# New Directions for Economics *Exported from [Holy-Writings.com](https://www.holy-writings.com/) on 2026-06-19 — 1 clipping.* --- > Source: Bahá'í Library Online (bahai-library.com), curated by Jonah Winters. Used by permission of the curator. Original citation: Gregory C. Dahl, New Directions for Economics, bahai-library.com. > ────────────────────────────────────────────────────────────────────── > > New Directions croissance suffisant, la Maison universelle > de justice a, dans un message qu’elle leur > for Economics a adressé le 1er mars 2017, exhorté les > croyants à se préoccuper de plus en plus > des inégalités dans le monde et à veiller à > GREGORY C. DAHL ce que leur vie personnelle et les actions > de leurs communautés bahá’íes soient de > plus en plus au diapason des normes mo- > Abstract rales élevées et des principes de compas- > Recent developments in both the Bahá’í sion et de service enchâssés dans les en- > community and the field of economics seignements de leur foi. En même temps, > have opened up new vistas in the appli- depuis la crise financière de 2007 2008 > cation of Bahá’í principles to economic et la récession mondiale subséquente, qui > questions, both in theory and in practice. ont révélé les lacunes des modèles mac- > The Bahá’í community has grown enough roéconomiques que la profession avait > that the Universal House of Justice, in construits au cours des décennies précé- > its 1 March 2017 message, has called on dentes, la profession d’économiste s’ou- > Bahá’ís to concern themselves increas- vre davantage à de nouveaux courants de > ingly with the inequalities in the world pensée et de recherche. L’auteur examine > and to bring their personal lives and the ici certains des champs les plus fertiles > actions of their Bahá’í communities more pour l’application de principes bahá’ís aux > in line with the high moral standards and problèmes économiques actuels. > principles of compassion and service in > the teachings of their Faith. At the same Resumen > time, the economics profession is more Los desarrollos recientes tanto en la co- > open to new directions of thought and munidad bahá’í como en el campo de la > research following the financial crisis of economía han abierto nuevas perspectivas > 2007–08 and the subsequent global re- en la aplicación de los principios bahá’ís a > cession, which exposed the shortcomings las preguntas económicas, tanto en la te- > of the macroeconomic models that the oría como en la práctica. La comunidad > profession had spent the previous several bahá’í ha crecido lo suficiente para que > decades constructing. Some of the fields la Casa Universal de Justicia, en su men- > that appear most fertile for the application saje del 1 de marzo de 2017, pidió a los > of Bahá’í principles to current economic bahá’ís que se preocupen cada vez más de > problems are reviewed in this article. las desigualdades en el mundo y traigan > sus vidas personales y las acciones de sus > Résumé comunidades bahá’ís más en línea con los > Des développements récents, tant dans la altos estándares morales y los principios > communauté bahá’íe que dans le domaine de compasión y servicio en las enseñanzas > de l’économie, ont ouvert de nouvelles de su Fe. Al mismo tiempo, la profesión de > perspectives pour l’application théorique la económia está más abierta a nuevas di- > et pratique des principes bahá’ís aux ques- recciones de pensamiento e investigación > tions d’ordre économique. La communauté después de la crisis financiera de 2007-08 > mondiale bahá’íe ayant atteint un niveau de y la posterior recesión global, que expuso > 34 The Journal of Bahá’í Studies 28.1-2 2018 > > las deficiencias de los modelos macroeco- on Bahá’ís to engage in the discourses > nómicos en la cual la profesión duro dé- of society and has encouraged them, > cadas construyendo. Algunos de las areas as a natural result of their growth as > que parecen más fértiles para la aplicación local communities, to address social > de los principios bahá’ís a los problemas issues (Ridván 2008; Ridván 2010). > . . > económicos actuales se revisan en este > Indeed, a major theme of the junior > artículo > youth spiritual empowerment pro- > BACKGROUND gram pursued by Bahá’ís around the > world is to sensitize youth ages 12 to > Since I first attempted a survey of the 15 to the needs of their local commu- > Bahá’í teachings on economics more nities and to encourage them to take > than 40 years ago (“Economics and the initiatives aimed at improving the so- > Bahá’í Teachings”) and some of the ar- cieties in which they live. > eas within economics where the Bahá’í Recently, the Universal House of > teachings could be fruitfully applied Justice has addressed a significant > (“Evolving Toward a Bahá’í Economic message to the Bahá’ís of the World > System”), there have, of course, been dated 1 March 2017 regarding the > many changes in the Bahá’í communi- “extremes of wealth and poverty in > ty as well as in the field of econom- the world [that] are becoming ever > ics. The Bahá’í community has grown more untenable.” They call on Bahá’ís > substantially both in numbers and in to identify ever more strongly with > visibility. In those earlier years of the the plight of their fellow human be- > Faith, Bahá’ís necessarily had to con- ings, as “[t]he welfare of any segment > centrate primarily on building their of humanity is inextricably bound up > Bahá’í communities rather than con- with the welfare of the whole,” and > cerning themselves with the problems to increasingly “make their own indi- > of society around them. Working to vidual and collective contributions to > bring the teachings of their Faith to economic justice and social progress > mankind held out the hope and expec- wherever they reside.” This call builds > tation of addressing the causes of the upon a view enunciated in their earli- > problems afflicting the human race, er messages, notably the Ridván > . 