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Seifuddin I. Tag el-Din: Conventional Growth Policy and the Forgotten Potential Resources: A Case for the Ethical Economic Resource, comment سيف الدين ابراهيم تاج الدين: السياسة التقليدية للنمو و المورد المنسي : الحجج المؤيدة للمورد الاقتصادي الأخلاقي، تعليق: سيد نواب حيدر نقوي، وأصغر قادر

Author

Listed:
  • SYED NAWAB HAIDER NAQVI

    (PRESIDENT Institute for Development Research Islamabad, Pakistan)

  • ASGHAR QADIR

    (Professor of Mathematics Dean of Faculty of Science Quaid-e-Azam University Islamabad, Pakistan)

Abstract

Tag el-Din’s interesting paper (Tag el-Din, (1997) aims to prove that the conventional positivist (secular) growth theory fails to optimize growth in the broader sense of maximizing social welfare. The reason for this failure, according to him, is its narrow positivistic motivation, which sees economic agents as maximizing only their own utility, unconcerned about what this exercise means for the well being (in the strictly utilitarian sense) of other individuals and of the society as a whole. The author argues that if public policy, breaking out of the positivist box, seeks to mobilize people's ethical religious resources to grow economically more prosperous, then a high growth target will be achieved not only efficiently but also equitably. To prove his thesis, the author shows that individual satisfaction will be more fully achieved if we not only allow for, what he calls, the household utility component but also an external utility component -- the former reflecting only the economic agent's actual and potential commodity possessions, and the latter denoting the additional satisfaction that they get by helping others (the poorer people) in the society. A logical policy recommendation is, therefore, to mobilize the society's ethical potential with a view to maximizing social welfare. --

Suggested Citation

  • Syed Nawab Haider Naqvi & Asghar Qadir, 2001. "Seifuddin I. Tag el-Din: Conventional Growth Policy and the Forgotten Potential Resources: A Case for the Ethical Economic Resource, comment سيف الدين ابراهيم تاج الدين: السياسة التقليدية للنمو و المو," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 13(1), pages 53-59, January.
    • Handle: RePEc:abd:kauiea:v:13:y:2001:i:1:no:3:p:53-59
    DOI: 10.4197/islec.13-1.3
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    References listed on IDEAS

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    1. Hausman, Daniel M & McPherson, Michael S, 1993. "Taking Ethics Seriously: Economics and Contemporary Moral Philosophy," Journal of Economic Literature, American Economic Association, vol. 31(2), pages 671-731, June.
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