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Buddhist Economy and Consumerism

Phra Soravit Aphipanyo (Duangchai)

Teachings of Buddha are naturally accepted since it has been published and it taught us to learn and follow Buddha’s ways particularly the guidance to prevent and resolve problems or how to cope with the simple lifestyle. This is a way of life with intelligence, considering the purpose and benefits of consumption and living facilities for a livelihood. The basic human needs include four factors - food, clothing, shelter and medicine. Humans also need happiness, love and respect. The needs of the human race are endless. However, factors of production (Factors of Production) or available resources such as land, labor, capital, and natural resources are finite which can cause economic problems since these are very limited resources. The current world is experiencing an economic crisis caused by the human values like living extravagantly which is influenced by the commercial advertising companies used in order to convince consumers to buy their products.