Beyond Profit, 1st ed. 2024 The Humanisation of Economics Through the Theory of Equitable Optimality Contributions to Economics Series

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.

Setting the Stage.- Basis of Conventional Economics.- Production and the Public Goods Problem in Capitalism.- Intersection of Capitalism and Anti-Essentialism: The Contradictions Arising from this Encounter.- The Overselling of Globalisation.- The Rise of Religious Economics Model: Critiques of the Islamic Economics Doctrine.- Islamic Economics Model: The Counter Argument to its Critiques.- The Clash of Ideals.- The Essence of Faith-Based Economics: The Islamic Economic Thought.- Economics and the Knowledge Crisis.- Learning and Convergence.- Rethinking Economics, Constructing the Equitable Optimality Theory Part One: Philosophical Underpinning.- Rethinking Economics, Constructing the Equitable Optimality Theory Part Two: Macroeconomics.- Rethinking Economics, Constructing the Equitable Optimality Theory Part Three: Microeconomics.- A Vision for the Future.

Dr. Samir Alamad is a Senior Lecturer in the School of Economics, Finance and Accounting at the University of Coventry (UK), and is a well-established published author. He has made a successful transition to academia after accumulating over 16 years of professional experience in the banking and financial services industry in the UK. Throughout his career, he held senior positions and notably served as the Head of Product Development and Ethical Compliance. Dr. Alamad's expertise lies in the banking and financial services, and he has been recognised as an advisor to government departments, both domestically and internationally, on matters related to social and financial inclusion. Dr Alamad holds a PhD degree from Aston University Business School in Financial Innovation and Engineering. Since 2012, Dr. Alamad has been a trusted advisor to various UK government departments, including HM Treasury, BIS, the Department for Education, and the Bank of England. He has played an instrumental role in structuring alternative finance schemes aimed at enhancing financial inclusion and advancing the infrastructure of alternative finance within the UK. Noteworthy examples of his innovative work include the Takaful Alternative Student Finance (TASF) scheme, which has been enacted in the Higher Education Act 2017, and will be offered to students alongside the existing student loans system, as well as his involvement in structuring the alternative central bank liquidity facility for the Bank of England.

Discusses the characteristics of faith-based economics

Illustrates the role of economics theories and their impact and influence on today’s economics and policy

Explains various economic fallacies, controversies and concepts