Study of the concept of sufficiency economy according to Theravada Buddhism

Abstract

This academic article aims to study the concept of Sufficiency Economy according to Buddhism. The results of the study found that the philosophy or essence of Sufficiency Economy is the sufficiency of necessity and appropriateness for maintaining and living a simple and self-reliant life, reducing reliance on modern technology, turning to use local wisdom and technology that does not destroy nature and the environment instead. The concept of Sufficiency Economy is consistent with the principles of Buddhism that promote the sustainable way of life of people in society. The advantage of Sufficiency Economy is that it relies on a small amount of material things but leads to very satisfactory results. Sufficiency Economy according to Buddhism focuses on actions that create a good life with minimal consumption, aiming for people to be satisfied with having a good consumption pattern and being a factor for sustainable development in society by using moral values ​​as the foundation of economic thinking. Principles that are consistent with Sufficiency Economy include contentment, moderation, and the middle path, etc.