Redirecting Economics Toward Human Welfare
In the midst of the ongoing global pandemic, a small percentage of individuals continue to amass vast fortunes, while many others struggle to survive under the financial hardships caused by the crisis [1]. This stark contrast has highlighted the economic disparities that exist in our society and sparked conversations about the need for a more equitable economic system.
One such solution comes from the Baha'i Faith, with its economic philosophy known as Humanomics. This philosophy prioritizes human well-being over financial or material gains, challenging traditional economic systems that often prioritize economic growth or profit at the expense of people's needs [2].
Humanomics aims to create an economy that serves the spiritual and material needs of all individuals, promoting justice, equity, and the fundamental dignity of every person. It encourages economic practices and structures that reduce disparities and eliminate exploitation, emphasizing cooperation, fairness, and the collective good rather than competition and selfishness [2].
The Baha'i perspective views economic justice as essential to social progress and spiritual development. They advocate for mechanisms and policies that ensure resources and opportunities are shared more equitably to uplift the whole community [2].
Abdu'l-Baha, the son of Baha'u'llah, the prophet and founder of the Baha'i Faith, emphasized the importance of justice as the foundation of the economic system. He stated that it would turn the material world into a paradise and bring happiness to all humanity [3].
Shoghi Effendi, the Guardian of the Baha'i Faith, also stressed the role of religion in bringing about a fundamental change in human nature to address economic problems. He explained that the economic solution is divine in nature, meaning that religion is crucial to changing human nature and adjusting economic relationships [4].
The speaker, a proponent of Humanomics, believes that every person in the world should have the economic means to live a comfortable and fulfilled life. They are determined to keep addressing the issue of economic inequality and are confident that with desire and effort, the economic system can be transformed into a tool for the prosperity of humanity [5].
Every individual is responsible for trying to lessen poverty from the shoulders of fellow humans, according to the speaker, as economic comfort is a fundamental human right [6]. They also remind us of our moral and spiritual duty to protect and care for the poor, as taught by Baha'u'llah [7].
Economic activities are considered spiritual and should be conducted with moral values, according to Abdu'l-Baha [8]. He also told an audience in Montreal in 1912 that he asked God to endow human souls with justice so that they may strive to provide for the comfort of all [9].
The Baha'i Writings further remind us that helping the poor in this life will result in rewards in heaven [10]. The speaker uses the term "humanomics" to describe the solution to economic inequalities, envisioning an economic system centered on human values and ethical principles, aiming to overcome economic inequality by fostering social cohesion, fairness, and respect for every human being’s rights and needs [2].
However, the widening gap between the rich and the poor during the pandemic is concerning, and no solution seems to be in sight. The speaker believes that the economic problems of the world will not be solved without changing the system that was built on wrong assumptions [11]. They are hopeful that with education, awareness, and collective action, Humanomics can become a reality, bringing about a more just and equitable economic system for all.
- To achieve a more equitable economic system that addresses the economic disparities exacerbated by the pandemic, the Baha'i Faith promotes Humanomics, an economic philosophy prioritizing human well-being over financial gains, and encouraging practices that reduce disparities and eliminate exploitation.
- Every individual, according to the speaker, has a moral and spiritual duty to strive towards lessening poverty and ensuring economic comfort as a fundamental human right, following ethical principles and fostering social cohesion, as envisioned in the solution of Humanomics.
