: an inner development of the individual, it is a 
subjectively experienced form of human wellness (Ims 2013).  



[275] Narain 

GDP is therefore considered a poor measure of aggregate or individual 
happiness and well-being. The author of this book notes that while the 
market economy is an innovative and efficient mechanism for economic 
activities, it gives rise to several unintended consequences, represented by 
short-sighted, profit-oriented, and self-centred decisions. The alternative 
concept of “gross national happiness”—embraced by countries such as 
Bhutan, which is a Buddhist nation—seeks to deviate from materialistic 
conceptions of economic growth to capture aspects of human well-being, 
equity, governance, and sustainability.  

A market economy sees the individual self as the operating entity of the 
economy. Buddhist teachings on anatta and dependent arising 
(pratityasamutpada) challenge this notion. The doctrine of anatta states that 
there is no real entity operating. The sense of self to which we are attached 
in our pursuit of utility maximization is an illusion; it lacks a permanent 
identity. According to Buddhism, that which we consider a “self” is simply 
a bundle of five aggregates: physical form, feeling, consciousness, intention, 
and mental formation, each of which transforms from moment to moment, 
continually. When we try to see a permanent self beyond these five 
aggregates, we fail to find one.  

Further, the concept of pratityasamutpada reveals our interconnectedness. 
Our happiness and well-being are inseparable from that of other 
generations. This is an idea closely linked to the concept of sustainability. 
Our well-being is interrelated and interdependent with that of others. This 
interdependence provides a foundation for the environmental, social, and 
governance (ESG) initiatives of corporate organizations, which urge them 
to move beyond the narrow, profit-maximising postulates of neo-classical 
economics and consider the wider implications of their actions for society 
and ecology. 

The Buddhist approach to work, encapsulated in the idea of “right 
livelihood”, refers to work that helps others rather than harming them. 
Thus, trade in liquor, flesh, trafficking, or manufacturing arms and 
ammunition is ruled out. Work has an intrinsic meaning; it is not to be seen 
as a means to satisfy our unlimited desires but as a way of doing good for 
others. Work is an integral part of life—a skill- and character-building 
process. Such work creates well-being for the individual and society. The 
richness and quality of life of human beings can be assured if economic 
activities meet the test of ecology, future generations, and society (Zsolnai 
2011).  

Buddhist economics teaches us to derive maximum happiness with 
minimum possessions—perhaps the best way to reconcile human well-



 Ecology, Economy and Society–the INSEE Journal [276] 

being with ecological sustainability. Happiness that is dependent upon the 
pursuit of and attachment to outside impermanent consumption is a key 
source of dukkha. Our physical and mental well-being is tied to how we 
think and act daily. For instance, the Keraniyametta Sutta, one of the major 
Buddhist texts, lays down the qualities a person should imbibe if he wishes 
to attain santapadam, a state of calm. Likewise, the Mangala Sutta, or the 
discourse on blessings, outlines what a person must do to be blessed or 
happy.   

Buddhist economics thus offers a holistic, enlightened approach that 
integrates sustainability, equity, and compassion (Brown 2017). The key 
principles of Buddhist economics, namely, minimizing the suffering of all 
sentient beings, simplifying desires, cultivating genuine care and generosity, 
and reducing desires beyond minimum material comfort can bring 
sustainable benefits for everyone. 

The book is an interesting and lucid read for those new to economic theory 
and Buddhism. It systematically introduces readers to the doctrine of 
Buddhism and economic theory and connects the two bodies of work 
seamlessly thereafter. It adopts what Zen Buddhism describes as a 
‘‘beginner’s mind”. Barring a passing reference in Chapter 12, one subject 
that receives relatively scant attention is the differences between different 
Buddhist schools—notably, Mahayana and Theravada—in espousing these 
principles. Except for that minute limitation, it succinctly explores a 
pragmatic solution to the daunting ecological crisis confronting humanity.  

Conflict of Interest Statement: No potential conflict of interest was 
reported by the author. 

REFERENCES 

Brown, Clair. 2017. Buddhist Economics: An Enlightened Approach to the Dismal Science. 
New York: Bloomsbury Publishing. 

Easterlin, Richard A. 1995. “Will Raising the Incomes of All Increase the 
Happiness of All?” Journal of Economic Behaviour and Organization 27 (1): 35–47. 
https://doi.org/10.1016/0167-2681(95)00003-B.  

Ims, Knut J. 2013. “From Welfare to Well-being and Happiness.” In Handbook of 
Business Ethics: Ethics in the New Economy, edited by Laszlo Zsolnai, 217–48. Oxford: 
Peter Lang Academic Publishers. 

Zsolnai, Laszlo. 2011. “Buddhist Economics.” In Handbook of Spirituality and 
Business, edited by Luk Bouckaert and Laszlo Zsolnai, 88–94. London: Palgrave 
Macmillan. https://doi.org/10.1057/9780230321458_11.  

https://doi.org/10.1016/0167-2681(95)00003-B
https://doi.org/10.1057/9780230321458_11

