E.F. Schumacher's essay, Buddhist Economics, compares the thinking of a Buddhist economist versus a modern Western economist. He uses the Buddhist teaching of the Noble Eightfold Path to make his case.
The essay starts by comparing how the modern economist views labor as a meaningless item that can be replaced by the more modern systems of automation. The Buddhist economist on the other hand sees labor as a way to develop one's abilities and to share these abilities with other to promote products and services.
Schumacher addresses how modern economists strive for successful mechanization of goods and services, which, as he puts it "turns the work of a man over to a mechanical slave, leaving a man in a position of having to serve the slave" (182). Which translates to making fewer and fewer workers work harder and longer to produce more goods more quickly. The modern economist's criteria for success are measured only by the total production of what is produced. Instead of maximization of production, the Buddhist economist views mechanization as a way to further enhance the skills and productivity of workers. This is achieved by making sure planning is done to promote employment instead of maximizing production, which can lead to more satisfaction for the worker and the community.
He addresses the relationship of material wealth and how modern economists are attached to it and consider it to be the sole purpose of all economic activity. He described how the modern economist measures the standard of living by the amount one uses and sides with the view that the more one uses, the better off one is. The concern for the Buddhist is not so much as gaining material wealth but the maximization of one's well being while striving for the minimiz ...