Beyond Profit: The Humanisation of Economics Through the Theory of Equitable Optimality

This book advocates for a transformative shift in economics, emphasising the need to manage finite resources equitably while safeguarding universal well-being. It introduces the Equitable Optimality economic theory, departing from materialistic views and championing a theory deeply rooted in moral economy, values, and ethics. By integrating spirituality, social justice, and ethics into economic analysis, this model contends that economics can serve the welfare of all, offering a unique lens for economic theory and policy. It challenges prevailing materialistic economic paradigms by proposing an interest-balanced/free financial economy.

This economic theory prioritises profit-sharing, societal objectives, and equitable resource allocation, aiming to create a more inclusive society. However, practical implementation and comprehensive research are crucial for understanding its impact and overcoming transitional challenges.

The Equitable Optimality economic theory provides a valuable perspective within economics, focusing on ethical foundations, acknowledging non-monetary values, and humanising economic agents. It does not aim to replace conventional economic theories but offers an alternative framework to inspire innovative approaches to economic models and policymaking. Its broader policy perspective aims to foster a more prosperous and harmonious society by integrating ethical considerations, equity and justice into economic decision-making and emphasising societal welfare.

Dr. Samir Alamad is a Senior Lecturer in the School of Economics, Finance and Accounting at the University of Coventry (UK), and is a well-established published author. He has made a successful transition to academia after accumulating over 16 years of professional experience in the banking and financial services industry in the UK. Throughout his career, he held senior positions and notably served as the Head of Product Development and Ethical Compliance. Dr. Alamad’s expertise lies in the banking and financial services, and he has been recognised as an advisor to government departments, both domestically and internationally, on matters related to social and financial inclusion. Dr Alamad holds a PhD degree from Aston University Business School in Financial Innovation and Engineering. Since 2012, Dr. Alamad has been a trusted advisor to various UK government departments, including HM Treasury, BIS, the Department for Education, and the Bank of England. He has played an instrumental role in structuring alternative finance schemes aimed at enhancing financial inclusion and advancing the infrastructure of alternative finance within the UK. Noteworthy examples of his innovative work include the Takaful Alternative Student Finance (TASF) scheme, which has been enacted in the Higher Education Act 2017, and will be offered to students alongside the existing student loans system, as well as his involvement in structuring the alternative central bank liquidity facility for the Bank of England.