2010 > while, owing to their small numbers, message, that social change should > any endeavors in direct social action involve everyone in society in a co- > would have had only minimal effect. operative endeavor and can often be > Despite a few notable efforts—for in- initiated at the level of the local com- > stance, in the establishment of schools munity. Theirs is not just a simple call > and in medical services—progress to charity but rather to “addressing > with social and economic development the root causes” of poverty, a far more > initiatives was limited. In more recent profound challenge. > years, however, the Universal House How are Bahá’ís to meet this chal- > of Justice has been gradually calling lenge? There is no specific economic > New Directions for Economics 35 > > system prescribed in the Bahá’í Writ- material factors such as the lack of in- > ings, but many of the teachings— come or wealth, and may spring from > some of which are discussed below— the grass roots rather than emerg- > bear directly on economic issues. ing top-down through government > It would not be realistic to expect, programs. > however, that the mere exposition of Indeed, Bahá’ís view all aspects of > ideas will result in significant reform life as one interrelated whole, whether > of economic systems. Humanity has considered from the perspective of the > become too cynical and too distract- individual or the society, the spiritual > ed by petty conflicts and the clamor or the material, the local or the glob- > of opinions to pay much attention to al.1 Economics is only one aspect of, or > idealistic pronouncements. And any perspective on, this whole, inseparable > effort at systemic reform, even with from the rest, and solutions to “eco- > a well-conceived plan of action, re- nomic” problems may well be found > quires an enormous social impetus to in what we normally view as other > overcome existing power structures aspects of life, such as religion, eth- > and vested interests. ics, morality, and community building. > The Universal House of Justice has Needless to say, this approach is quite > been calling Bahá’ís to an entirely dif- different from the usual practice in the > ferent approach to social progress, one academic field of economics. > involving community building at the In his keynote address to the 2016 > local level. They are now asking that annual conference of the Association > this process of learning about commu- for Bahá’í Studies, former member of > nity building be expanded to include the Universal House of Justice Dr. > considerations of economic justice. Farzam Arbab suggested that Bahá’ís > Bahá’ís are at an early stage of engag- in every field of endeavor should ex- > ing with such broad social issues, but amine the work of their discipline > they may well find that there are many and begin a process of identifying > opportunities for individuals and local which aspects might be seen as useful > communities to begin addressing the in the context of the Bahá’í teach- > causes of inequities at a practical level, ings and which might not (15). Given > starting not with economic or politi- > cal theories but with their own actions 1 For example, the Universal House > based on their observations of those of Justice warns against thinking in > causes and motivated by their desire terms of “false dichotomies” and quotes > to serve their communities. As a result a letter written on behalf of Shoghi Ef- > of experience gained in this way, new fendi in which he states “[w]e must take > methods of tackling social problems the teachings as a great, balanced whole” > may emerge. These methods may in- (Message to the Conference of the Con- > volve intangible factors such as social tinental Boards of Counsellors dated 28 > attitudes and prejudices, rather than December 2010). > 36 The Journal of Bahá’í Studies 28.1-2 2018 > > that social and political structures in time as misguided, and nothing that I > the world appear to be crumbling, it have encountered since has changed > would not be surprising if a large part that view. Human societies are not like > of the intellectual underpinnings of machines. They are highly complex > the present (dis)order, including the and unpredictable, and they evolve, > field of economics, might need to be sometimes with sudden changes.2 In > rethought, or even replaced. electrical engineering, one works with > While the Bahá’í community has actual black boxes (integrated circuits > been gradually increasing its involve- are almost always encased in black > ment with economic issues, there has plastic boxes), but the way circuits > simultaneously been turmoil within the behave is well understood and quite > field of economics. When I began my precise, so the relationship between > doctoral studies in economics at Har- inputs and outputs is highly stable > vard in 1969, computers were new and and predictable.3 Economic systems, > the ability to analyze data and draw con- > clusions about relationships between 2 Economist Paul Ormerod emphasizes > different variables was exciting. I was this viewpoint in his 1994 book, The Death > coming from an undergraduate major of Economics, in which he writes: “We need > in electrical engineering, and although to abandon the economist’s notion of the > I was not the most outstanding student economy as a machine, with its attendant > as an undergraduate, the Economics concept of equilibrium. A more helpful > Department evidently was looking for way of thinking about the economy is to > students with my background. Macro- imagine it as a living organism” (151). He > economics was beginning what would also points out that, like natural systems, > prove to be several decades of devel- economies are subject to unpredictable ex- > opment of econometric models at- ternal shocks and sudden changes (211). > tempting to measure and then predict 3 Tellingly, in contrast to engineering, > the relationships between influences with its calculations that include known > on the economy and how the economy margins of error, e.g., 232+/- 5, there is no > would respond to those influences. The effort in the mathematics of economics to > modeling, and thinking, was of an en- explicitly take into account the often very > gineering mindset: in terms of mecha- large margins of error of the data that are > nistic systems or “black boxes” whose used as inputs. Economic data usually de- > internals were unknown but which rive from heterogeneous sources and are > had inputs, such as “policy levers,” and subject to wide variations in quality and > outputs, such as employment levels and accuracy. Anyone working with economic > prices, that could be observed and pre- statistics understands the uncertainties in- > dicted, much like the electrical circuits volved, but that understanding is often not > I had been studying. preserved as the data are reported on by > Coming from my engineering back- the press or used in models or as the basis > ground, this approach struck me at the of policy decisions. > New Directions for Economics 37 > > however, are not natural phenomena. but about how they change and can be > They are created by human beings improved. > as part of our social systems. In this Another problem I saw with eco- > sense, economics could be considered nomics as a discipline was that it > as overlapping with law, as many of was becoming far too isolated and > the parameters of modern economic concerned only with its own models. > systems are prescribed in laws and Macroeconomists tended to see the > regulations and administered by insti- sometimes