Spirituality and Economics

My paper on “Spirituality and Economics” has been published in the Journal for the Study of Spirituality in the UK. https://doi.org/10.1080/20440243.2022.2126136
This paper argues that mainstream economics is a materialist and reductionist science. It criticizes the core assumptions of mainstream economics – namely, the existence of ‘Homo Oeconomicus’ and the goals of profit maximization, economic efficiency, and economic growth; and shows that these goals lead to an economy that is not only unhealthy for people but is making the planet unsustainable.
The paper makes a case for the development of a spiritually informed economics and discusses directions toward it, namely capturing the whole spectrum of human existence, redefining economics as a science of the livelihood of people, promoting frugal production and consumption, and developing holistic measures of value and wellbeing. The paper concludes that by engaging with spirituality and including the non-material aspects of human existence, economic thinking can expand its scope and reorient its value direction to become more realistic and effective in today’s world. In helping to create new economic practices and policies, spiritually informed economics may become a force for good by supporting the flourishing of life on Earth – both human and non-human, present and future.