A Psycho-Theological and Jurisprudential Analysis of Value-Setting Criteria's Impact on Purchasing Power Parity

Document Type : Original Article

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Master's degree from Qom Seminary

10.22091/ise.2025.12177.1011

Abstract

This study explores the relationship between valuation criteria and the equilibrium of purchasing power. In capitalist systems, value is typically determined by two main criteria: utility and scarcity. These foundations often lead to imbalances in purchasing power due to the lack of a shared perceptual framework among individuals for assessing the true nature of production factors. Adopting an analytical-inferential methodology and drawing upon a synthesis of psychological analysis and Twelver Shia jurisprudence (Fiqh), this research aims to redefine the foundations of value assessment. accordingly, four fundamental criteria are proposed: labor, time, quantity, and usability. These are rooted, on the one hand, in inner psychological responses—namely expediency, worth, right, and need—and, on the other, in principles validated within Imamiyyah jurisprudence. The findings indicate that adherence to these criteria results in price stability, with changes in value occurring only in response to actual variations in production factors. This value system promotes a balanced distribution of purchasing power and offers solutions to core economic challenges such as inflation, recession, and socioeconomic inequality. Furthermore, by analyzing the issue of exchange rate valuation (tasʿīr) in contemporary contexts and considering the evolution of rational conventions, the study presents an operational mechanism for implementing this alternative valuation system.

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