abrupt and unforeseen > tutions that have legal charters. Just as shocks to economic systems as simply > people often fail to obey other laws and “exogenous,” that is, outside the scope > regulations, they often fail to obey eco- of their analysis and models, prefer- > nomic “laws,” such as those governing ring to focus on the beautiful equilibria > rational behavior. When economics predicted by their models. Essentially, > is viewed in this way, it is clear that their view was that economics is a sep- > economies are not smoothly function- arate discipline from political science, > ing machines; rather, they reflect the psychology, medicine, anthropology, > characteristics of humans, including or any other discipline, and econo- > emotions, irrationality, herd behavior, mists could not be expected to take all > and the need to understand complex these other factors into account. This > realities through simplifications. rather isolationist attitude was a major > In fact, the economic system, in- departure from the earliest practice > cluding modern money, doesn’t exist of macroeconomics, which was often > at all except as social contracts and called “political economy” and which > mental constructs. As member of took a much more holistic view of hu- > the Universal House of Justice Paul man society.4 > Lample has noted, “most of what we > perceive to be reality—the world with 4 Adam Smith, who is primarily re- > which we interact every day—is not membered today for the assertion that > physical reality at all. It is social re- self-interested behavior would lead to eco- > ality” (7). ‘Abdu’l-Bahá remarked that nomic prosperity through the “invisible > “[t]he reality of man is his thought” hand” of the market, was also famous in > (Paris Talks 9). Indeed, almost all the his time as a philosopher and for his book > problems and issues that humanity is The Theory of Moral Sentiments (Ormerod > facing in today’s world are created by 212). Nava Ashraf has written about the > humans and are thus part of “social parallels between his views and the find- > reality.” This reality, having been cre- ings of both modern psychology and be- > ated by humans, is not immutable and havioral economics, pointing out that, in > can be changed or even completely re- Moral Sentiments, “Adam Smith’s world > made by them. So, the most important is not inhabited by dispassionate rational > questions about economic systems are purely self-interested agents, but rather > not about their internal parameters by multidimensional and realistic human > 38 The Journal of Bahá’í Studies 28.1-2 2018 > > My reactions to the field were also digression in the work of most aca- > informed by my Bahá’í upbringing. As demic macroeconomists. > a Bahá’í, I saw the human experience While the mainstream of macro- > as a highly integrated whole, with economics was moving in a different > spiritual dimensions as well as material direction, a few isolated voices main- > ones. Thus, like other people profess- tained a social consciousness per- > ing religious values, I saw analysis of spective within the field over these > economies as normative and not just decades, emphasizing the inequalities > positive. For me, the interesting ques- and injustices that are inherent in the > tions were what an economic system capitalist system. For example, Ste- > should look like, not so much what the phen Marglin has been teaching an > present systems looked like, although alternative (or “heterodox”) economics > understanding the latter would nat- course for undergraduates at Harvard > urally be a prerequisite and basis for for some years and has written a book > conceptualizing possible futures and titled The Dismal Science that empha- > how such futures could be achieved sizes the importance of community, > in practice. And any consideration of a direct challenge to mainstream eco- > economic problems would need to in- nomics.5,6 The principal shortcoming > clude questions such as whether ma- of such critiques of capitalism, how- > terial consumption is really the main ever, has been the lack of convincing > source of human happiness and how alternatives, given that the socialist > moral and spiritual values should be experiments of the twentieth century > reflected in economic systems, go- collapsed spectacularly from serious > ing far beyond simple questions of inefficiency and corruption and that > the level of economic output and its capitalist systems have already incor- > distribution. porated many socialist elements of > Given these various misgivings social protection and welfare. Tearing > about the field of economics, I was down one intellectual structure is not > very happy to be able to pursue a ca- the same as building a new one. > reer as an economist at the Interna- During this time, more and more > tional Monetary Fund (IMF), engaged economists also began examining the > in real-world policy issues facing > countries—issues usually more politi- 5 See also his talk “Heterodox > cal than economic in nature, involving Economics”. > simple accounting relationships rath- 6 I am personally indebted to Professor > er than complex economic relation- Marglin for his required microeconomics > ships. In this way, I was able to avoid course, one of the first I took as a graduate > what I felt was a relatively fruitless student at Harvard, which helped protect > me from the 40-year detour into mathe- > beings” (Ashraf, Camerer, and Loewen- matical abstractions upon which the field > stein 142). of economics was embarking at that time. > New Directions for Economics 39 > > weaknesses in the “orthodox” or “neo- credit and the concomitant contraction > classical” economic theories and made in economic activity, revealed for all to > efforts to modify or extend those the- see that many of the assumptions un- > ories—for example, by introducing derlying macroeconomic models were > the possibility of multiple equilibria unrealistic and that reliance on these > in their models. Younger economists models and similar methods of finan- > tended to move into microeconomic cial analysis based on historical data, > fields of inquiry such as health, educa- such as value at risk (the statistical > tion, and behavioral economics, where method by which banks would assess > the restrictive assumptions of the neo- the riskiness of their assets), had failed > classical view of economic man as a to anticipate or prevent an enormously > utility-maximizing machine didn’t ap- costly economic downturn. Illustrat- > ply and greater integration with other ing the hit to the reputation of the > disciplines was possible. Perhaps as a economics profession generally, Queen > result of the obvious weaknesses in the Elizabeth, after hearing a briefing on > neoclassical framework for addressing the financial crisis in November 2008, > current economic problems, the field famously asked, “Why did no one see it > of economics has also been moving coming?” (Giles). > away from pure theory, or theory with This obvious failure has prompted > simulations, and toward more empir- a certain amount of soul searching > ical work (Hamermesh 168). Econ- among leading economists and policy- > omists have taken the analytic tools makers. In March 2013, at a London > of their profession and applied them School of Economics seminar in honor > to a wide variety of interesting but of Mervyn King, the retiring Bank of > narrower questions, as popularized in England governor, Olivier Blanchard, > the 2005 book Freakonomics by Steven economic counselor of the IMF, said, > Levitt and Stephen Dubner. However, “Humility is in order,” and Professor > the result has been that less attention Lawrence Summers of Harvard Uni- > is being paid to the big structural and versity, former Treasury secretary of > policy questions of macroeconomics the United States and former presi- > that used to be the main focus of the dent of Harvard, said, “This crisis will > field, such as economic justice, employ- force a substantial reconstruction of > ment, growth, trade, global integra- macroeconomics” (London School of > tion, economic and financial stability, Economics). It had become apparent > and curbing abuses of the free market that the macroeconomic models econ- > economy such as monopoly power and omists had spent most of their time > pollution. formulating had been calibrated with > Then, in 2007–08, events gave a big data covering a period of relative fi- > impetus to these trends. The global nancial stability, that financial crises > financial crisis, with its collapse of were actually much more frequent and > important financial institutions and severe than assumed (Taleb), and that > 40 The Journal of Bahá’í Studies 28.1-2 2018 > > most models failed to incorporate the new directions, a space has opened up > financial sector at all, although prob- for more innovative approaches. > lems arising from finance turned out Perhaps the solution to these prob- > to be a much more important cause lems in the economics profession lies > of economic shocks and decline than in the recognition that economic sys- > the loss of output due to imperfect tems cannot be fruitfully studied as > fine-tuning of economic cycles (Broad- isolated from other aspects of human > berry and Wallis). While econometric society (Etzioni). The barriers be- > models are now still being used, they tween economics and other fields of > are being treated with more caution study, and between economists and > in policy circles. Of course, it is still the general public, need to be further > useful to study macroeconomic rela- demolished. There seems to be a nat- > tionships in terms of cause and effect, ural tendency for specialists in every > such as what the likely impact on an field to develop their own vocabulary, > economy would be from raising inter- perhaps as an insecurity-fueled de- > est rates or adjusting tax laws. People fense mechanism, to keep others from > respond to incentives as well as laws, seeing clearly the weaknesses of the > and this is the essence of public pol- discipline (as when doctors refer to > icy. But it is now increasingly recog- “nosocomial infections,” diseases that > nized that these relationships are not are contracted primarily in hospitals). > as stable and predictable as previously Certainly, economics has its share of > thought, that there can be huge gaps such specialized language. Although > between economic models—both it is hard to know whether this phe- > calculated models and those mental nomenon is greater in economics than > frameworks by which we make sense in other fields, perhaps the resentment > of the world—and real-world out- of outsiders to the sense of superior- > comes. For example, a current issue ity many economists exhibit may be > of considerable importance is that the due to the fact that everyone is direct- > models used by Western central banks ly affected by economic policies and > to guide their policy decisions—re- therefore naturally wishes to under- > garding the links between monetary stand better the forces that are affect- > policy and the response of prices and ing them. This effect would be much > economic activity—are not yielding less noticeable in, say, archeology or > the expected results, calling into ques- astronomy, but it is clearly visible in > tion the entire framework of mone- fields such as medicine that are simi- > tary policy (Yellen). The realization lar to economics in their relevance to > that the existing models may not be daily life. > correct presents a fundamental chal- While the field of economics has > lenge to the accepted concepts in the been facing internal challenges, on a > field of macroeconomics, and while larger stage recent turmoil in nation- > the field has already started to move in al politics in a number of important > New Directions for Economics 41 > > countries, resulting from growing SOME BASIC BAHÁ’Í PRINCIPLES > dissatisfaction with the status quo > on the part of large segments of the A central principle of the Bahá’í Faith, > population, is also providing an im- “the pivotal principal and fundamental > petus to question current economic doctrine of the Faith,” is the principle > and political systems and to consider of the oneness of the entire human > far-reaching reforms. As the respected race (Shoghi Effendi, God Passes By > chief economics commentator of the 281). Bahá’u’lláh declared that “[y]e > Financial Times, Martin Wolf, wrote are the fruits of one tree, and the leaves > recently, “It is time for re-thinking of one branch . . . . So powerful is the > along many dimensions” (11). light of unity that it can illuminate the > Against this background of a gen- whole earth” (Epistle 14). This princi- > eral questioning of existing social ple has many dimensions and ramifi- > structures, and of the need to break cations. As the Universal House of > down the barriers between economics Justice has observed: > and other disciplines and to work to- > ward an inclusive process of the gen- For the principle of the oneness > eration, dissemination, and application of humankind, as proclaimed by > of knowledge, this article is addressed Bahá’u’lláh, asks not merely for > to anyone interested in the issues dis- cooperation among people and > cussed, not just to professional econ- nations. It calls for a complete > omists. What I will attempt below is reconceptualization of the rela- > a brief and somewhat superficial re- tionships that sustain society. . . . > view of a few of the numerous