The Foundations of Public Choice Theory in Islamic Economics

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Journal Paper

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Journal: Marifat Year:2023 | Volume:32 | Issue:10 Page(s): 21-31

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Title

The Foundations of Public Choice Theory in Islamic Economics

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Keywords

theoretical foundations

practical foundations

public choice theory

Islamic economy

political economy

Abstract

One of the basic challenges in the public spheres, which has become an important issue in the new political economy, is the pursuit of material personal gain by individuals and ignoring public interests. This issue has led to the emergence of the theory of public choice in neoclassical economics, which is incompatible with the foundations and goals of Islamic economics. Using a descriptive-analytical method, this research divides the foundations of the theory of public choice in Islamic economy into two categories, theoretical and practical, and based on these foundations, considers the concept and function of the theory of public choice in Islamic economy to be different from its neoclassical approach. The theoretical and practical foundations of Islamic general choice theory show that the circle of personal benefit as the main motivation of human choice includes spiritual and otherworldly interests, which can be understood and followed only with developed rationality. The Islamic concept of public choice solves the main challenge of this theory, which is the conflict of personal interests with public interests and ultimately ignoring public interests, by expanding the scope of personal interests and provides the basis for reaching the economic goals of Islam, including social justice.

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