Economics for true human development – future directions

Sivakumar, N.

doi:10.1108/08288660710751344

Cited by 4 publications

(5 citation statements)

References 3 publications

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“…Homo economicus is a person whose primary consideration is only his own "utility function," with no regard for the welfare of others [28], and maximize their own results [2]. Homo economicus try to fulfill their own needs because they consider that society is selfish [8][16] and [29].…”

Section: Resultsmentioning

confidence: 99%

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Human Perspectives as Homo Islamicus and Homo Economicus towards Money

Bayuni¹,

Srisusilawati²

2022

Proceedings of the International Conference on Islamic and Muhammadiyah Studies (ICIMS 2022)

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The fulfillment of human needs entails meeting both material and spiritual needs. Money can be used as a transaction tool to meet a person's material and spiritual needs. However, there are distinctions between how people perceive money as Muslims (homo Islamicus) and as economic men (homo economicus). This research aims to explain people's perspective toward money from a human standpoint as a homo economicus and a homo Islamicus. This research used a qualitative method, with data gathered using library data collection techniques. The results of this research revealed that there are differences and similarities between human perspectives on money. The difference in how people perceive money lies in how they look at the function of money, motivation of holding money, and implications of money. The homo Islamic-economic perspective towards money must be able to fulfill the function of money as a human provision in achieving a balance between the world and the hereafter, where money is used to meet human needs, both material and spiritual, as well as money as a flow concept and public property.

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Section: Resultsmentioning

confidence: 99%

“…This is satisfying, but it leaves an inner spiritual void. The social conditions and values of western countries are witness to this situation [28].…”

Section: Conventional Economics Lacks An Ethical Dimensionmentioning

confidence: 99%

Human Perspectives as Homo Islamicus and Homo Economicus towards Money

Bayuni¹,

Srisusilawati²

2022

Proceedings of the International Conference on Islamic and Muhammadiyah Studies (ICIMS 2022)

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“…Economics tends to view people as individualistically selfish in their behavior. Therefore, the value it gives to social life is limited only to the benefits that can be obtained from such transactions for individuals (Sivakumar, 2007).…”

Section: Individualismmentioning

confidence: 99%

“…There have been several calls to broaden the purposes of the economy and the goals of capitalism. Sivakumar (2007) called for an economics which can promote true human development and more attuned to global concerns. The Archbishop of Canterbury ( 2009) observed that there is a need to move away from a model of economics which simply assumes that it is essentially about the mechanics of generating money.…”

Section: Pursuit Of Success Regardless Of Consequencesmentioning

confidence: 99%

Global financial crisis: dharmic transgressions and solutions

Sivakumar

Krishnaswami²

2011

Int J of Social Economics

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Purpose -The 2008-2009 global crisis was not only a financial calamity, but also a major ethical disaster. The purpose of this paper is to discuss the dharmic transgressions that took place in connection with the crisis using the philosophy of Bhagavan Sri Sathya Sai Baba, a world spiritual leader and teacher. Design/methodology/approach -The paper initially gives a brief overview of the unfolding crisis, its devastation of the world economy and a review of related literature. The paper then outlines the concept of dharma which, as expounded by Bhagavan Baba, must ultimately result in social welfare.The paper goes on to analyze the factors that created, triggered and fuelled the crisis from this perspective. The paper also outlines solutions based on Baba's philosophy to prevent such a crisis from occurring in the future. Findings -The fundamental finding of the paper is that the global financial crisis was triggered and fuelled by factors which were transgressions of dharma. Thus, the solution to prevent such a crisis is adherence to dharma. Practical implications -The paper gives several recommendations to investors, institutions and regulators to act in a way to prevent such crises in the future. Social implications -If the principles of dharma are adhered to, they will not only prevent occurrence of financial crises, but will also make the financial system work for the welfare of the entire society. Originality/value -The paper shows the relevance of the teachings of Bhagavan Baba which are quintessentially the philosophy of "Sanathana Dharma" (eternal dharma) in solving current economic problems and contributing to social welfare.

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“…Bhagawan Sri Sathya Sai Baba (2009) emphasises "do business not with the aim of maximising profit, but with the purpose of serving humanity". Sivakumar (2007) has shown how economics and business can promote true human development. When financial markets are used as a vehicle to serve humanity, investors will realise their true purpose.…”

Section: Loss Of Human Valuesmentioning

confidence: 99%

Management of financial market scandals – regulatory and values based approaches

Sivakumar

2011

Humanomics

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Purpose -The paper aims to discuss the management of financial market scandals using two different approaches -regulatory and values-based. Design/methodology/approach -The paper discusses the motivations behind financial scandals to occur and then explains in detail both the approaches. The paper first presents the elements of the regulatory approach. Using the teachings of Bhagavan Sri Sathya Sai Baba, the values-based approach are delineated. The paper also compares the two approaches and identifies their respective utilities. Findings -While both the regulatory and values based approaches have their own utilities; stressing the values-based approach helps with preventing financial scandals on a sustainable basis. Practical implications -The practical implication is that it is necessary to stress the evocation of human values among investors and capital market intermediaries so that scandals can be avoided. Social implications -The social implication of the paper is that values evocation is very important to tackle the behavioural motivations behind financial scandals. Unless values are evoked, the root causes of financial scandals will not be removed. In such cases, regulation will have only a limited effect. Originality/value -The paper uses the philosophy and teachings of Bhagavan Sri Sathya Sai Baba to develop value guidelines to prevent financial scandals.

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Economics for true human development – future directions

Cited by 4 publications

References 3 publications

Human Perspectives as Homo Islamicus and Homo Economicus towards Money

Human Perspectives as Homo Islamicus and Homo Economicus towards Money

Global financial crisis: dharmic transgressions and solutions

Management of financial market scandals – regulatory and values based approaches

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