Ethics in developing economic welfare based on the concept of divinity

Abstract

The purpose of this study is to examine how the idea of divinity might best serve as an ethical foundation for constructing economic well-being. This is crucial because a nation's primary objective in preserving social stability within its population is to achieve economic development. However, many people believe that the two most important ideologies throughout history for accomplishing this aim have been capitalism and socialism. Actually, both once dominated the global political and economic environment, but they both eventually sank after failing to survive the challenges of the era. This study therefore contends that the most suitable conception of divinity for fostering economic prosperity is the application of ethics based on the idea of Islamic divinity. This research is a descriptive qualitative research. According to the study's findings, traditional welfare ethics holds that a person's degree of happiness and contentment has a significant impact on their level of welfare. Islamic economics incorporates moral, spiritual, and social qualities into the concept of wellbeing, whereas conventional economics tends to concentrate on material issues. The Protestant welfare ethics doctrine has three basic Protestant values. While the ethical doctrine of Islamic welfare is based on the Qur'an which has taught and introduced the purpose of life. Since Islamic ethics has a goal in the hereafter falah, and always links the existence of God, it is the most suitable concept to be used as the foundation for the application of ethics in creating economic welfare. Protestant ethics, on the other hand, only prioritizes the worldly.