From the very definition of economy and ethics: economics suggests meeting
material needs, and ethics should meet spiritual needs. Material culture and spiritual
culture are two basic essentials for human life and activities, and none of them is
considered dispensable. Materialism forces the mind to be full of ‘money
consciousness’ and disregards ethical ideas in our social and living spaces by paying
attention only to material needs while ignoring spiritual needs. Buddhist ethicaleconomics
tries to mediate personal attachments between material culture and spiritual
culture. Only through economic development under restrictions mandating ethical
requirements can our society have harmonious and positive social ethos. Buddhist
precepts, and theory of cause and effect can restrict immoralities; hence, when every
occupational-material activity runs under standards of law and morality – then and only
through 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 human
society and built a harmonious and fair economic order. Therefore, we can say
Buddhist “ethical economics” is of great realistic significance to construct a good socioeconomic
system