Needs, Wants, and Scarcity: Islamic Foundations for De-Growth
Channel: Asad Zaman
Date: 2023-05-07

{bit.ly/IslamicEcon2023} Lecture 8 of A New Approach to Islamic Economics explains that wants are insatiable, and increase upon being fulfilled. Therefore, growth increases scarcity - the desire for more - instead of decreasing it. Islam teaches to satisfy our needs, but prohibits chasing idle desires. Furthermore, it encourages social responsibility: those who have more than they need should give to those who need, rather than chasing idle desires. Capitalism is built on the opposite principles, of pursuing our desires and chasing after wealth regardless of cost to others. The history of capitalism shows the immense harm inflicted on others through this pursuit of wealth. We need to rebuild the entire discipline of economics on new foundation. Instead of pursuing the accumulation of wealth, we need to learn to develop the infinite potential of human beings, by providing all members of the society with a nurturing environment, conducive to the development of capabilities of excellence.