Modern Economics And Buddhist Economics Essay

833 Words Oct 14th, 2016 4 Pages
Throughout the world, there is a vital component that dictates a country status; and that is economics. Economics plays a huge role in a country because it illustrates how prosperous the country is. Countries are always trying to establish a powerful economy, and therefore will hire modern economists to create a policy that will thrive. However, modern economics isn’t the only option to implement into a country. There is a different approach called Buddhist economics. There is a vast difference between modern economics and Buddhist economics; such as labor and production, violence, and the purpose of consumption. Modern economics and Buddhist economics both have a different method for labor and production. In modern economics, labor is seen from the employee point of view as something necessary, but tedious for the employee at the same time. Wint states “From the point of view of the workman, it is a “disutility”; to work is to make a sacrifice of one’s leisure and comfort, and wages are a kind of compensation for the sacrifice” (Wint 1). In other words, people in a modern economic will only work because of the necessity of an income. Wint explains “the point of view of the employer is to have output without employees, and the ideal from the point of view of the employee is to have income without employment” (Wint 1). Wint states a prime analogy of the way modern economic labor is construed. In addition, modern economic production is represented as cheap, but efficient.…

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