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From the very definition of economy and ethics: economics suggests meetingmaterial needs, and ethics should meet spiritual needs. Material culture and spiritualculture are two basic essentials for human life and activities, and none of them isconsidered dispensable. Materialism forces the mind to be full of ‘moneyconsciousness’ and disregards ethical ideas in our social and living spaces by payingattention only to material needs while ignoring spiritual needs. Buddhist ethicaleconomicstries to mediate personal attachments between material culture and spiritualculture. Only through economic development under restrictions mandating ethicalrequirements can our society have harmonious and positive social ethos. Buddhistprecepts, and theory of cause and effect can restrict immoralities; hence, when everyoccupational-material activity runs under standards of law and morality – then and onlythrough such, can one be honest when being officer, business-person, banker, farmer,etc. As it is, only under ethical requirements can the economy really serve humansociety and built a harmonious and fair economic order. Therefore, we can sayBuddhist “ethical economics” is of great realistic significance to construct a good socioeconomicsystem
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