An economy for people

It is indisputable that economics plays a vital role in our lives, both on an individual and societal level. Yet, many people find the topic complex and difficult to deal with and tend to avoid dealing with it. In this dialogue, economist Lawrence J. Lau and Buddhist philosopher and president of the International Soka Gakkai Daisaku Ikeda approach the topic of the development of economics in modern society from a historical perspective, examining what lessons can be learned from the East Asian currency crises in 1997 and the global financial crisis in 2007-2009. Touching on various topics, the authors help readers understand the challenges globalization has imposed on economies, the importance of government regulation of markets, and the delicate issue of combining a country's economic growth with the welfare of the population as a whole. 

These conversations, in which the economic aspects are not separated from people's daily lives, thus become small lessons in economics, in which, thanks to simple language within everyone's reach, we can begin to unravel the mystery of economics, a discipline that concerns the backbone of the world in which we are immersed, the knowledge of which is often precluded by technical complexities and specialized terminology.

"The economy," said economist John Kenneth Galbraith, "must serve for human happiness," and "the fundamental force that moves the economy is people."

Daisaku Ikeda is president of the Soka Gakkai International (SGI) and leader of the Buddhist movement that draws on the teachings of Nichiren Daishonin. An activist, philosopher, educator and poet, for more than 70 years Ikeda has been dedicated to spreading Buddhist humanism around the world and building the foundation for a culture of peace. SGI, which has members in 192 countries and territories, encourages individuals to develop their inner potential and contribute as global citizens to overcome the collective challenges facing humankind.

He is the founder of Soka University, which has branches in Japan and the United States, and many other institutions that are committed to finding solutions to the many crises of contemporary times.

In 1983 he was awarded the United Nations Peace Prize.

Lawrence J. Lau was Professor of Economics at Stanford University from 1976 to 2004, then became the sixth Vice Chancellor of the Chinese University of Hong Kong, holding that position for seven years. He is the author of numerous publications including The Chinese Economy in the Twenty-first Century: An Econometric Approach.

The challenge for policy lies in balancing economic growth with improving people's quality of life and ensuring that this effort is stable and sustainable. The second president of the Soka Gakkai Josei Toda often told us that individual happiness should never be sacrificed on the altar of social prosperity but that the two must advance hand in hand. I believe there is a growing urgency for economic activity to focus not only on efficiency but also on the interest of the community.

Daisaku Ikeda

To overcome the current crisis, developed economies must focus on reviving the real economy by walking a sustainable growth path and not inventing more financial sleight of hand. We must not lose sight of the fact that the role of the financial sector is to support other sectors of the economy and that ultimately the financial sector must rely directly on the performance of the real economy.

Lawrence J. Lau