Amit Goswami is a well-known physicist whose work in quantum mechanics informs his writings regarding the integration of capitalist economics with spiritual practice, in its variety of forms, to create a more stable economy. One of his intellectual strengths is that he uses clear and simple language when he talks about complex economic conditions such as inflation. His essay excerpted here can be found in the book What Comes After Money? – a book of essays put out by Reality Sandwich. A longer version of the essay can be found on Reality Sandwich’s website.

Goswami on the current state of capitalist societies (excerpt):

It does not take a genius to see that capitalist economics as it is practiced today is also at a crisis point. Present-day capitalism is based on continuous growth and expansion that require unlimited resources; this cannot be sustained on a finite planet. This expansion produces higher and higher standards of living, and wages do not keep up with them without producing inflation. To meet the demands of higher standards and their higher cost, people are forced to give up their higher needs such as the need for quality time at home with the family or for leisure time to pursue meaning. Thus invariably some of the basic promises of capitalism are shortchanged by the nature of the beast itself.

Goswami on implementation of a spiritual economy (excerpt):

In a spiritual economy, since production of subtle products is cheap, in recession times we could soften the blow by increasing production in the subtle sector so that consumption in that sector would also increase. This would reduce demand in the material sector, giving businesses time to regroup and increase material productivity.

In the same way, in “boom” times the production of the material goods would increase, material consumerism would increase, and there would be less subtle stuff produced and consumed. But as the economy recovered, people’s material needs would be satisfied again, and they would once again become hungry for the satisfaction of their subtle needs, whose production then increase. And this would have the effect of putting a damper on the inflationary tendencies of “boom” times in a capitalist economy.

The longer version online:

It is also published in a book of essays (this version is slightly better, I think) put out by Reality Sandwich:

Amit Goswami, “Toward a Spiritual Economics,” Daniel Pinchbeck and Ken Jordan (editors), What Comes After Money, Evolver Editions, Berkely, CA 2012