Ethico-economics, the future system

Islahi, Abdul Azim (1994): Ethico-economics, the future system.

Abstract

Conventional economics, both in its free enterprise and command versions sought to delink the science of economics from moral religious values and reduce it to a positive science. Now most economists feel an urgent need for objective analysis of the entire economic landscape with a view to finding a fresh approach, which seeks the objective of efficiency and equity simultaneously and for all human beings. Productive investment is to be judged with reference to the twin criteria of economic viability and socio-moral desirability. Where and if the two conflict, the latter should get preference. The moral and ethical perspective is the common heritage of all religions. India is a plural society with multi-religious and diverse ideologies. In such a society, an integration of ethics and economics provides a common acceptable solution to economic problems and is in complete harmony with people's socio-cultural tendency.

• Item Type: MPRA Paper
• Language: English
• Keywords: Ethics; Economics; Capitalism; Socialism; Welfare economics; religion and economics.
• Subjects: P - Economic Systems > P0 - General; H - Public Economics > H8 - Miscellaneous Issues; Z - Other Special Topics > Z1 - Cultural Economics ; Economic Sociology ; Economic Anthropology > Z12 - Religion; A - General Economics and Teaching > A1 - General Economics

References

Bokare, M.G. (1994), "Letter to the President of Indian Association for Islamic Economics." Islamic Economics News Bulletin, 4 (3), May-June.

Brahmananda, P.R. (1994), "Ethics, Utilitarian and Kantian, and Economics, Indian Economic Journal, 41(4), April-June.

Chapra, M.U. (1992), Islam and Economic Challenge. Herndon (USA): The International Institute of Islamic Thought.

Chowdhury, Masudul Alam. 1986. "The Micro-Economic Foundations of Islamic Economics: A Study of Social Economics." American Journal of Islamic Social Sciences."

Galbraith, J.K. (1958), The Affluent Society. Boston: Houghton Mifflin.

Halsey (1980), "The Welfare State in Crisis: An Account of the Conference on Social Policies in the 1980s", edited by OECD. Paris, October.

Hausman, D.M. and M.S. McPherson. (1993), "Taking Ethics Seriously: Economics and Contemporary Moral Philosophy." Journal of Economic Literature xxxi: 671-731, June.

Hirshman, Albert O. (1980), "The Welfare State in Trouble: Systematic Crisis or Growing Pains." American Review: .113-69, May.

Kumarappa, J.C. Gandhian EconomicThought.

Marx, K. and F. Engel. (1856, reprinted 1948), The Communist Manifesto, New York: International Publishers.

Myrdal, Gunnar (1960), Beyond the Welfare State. New Haven: Yale University Press.

Naqvi, S.N.H. (1981), Ethics and Economics: An Islamic Synthesis. Leicester, UK: The Islamic Foundation.

Ranade, M.G. (1901), Essays on Indian Political Economy. Madras.

Samuelson, Paul A. and William D. Nordhadaus (1989), Economics, Singapore: McGraw Hill International edition.