Ensuring public interest through rational behavior in the new political economy and Nahj al-Balaghah

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Article Type:
Research/Original Article (دارای رتبه معتبر)
Abstract:

How to secure the public interest through individual optimization is the issue of economists' day in both the theoretical and practical fields. How can people who are selfishly motivated to maximize their personal interests be encouraged to pursue the public interest? In answering this question, the new political economy theorists view public interest through individual optimism as simplistic and suggest that economists take this into account when making economic advice to policy makers. According to their analytical framework, rational behavior in incomplete information demands that ordinary people have no incentive to spend in the public goods sector and seek the use of free rides. Pressure groups and bureaucrats exploit their information for self-interest and to the detriment of the public interest, and politicians sacrifice public interest for the sake of power. This analytical framework is incompatible with the behavioral patterns in Islam, one of which is Imam Ali (AS). In the context of the analytically deduced analytic method of the Prophet's words in Nahj al-Balagha, the provision of the public interest is in line with the personal motivation of the individual for their personal benefit. According to this analysis, individuals see their self-interest in the Hereafter benefit, which can only be obtained with the consent of God. The motivation to maximize God's satisfaction, while unifying the rational behavior of the major players in society, simplifies and enhances all behaviors to serve the public interest. The realization of these conditions depends on the monotheistic upbringing of the people of the community, the existence of religious rule and the provincialism of the people.

Language:
Persian
Published:
Islamic Economy, Volume:20 Issue: 78, 2020
Pages:
33 to 61
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