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JOURNAL OF APPLIED BUSINESS AND ECONOMICS

Moral Crossroads: Contemplating Formal and Informal Economy

Through the Noble Eightfold Path

Author(s): Joan Marques, Satinder Dhiman, Jerry Biberman

Citation: Joan Marques, Satinder Dhiman, Jerry Biberman, (2013) "Moral Crossroads: Contemplating Formal and Informal Economy Through the Noble Eightfold Path," Journal of Applied Business and Economics, Vol. 14, Iss. 1, pp. 99-109

Article Type: Research paper

Publisher: North American Business Press

Abstract:

Society has formulated constructs which we often follow without questioning their moral strengths or

flaws, such as the formal and informal economy. In the formal economy, workers have steady contracts,

work-hours, income, and benefits. In the informal economy, workers lack most of these stabilities.

Nonetheless, the informal economy has been around for many centuries. We generally extol the formal

economy, while we tend to denounce the informal economy, thereby often forgetting to consider the

spiritual motives behind each. This article reviews, with Buddhist psychological underpinnings, some

sample activities in both economies, aiming to instigate some critical thinking, and maybe even some

paradigm shifts.