Buddhist Attitudes towards Material Wealth

Abstract

As Nanayakara in 'Economics', says 'It is clear that the Buddha did not consider the formulation of a comprehensive economic theory as a part of his mission. His mission obviously was not aimed at bringing about an economic-revolution in the material sense.' Buddhism is primarily an ethical religion whose main objective is the development of human moral and spiritual characters. Thus, in this paper I will discuss Buddhist attitudes to material wealth, rather than economic theory and policy in Buddhism. After a careful study, I have summarized the Buddhist attitudes to material wealth in the following points: (1) Buddhism does not consider wealth as evil or bad, on the contrary, it recognizes the importance of basic material wealth for personal happiness as well as spiritual progress; (2) However important wealth is, one should not have a greedy attitude towards it; (3) Buddhism always praises the virtue of contentment; (4) encourages people to share their wealth with others; (5) maintains that wealth has only an instrumental value, thus one should not miserly attach to and hoard one's wealth without spending; (6) encourages the adaptation of a middle way in practice towards wealth; and (7) considers wastefulness as a deplorable habit that is even regarded as anti-social, so wealth should be put to its maximum use.