WHOLESOME ECONOMICS

Economics, as defined in the Oxford Dictionary, is a study of how a society or a community organizes its money, trade and industry. In fact, economics has become one of the important fields in a nation’s development. As a Buddhist, we might be thinking that economics has little to do with us and we should not be concerning about this. This was what I’m thinking about in the past. Well, if we’re monks, then it’s okay not to have any concern about this. However, we’re still laypeople, and our daily needs and consumptions revolve around economics. While reading a chapter of “Maximum Benefits” in the “Dharma Moments” book by Danai Chanchaochai, I rather agreed that how Bro. Danai interpreted economics as one of the interdependent disciplines working towards the common goal of social, individual and environmental well-being. Even during the Buddha’s time, Lord Buddha had given economical advice to his devotees.

In the Dīghajāṇu Sutta (AN 8.54), the Blessed One addressed to Dīghajāṇu Byagghapajja, a wealthy clansman at that time, about the four accomplishments that lead us to economic well-being.

1.      Accomplishment in initiatives (uṭṭhānasampadā)

While earning to acquire wealth, we should do it virtuously and not taking advantage of others or engaging in an unwholesome trading not complying the Right Livelihood such as trading in weaponry, trading in people, trading in live animals, trading in intoxicants and trading in poisons (AN 5.177).

2.      Accomplishment in protection (ārakkhasampadā)

Upon earning our rightful wealth, we should consider how our wealth can be carefully conserved from being stolen or consumed by disasters. Despite having convenient banking system today, precautions are still needed. There are still robbers and deceivers (scammers) out there working for illegal incomes.

3.      Accomplishment in good friendship (kalyāṇamittatā)

Sometimes, we’re ignorant in managing our wealth. That’s when our good friends come in. Do not mistaken the “good” friend here with the friend that always treat us well or always make us feel happy. The “good” friend I mean here is the wholesome friend who’s virtuous and accomplished with faith, ethics, generosity and wisdom. A good friend possesses the quality of a helper, a companion, an admonisher and a compassionate one (DN 31).

4.      Accomplishment in balanced finances (samajīvitā)

Having acquire our rightful wealth, we also need to manage and spend it wisely, not being too extravagant or too frugal, or not spent on womanizing, drinking, gambling and benefiting bad companions. The Blessed One mentioned in Adiya Sutta (AN 5.41) that our wealth can be managed into five portions: first portion for family and household; second portion for generosity to our good friends; third portion for future emergency uses; fourth portion for taxes and charities; and the fifth portion for supporting the Sangha community. However, as era changes, more areas we need to spend on with the wealth we have such as loans, transportation and etc. It shouldn't be a problem as long as we know how to manage our finance wisely and not being too extravagant or too frugal in spending or spending on womanizing, drinking, gambling and benefiting bad friends.

Besides that, Lord Buddha also mentioned another four accomplishments that lead to spiritual well-being: accomplishment in conviction (saddhāsampadā), accomplishment in virtues (sīlasampadā), accomplishment in generosity (cāgasampadā) and accomplishment in wisdom (paññāsampadā).

These are the advice given to lay devotees by Lord Buddha. It’s up to us whether or not to act according to his advice as each of us has different financial backgrounds. There are even people out there working just to make ends meet, while there are also some subject to criminal activities for the wealth gain. Well, if we’re wise enough, we shall be able to work rightfully and manage our wealth diligently without having subject to any criminal activities that will definitely be ruining our future lives if it is done.

This, I believe, is the economics from the Buddhist perspective. Instead of putting so much blames to the authorities and government on the poor national economy, why not we start pondering and reflecting ourselves whether are we being economical or do we even know what economics is before putting judgments?

By the way, this is just my own opinions and reflections. I’m still a learner and there are many that’s yet for me to explore. With a fresh start in 2019, let us begin by being mindful in managing our economics like a deer being mindful day and night. Happy New Year everyone!

An emblem of the BNM