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" "The Buddhist view, “takes the function of work to be at least threefold”: “to give a man a chance to utilize and develop his faculties; to enable him to overcome his egocentredness by joining with other people in a common task; and to bring forth the goods and services needed for a becoming existence.”
Ernst Friedrich "Fritz" Schumacher (16 August 1911 – 4 September 1977) was an internationally influential economic thinker with a professional background as a statistician and economist in Britain. He served as Chief Economic Advisor to the UK National Coal Board for two decades.
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The cultivation and expansion of needs is the antithesis of wisdom. It is also the antithesis of freedom and peace. Every increase of needs tends to increase one’s dependence on outside forces over which one cannot have control, and therefore increases existential fear. Only by a reduction of needs can one promote a genuine reduction in those tensions which are the ultimate causes of strife and war.
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The modern economist … is used to measuring the “standard of living” by the amount of annual consumption, assuming all the time that a man who consumes more is “better off” than a man who consumes less. A Buddhist economist would consider this approach excessively irrational: since consumption is merely a means to human well-being, the aim should be to obtain the maximum of well-being with the minimum of consumption.