Economic Development 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 al to orthodox westem 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-haming in economic activities, and the realization of the inner freedom from suffering as spiritual qualities that are realized by the ongoing practice of virtues, wisdom, and meditation (Kovacs, 2011; Suwan, 2008).