The Genesis of Quantitative Buddhist Economics

Abstract

This paper aims to summarize three fundamentals to create Quantitative Buddhist Economics, QBE, for people living with families and money to solve economic problems using graphs and mathematics that is contemporary style. Mathematics, scientific methods, and some parts of the operation-research method are methodologies. Minkowski's 4D model, price theory of economics, and Buddha doctrines in the Thai Theravada schools are data. The investigation found that three fundamentals of QBE consist of (1) time, (2) the new price model, and (3) doctrines concerning the wealth of individuals from the Thai Theravada schools. First, about time, the inaccuracy, especially time positions of the Minkowski 4D model, was found, and the time equation was found later. The time equation and logical mathematics can reveal the inaccuracies of the price theory, the core of present economics: (1) an equilibrium condition, (2) price adjusting to an equilibrium point, and (3) an inappropriate demand definition, which needs to be corrected. Second, a new price model was created for two objectives: (1) eliminating the inaccuracies for avoiding the collapse of economic theories and (2) using the model for QBE that contributes QBE based on a scientific concept, so QBE can show the many different price concepts compared to present theoretical economics. Third, two cores of QBE consist of the first, the law of action, which shows positive and negative economic results affecting the wealth of a nation and individuals mainstream economists have never considered. The second, the "Heart of Millionaires," reveal suitable activities for solving economic problems based on Buddha’s doctrines: meritorious making money by production, consumption, saving, and making terrific friends.