This book provides the reader with a comprehensive and original critical guide and account of what constitutes faith-based economics, its theories and principles. For the sake of simplicity, prevailing worldviews are often classified into two broad theoretical constructs: secular and materialist, and spiritual and humanitarian. The first construct, which is often associated with conventional economics, focuses primarily on material wealth and individual self-interest. In contrast, the second construct, which aligns with Islamic economics, emphasizes the spiritual and humanitarian dimensions of human well-being and seeks to integrate ethical considerations into economic decision-making. The book discusse how the choice of worldview and the corresponding economic strategies can have profound implications for the well-being of individuals and society as a whole.

The book illustrates how policy-makers can strike a balance between addressing the scarcity of resources and ensuring the well-being of all, and this requires conscious and thoughtful consideration of the underlying worldview and its implications.

This book unveils a compelling call for a transformative shift in economics, ignited by the stark reality of dwindling resources amidst escalating demands. Amid this pursuit, a universal imperative remains safeguarding the well-being of all. This mandates the astute and equitable management of finite resources. Societies craft strategies rooted in their worldviews to achieve holistic well-being. These worldviews fall into two streams: secular, materialistic, and spiritual, humanitarian. The ground-breaking Equitable Optimality economic model, which we construct in this book, champions the latter, transcending traditional economics focused on materialism.

This book pioneers an economic theory anchored in moral economy, values, and ethics. By weaving spirituality, social justice, and ethics into economic analysis, it introduces the Equitable Optimality theory. This theory contends that economics can serve the welfare of all, offering a unique lens for economic theory and policy. Resource scarcity challenges the pursuit of universal well-being. To address this, societies devise strategies shaped by their prevailing worldviews. The prevailing worldviews are often categorised into two overarching constructs: the secular and materialistic, and the spiritual and humanitarian. The former, synonymous with conventional economics, predominantly fixates on material wealth and individual self-interest. In contrast, the latter, aligning with our proposed approach, accentuates the spiritual and humanitarian facets of human well-being and seeks to integrate ethical considerations into economic decision-making by harmonising these two constructs.