areas [T]he concentration of material > in the fields of economics and public wealth in the hands of a minority > policy that are the subject of current of the world’s population gives an > debate—areas where fresh work and indication of how fundamentally > innovation benefitting from a Bahá’í ill-conceived are relationships > perspective could make a positive con- among the many sectors of what > tribution. The focus is on topics with is now an emerging global com- > a potential for immediate applicability munity. The principle of the one- > or experimentation, rather than sub- ness of humankind implies, then, > jects, intellectually interesting as they an organic change in the very > are, such as the outlines of the Bahá’í structure of society. (Message to > World Commonwealth of the future, the Bahá’ís of Iran) > for which new political structures will > be necessary. Before turning to this In this light, can we study economics > endeavor, however, let us summarize a without considering economic justice? > few of the relevant Bahá’í principles, Aside from socialists, Western > which may serve as a rich resource and economists have traditionally separat- > source of inspiration. ed the question of maximizing output, > 42 The Journal of Bahá’í Studies 28.1-2 2018 > > considered the main objective of eco- participation. Thus, while social action > nomics, from the question of the dis- may involve the provision of goods > tribution of that output of which, as and services in some form, its prima- > mentioned above, they prefer to think ry concern must be to build capacity > as a political rather than an economic within a given population to partici- > issue. The concept of the oneness of pate in creating a better world. Social > humankind, on the other hand, em- change is not a project that one group > phasizes the need of a social structure of people carries out for the benefit of > that encourages each individual to re- another.” > alize his or her own potential and to This theme of capacity building7 is > be a contributing member of society, also developed at length in the docu- > which in turn will augment the gener- ment “Social Action,” prepared at the > al happiness and prosperity of society request of the Universal House of > as a whole. As ‘Abdu’l-Bahá has stated, Justice in 2012, in which they state: > “Wealth is most commendable, pro- “What appears to be called for . . . is > vided the entire population is wealthy” the involvement of a growing num- > (Secret 8). The question then becomes: ber of people in a collective process > What might the economic system of of learning . . . . Such a process would > such a society look like? When we allow its participants to engage in the > consider this question, can we avoid generation, application, and diffusion > falling into the trap of framing the of knowledge, a most potent and in- > debate in terms of socialism versus dispensable force in the advancement > capitalism or as a struggle between > classes? Can we imagine a new type of 7 An example of the importance of > society, one characterized by reciproc- capacity building is ‘Abdu’l-Bahá’s encour- > ity and mutual help? agement early in the twentieth century of > In the Bahá’í view, and in keeping the Bahá’ís in North America to build a > with this principle of the oneness of house of worship, not primarily because > humanity, efforts to improve human such a building was needed at that time (it > welfare must be seen as a collective took many years to construct), but because > enterprise, with everyone participat- it was a project around which, He insist- > ing in some fashion, and thus the es- ed, the whole community needed to unite, > tablishment of a sense of unity must learning to work together toward a com- > be a first step. As the Universal House mon objective. The committee charged > of Justice communicated in its 20 Oc- with overseeing the project was called > tober 1983 message to the Bahá’ís of the Bahá’í Temple Unity. The spirit in > the world, “The key to success is uni- which the project was conducted and the > ty in spirit and in action.” This theme motives of the individuals involved were > was also stressed in its annual Ridván > . as important as the outward form of the > message to the Bahá’ís of the world project, and the main purpose was capaci- > in 2010: “Justice demands universal ty building in the community. > New Directions for Economics 43 > > of civilization” (OSED 6). Further- words and end with words” (Tablets 52). > more, in the 2010 message of the Uni- Intellectual accomplishment, how- > versal House of Justice quoted above, ever, should not lead to a sense of > they state: “Access to knowledge is the entitlement or superiority (Arbab 17). > right of every human being, and par- Economists, like other intellectuals, > ticipation in its generation, application tend to see themselves as playing a > and diffusion a responsibility that all central role in society. In the case of > must shoulder in the great enterprise economics this may be true, because > of building a prosperous world civili- economies are defined by rules, and > zation—each individual according to those rules, or government policies, > his or her talents and abilities.” are often based on the theories or > So what, then, is the role of experts influence of economists. But just as > and intellectuals in the Bahá’í view? one wants a highly trained surgeon > Bahá’u’lláh writes that those who ac- working in a well-equipped hospital > quire knowledge should be respected to perform open-heart surgery, and it > (Gleanings 128; Tablets 96–97), but the is also desirable for the general public > Bahá’í teachings see the generation to be well-informed about health, nu- > and acquisition of knowledge, like trition, and disease and to have ready > other human activities, as something access to information in these fields, so > in which everyone should take part, well-trained economists are needed to > not as the exclusive domain of experts address complex problems of public > or a particular social class. Bahá’u’lláh policy and the functioning of financial > further states: “Knowledge is one of institutions, while the general public > the wondrous gifts of God. It is in- should understand the principles of > cumbent upon everyone to acquire it” economic life and should be encour- > (Tablets 39). And again: “Knowledge is aged to take initiative if they are so > as wings to man’s life, and a ladder for inspired. Knowledge should be avail- > his ascent. Its acquisition is incumbent able to all, not confined to a privileged > upon everyone” (Tablets 51). Univer- few. The challenge, of course, is how > sal education open to all is a central to get different groups to communi- > principle of the