Economic karma

Economic karma

When used with modern economic thought, the Buddhist concept of karma can be used to create a unique method of analyzing society. Given that people act rationally and out of self-interest, people act according to two influences: desires(internal) and incentives (external). Karma can be thought of as a constant flux of these influences and the actions that occur because of them. A karmic seed is an action. That action has consequences which come in the form of incentives. These incentives combined with internal desire provide the cause for more actions. The net worth of all the incentives created by an action determines the value of that action.

The idea of economic karma has the potential to synthesize economics with morality. By giving moral worth to the creation of incentives in this way, moral hazard is reduced and the overall level of utility is increased. The moral system produced in this synthesis closely resembles that of two-level utilitarianism. Buddhist morals do follow rules but appeal to intuition when there is a conflict or when rules are misleading.


Wikimedia Foundation. 2010.

Игры ⚽ Поможем написать реферат

Look at other dictionaries:

  • Nishkam Karma — Nishkam Karma, or self less or desireless action is an action performed without any expectation of fruits or results, and the central tenet of Karma Yoga path to Liberation, which has now found place not just in business management, management… …   Wikipedia

  • Credit Karma — CreditKarma.com Type Private Industry Personal finance, Software Founded 2007 Headquarters San Francisco, California Key people Kenneth Lin, CEO …   Wikipedia

  • School of Economic Science — Not to be confused with London School of Economics. The School of Economic Science (SES), a registered charity based in Mandeville Place, near Oxford Street in London, provides courses in what it calls Practical Philosophy [1] (its core subject)… …   Wikipedia

  • Buddhism — Buddhist, n., adj. Buddhistic, Buddhistical, adj. Buddhistically, adv. /booh diz euhm, bood iz /, n. a religion, originated in India by Buddha (Gautama) and later spreading to China, Burma, Japan, Tibet, and parts of southeast Asia, holding that… …   Universalium

  • Plug-in hybrid — The Chevrolet Volt is the first mass production plug in hybrid available in the United States. A plug in hybrid electric vehicle (PHEV), plug in hybrid vehicle (PHV), or plug in hybrid is a hybrid vehicle which utilizes rechargeable batteries, or …   Wikipedia

  • Shadowrun — This article is about the pen and paper RPG. For other uses, see Shadowrun (disambiguation). Shadowrun Shadowrun 20th Anniversary Edition cover Designer(s) Jordan Weisman Bob Charrette Paul Hume Tom Dowd L. Ross Babcock III …   Wikipedia

  • Hinduism — /hin dooh iz euhm/, n. the common religion of India, based upon the religion of the original Aryan settlers as expounded and evolved in the Vedas, the Upanishads, the Bhagavad Gita, etc., having an extremely diversified character with many… …   Universalium

  • Caste system in India — Caste (Sanskrit: Gyati ज्ञाति , Hindi: Biradari बिरादरी, samaj समाज, jati जाति etc , Urdu Zat ज़ात ) is an endogamous group. Generally a sub caste is divided into Exogamous groups based on same gotras गोत्र. The Indian caste system describes the… …   Wikipedia

  • India — /in dee euh/, n. 1. Hindi, Bharat. a republic in S Asia: a union comprising 25 states and 7 union territories; formerly a British colony; gained independence Aug. 15, 1947; became a republic within the Commonwealth of Nations Jan. 26, 1950.… …   Universalium

  • Rudolf Steiner — For other people named Rudolf Steiner, see Rudolf Steiner (disambiguation). Rudolf Joseph Lorenz Steiner Full name Rudolf Joseph Lorenz Steiner Born 25(27?) February 1861 Murakirály, Austria Hungary (now Donji Kraljevec, Croatia) …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”