Buddhist Develpment Economic Perspectives

Introduction

Economic Development is a controversial subject. In this article, I will discuss the problems of modern approach to development economics and compare it with the Buddhist perspectives on development Economics. This article also will highlight the modern economic development models advantages and disadvantages in the context of developing countries and issues of Globalization and issues of sustainability issues and environmental issues facing developing countries under the modern development economic policies and strategies. It also argues the value of Buddhist Economic perspectives in the field of development economics.

Western Classical and Neo-classical Economics and issues of Economic Development

The Modern Economics is based on some basic assumptions about human motivation in the field of economic activities. According to Adam Smith, the farther of Modern Classical Economics if self interest is allowed to operate within a legal framework with minimal government intervention the individual self-interest to earn an income or profit under competitive situation will also meet the collective interest of society and most members of society will be able to satisfy the materail needs as the self-interests to accumulate income and wealth. However, they work under a competitive market structure where no producer or consumer has the power to influence the price of goods and services. That is, under perfect competitive market economy. However, in practice the market is further from the perfect competition where the  free market is highly developed. That is, the free-market may produce goods and services in greater quantity but they also may cause excessive income and wealth distribution if unfetter market is allowed to work. That is some groups particularly may control or exploit the others, and it may create social problems of crime and class formation in society which may have negative effects for stability and unnecessary wars and arms production to provide security. For example most of the economies in the 21st century whether advanced or developing do not have a perfectly competitive market and legal framework is not able to constrain anti-social practices of many large private companies. It is also evident the current global economy is producing some advantages in economic development at the same time produces instability and excessive income and wealth distribution particularly in the developing world. In addition, it is also affecting the ethical, social and spiritual practices of many developing world where these are considered important by the majority of people in those countries  and introducing consumerism and its negative impacts on society.