A Holistic Approach to Development: The Integrated Development Paradigm (IDP) in Islamic Economics

Cem Korkut

MPRA Paper from University Library of Munich, Germany

Abstract: This paper explores the integration of conventional and Islamic approaches to development, proposing the Integrated Development Paradigm (IDP) as a comprehensive framework that addresses the full spectrum of human needs. Conventional economics typically focuses on material growth and individual utility maximization, often measured through economic indicators such as GDP. While effective in driving economic expansion, this approach frequently overlooks social equity, ethical governance, and spiritual well-being. In contrast, Islamic economics offers a holistic approach that balances material prosperity with ethical principles, social justice, and spiritual fulfillment, guided by concepts such as Falah (success in this life and the hereafter) and Maqasid al-Shariah (objectives of Islamic law). The IDP combines the strengths of both conventional and Islamic approaches, offering a development model that includes economic, social, ethical, and spiritual aspects. It is important to note that the IDP closely aligns with the principles of Islamic economics, acting as a modern expression of these values in today’s development discussions. IDP can lead to more inclusive, sustainable, and ethically sound development outcomes compared to conventional models. The paper further discusses the theoretical implications of the IDP, suggesting that it can serve as a new paradigm in development economics, particularly. By offering a more holistic and inclusive approach, the IDP challenges traditional economic theories and provides a framework that promotes long-term social, economic, and spiritual well-being.

Keywords: Islamic Economics; Holistic Development; Social Equity; Ethical Governance; Integrated Development Paradigm (IDP) (search for similar items in EconPapers)
JEL-codes: O10 P00 P50 P51 Z12 Z13 (search for similar items in EconPapers)
Date: 2024-09-30
New Economics Papers: this item is included in nep-hme and nep-isf
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Published in TYB AKADEMİ Dil Edebiyat ve Sosyal Bilimler Dergisi 42 (2024): pp. 174-200

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