Beyond Profit:The Humanisation of Economics Through the Theory of Equitable Optimality (Contributions to Economics)

by: Samir Alamad (Author)

Publisher: Springer
Edition:2024th

Publication Date: 13 April 2024

Language: English

Print Length: 402 pages

ISBN-10: 3031497473

ISBN-13: 9783031497476

Book Description

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 alteative 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.