Schumacher (1987 in Payutto, 2000: 173) wrote a book named Small is Beautiful in which one of the chapters is “Buddhist Economics.” This provides a remarkable alternative to orthodox western economics. He said, “Buddhism has ‘Right Livelihood’ in the Noble Eightfold Path”. It means that there are Buddhist economics and Buddhist development. In addition, Woo (2009) stated that there are two major characteristics of Buddhist economics: (a) the right amount and knowing moderation or being enough, and (b) not harming oneself or others.
Thus, it can be implied from Schumacher that, rather, it is the ensuring of the appropriate material wellbeing, the accomplishment of non-harming in economic activities,