Beginner’s Mind is a special project collecting insightful essays written by US college students who have attended experiential-learning courses related to Buddhism. Some of the authors identify as Buddhists, for others it is their first encounter with the Buddhadharma. All are sharing reflections and impressions on what they’ve learned, how it has impacted their lives, and how they might continue to engage with the teaching.
Huang Xinlei is a member of the class of 2026 at Trinity College, where she wrote this essay as a midterm paper for the course “Buddhist Economics.” She is currently double majoring in Economics and Film Studies. Xinlei has a passion for travel and all things food-related; in her free time at the moment, she enjoys working on her own unique six-course meal menu.
Heterodoxy, Pluralism, or Buddhist Economics?
First introduced by E. F. Schumacher, Buddhist economics represents both a critique of, and an alternative to, the prevalent mainstream economic paradigm. It proposes a system that emphasizes individual character development and human well-being over material wealth. Schumacher argued that pressing global issues such as unemployment, rural economic decline, climate change, and spiritual impoverishment were direct consequences of an over-reliance on income growth, particularly through unsustainable practices such as overwork and resource depletion. In response, he proposed the concept of Buddhist economics, which seeks to achieve “the maximum of well-being with the minimum of consumption.”
Expanding upon Schumacher’s foundational idea, Clair Brown offers her own comprehensive framework, comprising eight steps, to cultivate a meaningful existence on a sustainable planet. This is not just a set of recommendations but a roadmap for a sustainable future. The initial four steps are directed toward governmental intervention. Firstly, governments are urged to implement tax and transfer policies, which involve levying taxes on fossil fuels and luxury goods while redistributing income and investing in social welfare programs. Secondly, sustainable agriculture initiatives are recommended, including efforts toward reforestation and the adoption of sustainable farming practices to promote biodiversity and cultural resilience, alongside regulations promoting water conservation, waste reduction, and healthy food standards. Thirdly, she advocates for adopting a unified metric like the Genuine Progress Indicator (UN-GPI) to Measure and Transform economic progress, incorporating indices on human development, sustainability, and environmental accounting. Lastly, governments are encouraged to prioritize peace and prosperity by favoring peace treaties over arms trade, and seeking non-military solutions to conflicts.
The subsequent two steps outline actions that corporations can take to contribute to a more sustainable future. Firstly, companies should embrace green production and products by transitioning toward cleaner operations and circular production methods, thereby minimizing waste and promoting environmental sustainability. Secondly, they should prioritize living wages and work-life balance by reducing excessive executive compensation, ensuring living wages for all employees, and advocating for reduced work hours to promote work-life balance and mental well-being. Finally, the last two steps underscore the importance of individual responsibility in shaping a sustainable society. Individuals are encouraged to engage in mindful living by practicing mindfulness to foster loving relationships, connect with nature, and develop a deeper appreciation for the Earth. Additionally, collective action is emphasized, with individuals urged to demand corporate accountability and to advocate for sustainable economies and reduced carbon emissions at the national level. Through these concerted governmental, corporate, and individual efforts, Brown’s framework envisions a future in which human prosperity is harmonized with an emphasis on environmental sustainability.
While built upon E. F. Schumacher’s foundations, Brown’s model of Buddhist economics diverges by proposing practical steps applicable at national, corporate, and individual levels to establish a Buddhist economy. Notably, she emphasizes addressing climate change within this framework, unlike Schumacher’s more philosophical approach centered on reducing mindless production and consumption while emphasizing the philosophical aspects of reducing materialism.
However, despite the theoretical allure of both Schumacher’s and Brown’s frameworks pointing toward a utopic world, they may be challenging to implement in practice. My primary contention lies in the inherently religious nature of the model, evident in its name: Buddhist economics. This religious association presents obstacles in countries that are secular, diverse, or follow other religions. Furthermore, integrating religion into economic frameworks risks entangling economics with governance, potentially enabling ruling or political parties to exploit religion for power consolidation—a phenomenon historically associated with radicalization and conflict. To overcome these challenges and ensure the viability of economic models inspired by Buddhist principles, advocating for a secular economic system that incorporates Buddhist economic principles alongside diverse perspectives could offer a more sustainable approach. By avoiding the pitfalls of theocracy and mitigating the risk of destabilizing existing religious regimes, this secular approach could foster inclusivity and social cohesion, key elements for a sustainable future.
One such alternative is heterodoxy or pluralism. These approaches are essentially synonymous, as they both entail integrating theories from various disciplines, such as power dynamics, racism, institutional structures, and sexism. They embrace a pluralistic attitude toward these theories, acknowledging their contestability and incommensurability. Moreover, they address concerns central to Buddhist economics, such as income distribution, alternatives to GDP, and environmental sustainability, and so on. They may even offer more comprehensive solutions to address gender inequality and racism. Therefore, there should be a concerted effort to promote heterodoxy or pluralism in the economics discipline, from lower education to higher education, recognizing that today’s youth are the future policymakers.
References
Schumacher, E. F., 1966. “Buddhist Economics.” https://centerforneweconomics.org/publications/buddhist-economics/
Brown, Clair. 2017. Buddhist Economics: An Enlightened Approach to the Dismal Science. London: Bloomsbury.
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