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2024 | Buch

Setting the Stage Kapitel lesen Erstes Kapitel lesen

Beyond Profit

The Humanisation of Economics Through the Theory of Equitable Optimality

verfasst von: Samir Alamad

Verlag: Springer Nature Switzerland

Buchreihe : Contributions to Economics

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

This book advocates for a transformative shift in economics, emphasising the need to manage finite resources equitably while safeguarding universal well-being. It introduces the Equitable Optimality economic theory, departing from materialistic views and championing a theory deeply rooted in moral economy, values, and ethics. By integrating spirituality, social justice, and ethics into economic analysis, this model contends that economics can serve the welfare of all, offering a unique lens for economic theory and policy. It challenges prevailing materialistic economic paradigms by proposing an interest-balanced/free financial economy.

This economic theory prioritises profit-sharing, societal objectives, and equitable resource allocation, aiming to create a more inclusive society. However, practical implementation and comprehensive research are crucial for understanding its impact and overcoming transitional challenges.

The Equitable Optimality economic theory provides a valuable perspective within economics, focusing on ethical foundations, acknowledging non-monetary values, and humanising economic agents. It does not aim to replace conventional economic theories but offers an alternative framework to inspire innovative approaches to economic models and policymaking. Its broader policy perspective aims to foster a more prosperous and harmonious society by integrating ethical considerations, equity and justice into economic decision-making and emphasising societal welfare.

