Redefining Economic Thought: Ethical, Sustainable, and Pluralist Paradigms

Abstract

Traditional economic models rooted in neoclassical theory often overlook ethical, ecological, and spiritual dimensions vital for comprehensive human development. This study redefines economic thought by synthesizing insights from classical political economy, ecological economics, and Islamic economic theory—particularly the framework of maqāṣid al-sharīʿah. Utilizing qualitative document analysis of scholarly works and institutional publications, the research critiques the market-centric paradigm and proposes an integrative alternative. Findings reveal that incorporating normative values enhances economic resilience and inclusivity, particularly in the face of systemic crises and environmental challenges. The proposed model supports a transition from growth-oriented indicators like GDP toward multidimensional measures of welfare, justice, and sustainability. This interdisciplinary redefinition contributes theoretically by expanding the boundaries of economic science and practically by offering actionable frameworks for policymaking, especially in culturally diverse contexts. The study urges scholars and institutions to adopt pluralist methodologies and embed ethics in economic discourse, fostering more equitable and sustainable futures.