At its most basic level economics is about the allocation of a society’s scarce resources. Different theories on how this should be done and the manner in which they resources should be distributed exist. This particular question deals with SEA-centric economies which implicates deviation from a norm. What is the norm, or perhaps more importantly, is there a norm? It is fair to say that Western (capitalist) interpretations of economics are at present dominant. Therefore the starting point is in a quick run-through of its more significant characteristics. Orthodox economics deal with aspects of efficiency, self-regulation, rationality and the like. Inherent is a belief in a “perfect market” which is self-regulatory (with regard to, for example, price due to supply and demand) thanks to the “invisible hand” of the market itself. Furthermore, the Western notions of consumer freedom of action and consumer rationality require free and fair competition to fully function. That all individuals act in “enlightened self-interest” is also basic to orthodox appreciation. In comparing the way in which the above characteristics have manifested themse

Thailand’s response to capitalist economics can be summed up in the idea of “middle-path” / Buddhist economics. Pointing out the flaws of mainstream economics and replacing them with realistic (read Buddhist) concepts is the main objective. For instance, Apichai explains that the division mainstream economists have between normative (based on values, emotions) and positive (analytically objective, “natural law”) economics is due to their inability to understand human nature. Naturally Buddhist economics have a clear picture of our nature and incorporate it into their take on economics.

Life is suffering. This elemental doctrine lies at the foundation of Buddhist economics. Two types of suffering can be distinguished. Physical suffering from lack of food, improper housing and clothing and such represent needs that are primary. Therefore they should be satisfied. The primary goal of the economy is to provide the basis for alleviating physical suffering so that the physical individual is content and can concentrate on other matters such as attaining nirvana. The second type of suffering is a result of artificial want, or greed. This is a form of suffering that is and should remain permanent. Satisfying one’s greed leads to unhappiness and is discouraged. This type of thinking questions the Western notion of the individual always acting in “enlightened self-interest”. This

Some topics in this essay:
Western Eastern, Pertamina Oil, Naturally Buddhist, Economics Thailand, Furthermore Western, Siam Cement, NGO’s Goals, buddhist economics, Indonesia Chinese, , buddhist economics implemented, strong presence, physical suffering, “enlightened self-interest”, economics implemented, orthodox economics, type suffering, sea-centric economies, strong presence economics, economics thailand, presence economics,