Inhaltsverzeichnis

Frontmatter
Chapter 1. Setting the Stage
Abstract
In the opening chapter of this book, we embark on an exploration of the contemporary economic landscape. We delve into its intricacies and address pertinent critiques that have emerged. This chapter offers a valuable overview of the existing assumptions and perceptions surrounding capitalism and the global economy. By dissecting these foundational concepts, we lay the groundwork for the extensive journey that lies ahead in the subsequent 14 chapters.
Samir Alamad
Chapter 2. Basis of Conventional Economics
Abstract
Our journey commences with a critical analysis of economic theories within the realms of capitalism and socialism. We delve into the reconstruction of the ethical underpinnings of private property, leading to a re-evaluation of the roles of socialism and the state. These entities, reliant on taxation and compelled membership, take on new dimensions as we unveil them as socio-psychological constructs. This realisation propels us to return to economics, advocating for a pure capitalist societal framework as an ethically guided alternative to socialism.
Samir Alamad
Chapter 3. Production and the Public Goods Problem in Capitalism
Samir Alamad
Chapter 4. Intersection of Capitalism and Anti-essentialism: The Contradictions Arising From This Encounter
Abstract
This chapter immerses us in the philosophical foundations of Islamic economics. This chapter aims to offer readers a non-technical introduction to Islamic economics, exploring its core principles and foundational aspects. By shedding light on these principles, we gain a comprehensive understanding of the distinctive approach of Islamic economics. The chapter also delves into key economic instruments that put these principles into action. While not a deep economic analysis, this chapter serves as a foundational starting point for those seeking insight into this dynamic field.
Samir Alamad
Chapter 5. The Overselling of Globalisation
Abstract
Our exploration takes a critical turn as we assess the phenomenon of globalisation. We scrutinise how globalisation has been touted, often with undue optimism, by politicians and economists. We unravel the exaggerated claims of its benefits, including job creation, GDP growth, and positive impacts on society. By providing a balanced view, this chapter serves as a reality check, challenging prevalent perceptions of globalisation.
Samir Alamad
Chapter 6. The Rise of Religious Economics Model: Critiques of the Islamic Economics Doctrine
Abstract
In this Chapter, we embark on a fascinating exploration of faith-based economic thought, which challenges the universal economic identity promoted by globalisation. We delve into the rise of “Islamic economics,” deeply rooted in Islamic scripture and traditions, within the context of “political Islam” in the twentieth century. Despite being embraced by a minority of economists known as “Islamic economists,” this doctrine’s social impact cannot be underestimated. This chapter offers unique insights into this faith-based perspective, providing a richer understanding of its significance.
Samir Alamad
Chapter 7. Islamic Economics Model: The Counter Argument to Its Critiques
Abstract
This chapter immerses us in the philosophical foundations of Islamic economics. This chapter aims to offer readers a non-technical introduction to Islamic economics, exploring its core principles and foundational aspects. By shedding light on these principles, we gain a comprehensive understanding of the distinctive approach of Islamic economics. The chapter also delves into key economic instruments that put these principles into action. While not a deep economic analysis, this chapter serves as a foundational starting point for those seeking insight into this dynamic field.
Samir Alamad
Chapter 8. The Clash of Ideals
Abstract
This chapter navigates the intriguing realm of comparative analysis between Islamic economics, rooted in normative ideals, and conventional economic theory, which describes the practical realities of the world. It highlights the fundamental differences in their aims: Islamic economics seeks to inspire individuals to embody higher moral and ethical values and work toward societal well-being, while conventional economics focuses on analysing economic behaviour based on idealised market conditions. By delving into these disparities, this chapter elucidates the diverging paths of these two economic paradigms.
Samir Alamad
Chapter 9. The Essence of Faith-Based Economics: The Islamic Economic Thought
Abstract
This chapter delves deep into the knowledge crisis within Islamic economics. It highlights the challenge arising from the uncritical acceptance of conventional economic ideas by many Muslim economists. This uncritical approach has created a fundamental conflict between conventional economic principles and Islamic economics, a conflict that has not been adequately recognised. Attempting to reconcile these contradictory bodies of knowledge has proven unsuccessful and has hindered the development of a genuine Islamic economic theory. By critically addressing this crisis, this chapter paves the way for potential solutions and a more coherent future for Islamic economics.
Samir Alamad
Chapter 10. Economics and the Knowledge Crisis
Abstract
This chapter offers a path forward for resolving the crisis in Islamic economics. It advocates for rejecting the uncritical acceptance of conventional economic ideas and, instead, developing a genuine Islamic economic theory firmly grounded in Islamic principles and values. By embracing this approach, Islamic economics can provide a distinct and valuable contribution to the field of economics, offering practical solutions that align with the aspirations of Muslim societies. This chapter serves as a beacon of hope for the future of Islamic economics.
Samir Alamad
Chapter 11. Learning and Convergence
Abstract
This chapter explores the mutual learning and convergence between Islamic economics and conventional economics. It showcases how Islamic economics has been open to drawing insights from various schools of economic thought and other social sciences, including neoclassical, Keynesian, social, humanistic, and institutional economics. This openness to learning and incorporating useful tools and perspectives has enriched the field of Islamic economics and is likely to continue to do so in the future. As both disciplines evolve, there is the potential for further convergence and mutual learning between Islamic economics and conventional economics, contributing to a more comprehensive and robust economic understanding.
Samir Alamad
Chapter 12. Rethinking Economics, Constructing the Equitable Optimality Theory Part One: Philosophical Underpinning
Abstract
This chapter lays the philosophical and fundamental foundations of the proposed economic theory, Equitable Optimality. It outlines a step-by-step approach to constructing a genuine economic theory grounded in ethics. This process involves re-evaluating methodological approaches to align them with an ethical socio-economic framework, critically examining foundational assumptions within economic models to ensure their coherence with ethical principles, integrating ethical values into economic analyses, acknowledging and incorporating institutional factors into economic models, shifting the focus from mere economic growth to encompass the broader concept of holistic human development, and encouraging interdisciplinary research to enhance comprehension. Moreover, this chapter emphasises the importance of contextual comprehension within the realm of economic thought and interpretation, underscoring the significance of understanding the context of economic ideas and their implications in real-life scenarios.
Samir Alamad
Chapter 13. Rethinking Economics, Constructing the Equitable Optimality Theory Part Two: Macroeconomics
Abstract
Building upon the philosophical groundwork laid in the previous chapter, This Chapter explores the practical implementation of the Equitable Optimality economic theory. It addresses macroeconomic aspects within this framework, providing insights into its ethical and economic foundations. The chapter critically analyses the integration of ethics into macroeconomic considerations, showcasing how the philosophy of this proposed theory is embedded in its economic operating structure as a viable alternative.
Samir Alamad
Chapter 14. Rethinking Economics, Constructing the Equitable Optimality Theory Part Three: Microeconomics
Abstract
This chapter immerses us in the philosophical foundations of Islamic economics. This chapter aims to offer readers a non-technical introduction to Islamic economics, exploring its core principles and foundational aspects. By shedding light on these principles, we gain a comprehensive understanding of the distinctive approach of Islamic economics. The chapter also delves into key economic instruments that put these principles into action. While not a deep economic analysis, this chapter serves as a foundational starting point for those seeking insight into this dynamic field.
Samir Alamad
Chapter 15. A Vision for the Future
Abstract
The concluding chapter serves as a thoughtful and comprehensive closure to this book, summarising key arguments and contributions while inspiring readers to explore the potential of the Equitable Optimality economic theory in shaping a more equitable and just economic future. Furthermore, the chapter reflects on the journey of constructing the Equitable Optimality economic theory, highlighting the analytical tools and methodologies used to challenge conventional economic assumptions and incorporate ethical considerations. It sets forth clear policy implications and outlines steps for the implementation of this transformative economic framework. This chapter encapsulates the essence of the Equitable Optimality theory, serving as a catalyst for its practical application and integration into the broader economic discourse.
Samir Alamad
Backmatter
Metadaten
Titel
Beyond Profit
verfasst von
Samir Alamad
Copyright-Jahr
2024
Electronic ISBN
978-3-031-49748-3
Print ISBN
978-3-031-49747-6
DOI
https://doi.org/10.1007/978-3-031-49748-3

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