Ethics of Economic Policymaking in the Islamic Approach

Document Type : Original Article

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Faculty member, Economics Department, Imam Khomeini Educational and Research Institute, Qom, Iran

10.22091/ise.2025.13009.1034

Abstract

Economic policymaking is subject to countless ethical questions. One of the important ethical questions in this regard is how to respect the rights of individuals affected by economic policy and prioritize public spending. In this article, I examine the ethical principles governing economic policymaking in the Islamic approach. According to the research findings, perfectionism, prioritization of economic goals and policies, inclusive social cost-benefit, and paying attention to the deprivation and benefit coefficient are among the ethical principles of economic policymaking in the Islamic approach. In this framework, the "duty-based perfectionism" approach is proposed as a normative ethical approach in Islamic economic policymaking. Within the framework of this idea, the inclusive social cost-benefit guideline can be proposed as a tool for ranking policy measures in the Islamic approach. Accordingly, various economic plans are ranked based on net social benefit; in addition, attention to the requirements of distributive justice is also used in ranking the plans by taking into account the deprivation coefficient. This approach can be used to make decisions about government spending, budget deficit policy, and how to distribute and utilize public resources.

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