American Consumption Shouldn’t Keep Economy Afloat

This is Part 2 of Buddhist Economics: Economics As If People Mattered.

The Buddhist approach is that consumption is merely a means to human well-being. The aim should be to attain a maximum of well-being with a minimum of consumption. It would also be considered salutary to produce much of what is needed for human well-being by one's own hands rather than being a total participant in the cash economy. This is anathema to capitalist economists and bankers who thrive on interest from bank loans in order that consumers can purchase more stuff on borrowed money and go into more debt.

Without debt based economics, Wall Street would be out of business and GDP would be lowered because GDP only measures cash transactions not self-subsistent production. Consumption represents 70% of US GDP. Western economics considers consumption to be the end all of economic activity. Buddhist economics considers economic activity to be that which is necessary for liberation of the spirit and for the provision of the right amount of goods and services without gorging on them.   [Read more...]

Author information

John Lawrence

John Lawrence graduated from Georgia Tech, Stanford and University of California at San Diego. While at UCSD, he was one of the original writer/workers on the San Diego Free Press in the late 1960s. He founded the San Diego Jazz Society in 1984 which had grants from the San Diego Commission for Arts and Culture and presented both local and nationally known jazz artists. John received a Society of Professional Journalists, San Diego chapter, 2014 award. His website is Social Choice and Beyond which exemplifies his interest in Economic Democracy. His book is East West Synthesis. He also blogs at Will Blog For Food. He can be reached at j.c.lawrence@cox.net.

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