In the traditions of economics, the wealth means always a ‘material wealth’ measured by GNP. This concept of wealth, based on the accumulation of capital and market economy, has caused social and regional gaps together with degradation of the natural environment. This particular type of economic system can be considered as the origin of social conflicts and instability. Based on this reflection,in recent years,there appeared a series of efforts to conceptualize non-material or spiritual wealth as well as methodology to evaluate it. With that in mind, this paper strives to analyze the thoughts of E.F. Schumacher, I. Illich and M.C. Nussbaum / A. Sen. This paper also tries to examine a policy application of the new concept of wealth, including, “Gross National Happiness” in Bhutan and the “Sufficiency Economy” in Thailand, both of which have been appeared in recent years.
These policies based on the new concept of wealth are derived from a “middle path”by Buddhism, putting emphasis on needs, subsistence, and harmony between human beings and nature. The core lies in a direction towards recovering of self-control of human spirituality against material globalization. This direction is also a trial of regaining spirituality in economics. It is high time for academics to raise the importance of ethics, paying due attention to evaluate invisible wealth in a proper manner
