Buddhist Teaching for Economic Stability in Life

Abstract

This article aims to highlight the importance of applying the teachings of the Lord Buddha to create satisfaction with what we have, and not to be extravagant. This, principle or Buddhist doctrine, is adopted by His Majesty King Bhumibol Adulyadej the Great, the reign of King Rama IX, as a principle in his conduct and work and kindly educated his people as Sufficiency Economy that is well known to everyone.

The current economic situation has been severely affected due to the COVID-19 pandemic.  Many people have lost their jobs, due to companies closing or downsizing, leaving most of them with problems in servicing their existing debts. The more difficult the financial problems faced, the more extreme actions are taken to resolve the issue. Some people, when they are unable to find a solution, even resort to killing themselves.  Employees who used to have regular incomes, are suddenly faced with the loss of this, due to unexpectedly having become unemployed.  Many adjust by trying to find alternative income in order to feed the family, but most are unsuccessful in doing so.  Some people who have never had savings, or have too little savings, inevitably suffer more than those who knew how to save and thus, have sufficient savings. Some people are forced to borrow money at unfavourable, high interest rates, which escalates their problems even further, by ultimately increasing their long term financial burden.  In the case of an informal, unsecured loan, the interest rate will be even higher, thus creating significantly more serious problems. This has caused the country's already high household debt problem to continue to rise. 

The author therefore wishes to provide this article to the general public in the hope that it will prove to be beneficial to them as a means of understanding and applying the teachings of the Buddha and the principles of sufficiency economy to adapt to lead a contented life, moderately satisfied, without trouble and not in debt, where there will be money left over for use in times of need and when entering old age.