Faith, applied since cate effectively with each other and to > the earliest days of the Faith in Iran benefit from each other’s perspectives > and in the present day in many areas (Ashraf). > of the world through the founding It is notable in this context that the > of local schools if none are provided 1 March 2017 message of the Univer- > by the state. The Bahá’í vision, then, is sal House of Justice calls on all Bahá’ís, > one of individuals acquiring whatever as individuals and in their communi- > knowledge they can, given their abili- ties, to consider the problems of ineq- > ties and access to education, as long as uity and injustice around them and do > that knowledge “can profit the peoples what they can to address those prob- > of the earth” and does not “begin with lems “using the opportunities their > 44 The Journal of Bahá’í Studies 28.1-2 2018 > > circumstances offer them” (Message individuals dedicated to labouring > to the Bahá’ís of the World). There is together for the emergence of a > no mention of waiting for an expert to united and prospering world that > tell them what to do. But there is also might truly deserve to be called > no reason why they shouldn’t consult the kingdom of God on earth. > with an expert if it would be helpful. (Message to all who celebrate > As the Office of Social and Econom- the Glory of God dated October > ic Development (OSED) at the Bahá’í 2017) > World Center has observed, “Social > and economic development requires The message of the Universal > the flow of resources, both material House of Justice of 1 March 2017 > and intellectual” (11). also highlights the “foundational con- > As an aide in understanding the cept” in Bahá’u’lláh’s Revelation of > dynamics of social progress, the “the spiritual reality of man,” namely > Universal House of Justice has also “the nobility inherent to every human > introduced the concept of three pro- being” (Message to the Bahá’ís of the > tagonists in development: the indi- World). Like other religions, the Bahá’í > vidual, the community, and institu- Faith views man as having a higher, > tions (Message to the Bahá’ís of the nobler nature characterized by altru- > World dated 26 November 1999 1). ism, integrity, generosity, forgiveness, > Each has an essential role to play. As and many other virtues, a view that > explained in the OSED document on emphasizes man’s character and role > “Social Action” mentioned above, “the in society. Importantly, in this view > increase of capacity in each of these human behavior is not, and should not > three protagonists does not occur in be, something static. On the contrary, > isolation; the development of any one it sees human beings as able to learn, > is inextricably linked to the progress progress spiritually, and strive to be- > of the other two” (8). The House of come better by developing inherent > Justice has emphasized, in particular, qualities. Even if, for the individual, > that those who have previously been the ability to develop slows with age, > excluded must now be included and society can progress through educa- > should become empowered to contrib- tion so that each generation is more > ute to this process: developed and capable than the pre- > vious one, and mankind thereby fos- > Many who have long suffered are ters “an ever-advancing civilization” > finding their voice and becoming (Bahá’u’lláh, Gleanings 215). > protagonists of their own devel- Thus, a Bahá’í view of the economic > opment, resourceful and resilient. dimension of human society contrasts > From villages, neighbourhoods, starkly with the view central to most > towns and cities are arising in- economic thinking—namely, that hu- > stitutions, communities, and man motivation is primarily based on > New Directions for Economics 45 > > self-interest and that this condition is to an integrity that is immune to the > static and simply “human nature.” It promptings of self-interest” (Compila- > sets forth a concept of the individu- tion of Compilations 342). > al as an inherently social being, one More generally, Bahá’ís and the > thus influenced by social context and followers of the other major faiths > collective incentives, but always in a believe that personal or spiritual qual- > condition of changing and growing, ities such as honesty, integrity, humil- > potentially serving as an agent of so- ity, selflessness, commitment to stable > cial change in a reciprocal relationship family relationships, a desire to serve > with society. others, a dedication to peaceful resolu- > This brings us to the importance tion of conflicts, and a consciousness > of trust. The glue that holds society of spiritual preparation for the next > together is trust. No society can long life as opposed to material rewards in > function successfully without trust this one are of central importance to > and altruism.8 There is now a growing the successful functioning of human > concern in the world regarding the society, including its economic aspects. > decline in trust in social institutions. In the Bahá’í view, the detachment of > Unfortunately, we nevertheless see un- modern societies from these core spir- > trustworthy people rising to positions itual truths is the main reason for the > of great power and influence in society, breakdown in social structures and > notably in the political, financial, and cohesion and to the successive crises > business worlds. Hardly anyone actual- being faced by humanity. > ly expects politicians to speak only the An important general principle > truth these days. Young people might here is that man is a social creature > thus quite reasonably assume that be- and society depends on cooperation > ing dishonest is the easiest path to suc- and reciprocity, not competition. As > cess. In contrast, there are many pas- ‘Abdu’l-Bahá explains: “man cannot > sages in the Bahá’í writings regarding live singly and alone. He is in need > the importance of trustworthiness and of continuous cooperation and mu- > truthfulness, such as the following ex- tual help. For example, a man living > hortation of ‘Abdu’l-Bahá to those in alone in the wilderness will eventu- > public service positions: “In discharg- ally starve. He can never, singly and > ing the functions of the office to which alone, provide himself with all the > thou hast been appointed, thy con- necessities of existence. Therefore, > duct and actions should attest to the he is in need of cooperation and rec- > highest standard of trustworthiness iprocity” (Promulgation 102.2). In the > and honesty, to a degree of sincerity Bahá’í view, the emphasis in much > that is altogether above suspicion, and modern economic and social science > thinking on competition as the key to > 8 This theme is developed in my arti- prosperity