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

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  • Korkut, Cem

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.

Suggested Citation

  • Korkut, Cem, 2024. "A Holistic Approach to Development: The Integrated Development Paradigm (IDP) in Islamic Economics," MPRA Paper 126577, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:126577
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    References listed on IDEAS

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    6. Haithem Kader, 2021. "Human well-being, morality and the economy: an Islamic perspective," Islamic Economic Studies, Emerald Group Publishing Limited, vol. 28(2), pages 102-123, March.
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    Keywords

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    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • P00 - Political Economy and Comparative Economic Systems - - General - - - General
    • P50 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - General
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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