Buddhist economics An enlightened approach to the dismal science

Is economics applicable no matter what behavior patterns people have? Or does it presuppose norms of competition and selfish material acquisition? Reading this short book provokes those questions. For the author, Buddhist economics is distinguished by the idea of interdependence rather than individualism, a hallmark of much feminist philosophy as well. This book, however, is devoted more to policy recommendations: focus on happiness rather than GDP, reduce inequality, and attend to the environment, particularly the threat of climate change. The most striking difference between the author's view and standard economics involves the latter, where she rejects incentives such as a carbon tax in favor of people adopting a belief in interdependence with the environment, reduced material consumption, and an ethic of sustainability. Not all criticisms seem warranted. Few if any economists equate GDP with welfare, and economists appropriately leave "what makes life worth living" as a question for ethicists and philosophers. Nevertheless, this provocative book would be a worthy addition to reading lists for courses in the philosophy of economics, particularly where the virtues and vices of economics as a social science and interpretive discipline are up for grabs. Summing Up: Highly recommended. Upper-division undergraduates through professionals. --Tim Brennan, University of Maryland, Baltimore County

Brown, a University of California, Berkeley professor of economics, believes the primary concern of the free market is profit and prosperity, but such a gain must be weighed against the crises that it produces, including income inequality, climate damage, poverty, and overpopulation. For a country to be prosperous, she writes, it is commonly assumed that free market economics will provide the best outcome to its citizens. Buddhist economics, on the other hand, requires a different metric: shared prosperity through minimizing suffering and striving toward equality of well-being for all. Brown explains the Buddhist economic world as quasi-utopian: the end of poverty, universal healthcare, humane working conditions, proper recognition of human rights, efforts to stop and perhaps even reverse climate damage. Not to be written off as an idealist, she offers concrete suggestions for the implementation of a Buddhist economic program and metrics to assess progress towards equity and stability. Such suggestions include a redistribution of wealth in society (naturally, the rich must simplify and give up their luxuries), a restructuring of preexisting markets, and new regulations and taxes (such as carbon and pollution taxes). Though she treads familiar ground in her criticism of free market economics, Brown's economic program is compelling and stimulating, asking readers to consider both how they contribute to contemporary conditions and how they can break out of them. Agent: Lisa Adams, Garamond Agency (Feb.) © Copyright PWxyz, LLC. All rights reserved.