Chapter 3. Need & Want
Need & Want
With limited supply, we can still achieve surplus
if we lessen the demanding mind
(Pittaya Wong)
The concept of Need
& Want in modern economics comply to the Buddhist teachings on desire
(demand) and the necessity for living.
The desire or demand
is motivated by the mental craving as stimulated by sensual perceptions namely
sight, sound, smell, taste, bodily feeling, and thought. However, the craving can be toward the Need
and/or Want.
The Lord Buddha made it
clear in his teaching that there are four major necessities for one’s living. They are (1) food (2) cloth (3) shelter, and
(4) medicine. Thus, they can be
classified as the ‘Needed’ whereas the rest can be accounted as the ‘Wanted.’
According to our
Equation of Need & Want in Dhammonomics,
Demand = Need + Want
Need = Demand – Want
Want = Demand – Need
Supply = Necessity +
Luxury or Unnecessity
There is a shortage
when (Need + Want) > (Necessity + Luxury)
There is a surplus
when (Need + Want) < (Necessity + Luxury)
The modern economics
is fundamentally different from Dhammonomics in such a way that Dhammonomics
does not emphasize on maximizing supply to meet demand, but Dhammonomics shows
that we can follow the Buddhist teaching by minimizing demand. In this case, Want can be totally or
partially decreased, so our demand is mainly dominated by the Need, not the
Want. As such, satisfaction and/or surplus is still
achievable.
By Pittaya Wong
4 August 2018