is entirely misplaced (Karl- > cle “Trust and Trustworthiness.” berg). Rather, prosperity comes from > 46 The Journal of Bahá’í Studies 28.1-2 2018 > > collaboration and from a sense of rec- status of fact or define truth as > iprocity resulting in equitable sharing. the compromise between oppos- > In this view, for example, economic ing interest groups. (Message to > structures should emphasize the mu- the Bahá’ís of Iran) > tual interdependence of labor and cap- > ital, with the interests of each, as well Beyond simply recognizing that > as the broader social interest, taken human beings are social creatures, the > into account (‘Abdu’l-Bahá, Promulga- Bahá’í teachings take the Golden Rule > tion 102.33). a step further and emphasize service to > In this regard, a key practical ap- others as being the path to individual > proach enjoined by Bahá’u’lláh is the spiritual growth as well as the prog- > principle of consultation. For Bahá’ís, ress of society. As Bahá’u’lláh writes, > consultation means sharing one’s ideas “Man’s merit lieth in service and vir- > in a group while being detached from tue and not in the pageantry of wealth > them and listening closely to what oth- and riches” (Tablets 138). ‘Abdu’l-Bahá > ers contribute so that the truth can be further declares: “And the honor and > found and agreement can be reached distinction of the individual consist > on the best way forward. Bahá’u’lláh in this, that he among all the world’s > writes: “Take ye counsel together in multitudes should become a source of > all matters, inasmuch as consultation social good” (Secret 1). > is the lamp of guidance which leadeth Part of being a productive member > the way, and is the bestower of under- of society is to have an occupation and > standing” (Tablets 168). ‘Abdu’l-Bahá earn a living, within the means and > exhorts: “Settle all things, both great opportunities available. ‘Abdu’l-Bahá > and small, by consultation. Without writes: “Every person must have an > prior consultation, take no import- occupation, a trade or a craft, so that > ant step in your own personal affairs. he may carry other people’s burdens, > Concern yourselves with one another. and not himself be a burden to others” > Help along one another’s projects and (qtd. in Universal House of Justice, > plans” (Research Department). And Message to the Bahá’ís of the World > the Universal House of Justice has dated 1 March 2017). In fact, we read > written that decision-making can in Bahá’u’lláh’s book of laws that: “It > is incumbent upon each one of you to > benefit from a diversity of per- engage in some occupation—such as a > spectives through a consultative craft, a trade or the like. We have ex- > process which, understood as the alted your engagement in such work > collective investigation of reality, to the rank of worship of the one true > promotes detachment from per- God” (Kitáb-i-Aqdas ¶33). In a note, > sonal views, gives due importance the Universal House of Justice ex- > to valid empirical information, plains that the implementation of this > does not raise mere opinion to the law is “the mutual responsibility of the > New Directions for Economics 47 > > individual and society” (Kitáb-i-Aqdas in the Bahá’í view, no material or eco- > note 56). So work is seen not only as nomic act can be separated from its > a material necessity, but as a spiritual moral and spiritual implications, and > exercise as well, in that it confirms the economic systems need to be viewed > individual’s dignity as a contributing in the light of spiritual standards and > member of society, no matter how objectives. As the Universal House of > lofty or meagre one’s particular role Justice affirms: “The teachings of the > or station might be. Bahá’u’lláh has Faith leave no room for doubt: there > poetically summarized this principle is an inherent moral dimension to the > in The Hidden Words: “The basest generation, distribution, and utiliza- > of men are they that yield no fruit on tion of wealth and resources” (Mes- > earth. . . . The best of men are they sage to the Bahá’ís of the World dated > that earn a livelihood by their calling” 1 March 2017). > (Persian nos. 81–82). One example of this perspective > In the Bahá’í teachings, in contrast is the unique and interesting law of > to the attitudes and practices of many Huqúqu’lláh ordained by Bahá’u’lláh > other faiths, money and wealth are not in his Most Holy Book (Kitáb-i-Aqdas > seen as in conflict with a spiritual life ¶ 97). In addition to extoling charity, > but rather as part of a coherent life— He decreed that those Bahá’ís whose > that is, if one’s wealth is “acquired income exceeds their needs must pay > by an individual’s own efforts” and is nineteen percent of the excess to the > “expended for philanthropic purposes” Center of the Faith, in a spirit of “the > or “upon themselves and upon their utmost joy and radiance” to be ex- > kindred for the love of God” (‘Ab- pended for the betterment of human- > du’l-Bahá, Secret 8; Bahá’u’lláh, The kind (Huqúqu’lláh no. 5). Bahá’u’lláh > Hidden Words, Persian no. 82). As has stated that these payments of > the Universal House of Justice states, Huqúqu’lláh “purify” one’s wealth > “The oneness of mankind, which is at (Kitáb-i-Aqdas ¶ 97). Thus, the indi- > once the operating principle and ulti- vidual can feel at peace spiritually if he > mate goal of His Revelation, implies prefers to keep the remaining 81 per- > the achievement of a dynamic coher- cent. The law encourages Bahá’ís to > ence between the spiritual and prac- think of wealth as a means of promot- > tical requirements of life on earth” ing social good while helping them > (Message to the Bahá’ís of the World be detached from such wealth, and it > dated 20 October 1983 602).9 Thus, focuses their attention on what is truly > “needful” materially in their lives. > 9 For an excellent statement on coher- As another example of how prac- > ence between the spiritual and the materi- tical matters intersect with spiritual > al, see http://www.bahai.org/beliefs/god- principles in the Bahá’í teachings, > his-creation/ever-advancing-civilization/ Bahá’u’lláh has specified that the > coherence-between-spiritual-material. charging of interest is permitted, in > 48 The Journal of Bahá’í Studies 28.1-2 2018 > > contrast to other faiths, but He warns system. Bahá’u’lláh has given us a > against “illicit gains obtained by usu- few basic principles which should > ry” and counsels “moderation and fair- guide future Bahá’í economists > ness,” “justice,” and “tender mercy and in establishing such institutions > compassion” (Tablets 133–34). Similar- which will adjust the economic > ly, in many passages He extolls for- relationships of the world. > bearance, presumably using the word (Hornby 551) > in its broader sense of showing pa- > tience and resignation and not always Economists inspired by the Bahá’í > insisting on one’s rights but perhaps teachings may study such issues as tax- > also in its narrower meaning of being ation, trade, the financial system, and > lenient regarding the repayment of public policy in general, about which > loans if repayment would entail hard- some thoughts are presented below. > ship. He has also prohibited gambling However, they might be well-advised > but did not elaborate (Kitáb-i-Aqdas ¶ to keep in mind that there are already > 155). Therefore, it is for the Universal many worthwhile ideas for improving > House of Justice to determine in the economic systems, but vested inter- > future whether this prohibition might ests and the failings of political sys- > include speculation in financial mar- tems stand in the way of implement- > kets (Kitáb-i-Aqdas note 169). ing them. Although it might be useful > Although there are some specific to prepare the ground intellectually > teachings of the Bahá’í Faith, such as for reforms, most have little prospect > those mentioned above, that could be of being implemented any time soon. > considered economic in nature, there In this context, the emphasis placed > is no economic system per se envis- at this time by the Universal House > aged in the writings of the Faith. In of Justice on individual and commu- > a letter written on his behalf, Shoghi nity action is most interesting. As > Effendi states: they explain in their message to the > Bahá’ís of the world dated 1 March > There are practically no technical 2017, “The aim is to learn about how > teachings on economics in the to participate in the material affairs > Cause, such as banking, the price of society in a way that is consistent > system, and others. The Cause with the divine precepts and how, in > is not an economic system, nor practical terms, collective prosperity > can its Founders be considered can be advanced through justice and > as having been technical econo- generosity, collaboration and mutual > mists. The contribution of the assistance.” > Faith to this subject is essentially There is much work to be done to > indirect, as it consists in the ap- better understand how this process > plication of spiritual principles might unfold. > to our present-day economic > New Directions for Economics 49 > > PROMISING NEW DIRECTIONS at the London School of Economics, > has contributed to this field through > Let us now turn to some specific areas high-profile empirical research con- > that are currently the subject of in- firming a theory that people may > tense policy debate because the short- voluntarily choose to limit their own > comings of the present system are options—for example, through a bank > becoming apparent, areas where in- savings product that would restrict > novations, experimentation, insights, their withdrawals until they reached > and research, informed by Bahá’í prin- a given level—contradicting a basic > ciples, might be particularly fruitful. premise of neoclassical economics > that people know what they want and > NEW PERSPECTIVES ON HUMAN that choice is always better.11 > NATURE Ashraf has more recently been do- > ing pioneering work in her study of > As mentioned above, the foundations altruistic behavior, confirming a view > of modern macroeconomics have of human behavior in line with Bahá’í > been increasingly called into question, principles but startlingly different > leading to more attention being paid from the one traditionally assumed > to microeconomics, or the study of in the economics profession. She has > the behavior of individuals and firms, shown that altruism not only is im- > and in particular to drawing conclu- portant, but can be a greater motiva- > sions from observing actual behav- tion than monetary reward (Ashraf, > ior. Important work has been done Bandiera, and Jack). While economists > in many areas, such as game theory in recent years have extended the idea > and bargaining, limited information, > and agency theory, that challenges the 11 See in particular “Tying Odysseus > restrictive assumptions of the neo- to the Mast: Evidence from a Commit- > classical models of human behavior. ment Savings Product in the Philippines.” > This shift in emphasis has moved what Behavioral economics is now perhaps > is now called behavioral economics to most famous for the idea that people can > center stage, with four Nobel Prizes be encouraged to make choices that are > in the past 15 years being awarded better for themselves and/or society by > to pioneers and contributors to this adjusting the way choices are presented to > field.10 Nava Ashraf, a young Bahá’í them, e.g., by making the default option in > behavioral economist previously at their paycheck involve putting part of it > the Harvard Business School and now into a savings plan, rather than requiring > them to opt for such an option. This idea > 10 These Nobel Prize winners include was popularized in Richard Thaler and > Daniel Kahneman (a psychologist) and Cass Sunstein’s 2008 book, Nudge: Im- > Vernon Smith in 2002, Robert Shiller in proving Decisions About Health, Wealth, > 2013, and Richard Thaler in 2017. and Happiness. > 50 The Journal of Bahá’í Studies 28.1-2 2018 > > of human preferences to include vari- alongside GDP and economic growth, > ous aspects of altruism, fairness, and and there is even an OECD Better > values, these preferences have been as- Life Index, the difficulty of defining > sumed to be fixed in line with the neo- and measuring happiness has proven > classical model of behavior. Ashraf an obstacle, and little practical prog- > has now introduced the notion, in a ress has been made. This field appears > formal model, that altruism can be de- ripe for further investigation, perhaps > veloped, which, from the perspective drawing on data from the experience > of ethics and moral philosophy and of Bahá’í communities. > of the Bahá’í teachings, is, in fact, of > central importance (Ashraf and Ban- THE ELIMINATION OF PREJUDICE > diera 70–75). Her work is an excellent AND THE RECOGNITION OF GENDER > example of how someone approaching EQUALITY > a field of study with a different per- > spective can see a different reality and Prejudices of all kinds that divide > cast new light on important issues. society into distinct groups and treat > Related to the concept of altru- different groups unequally are the > ism is the Bahá’í principle mentioned antithesis of the Bahá’í principle of > above that the purpose of human life the oneness of humankind. So too > is “service and virtue,” and that happi- are barriers to the full participation > ness and fulfillment lie not in material by women in both economic activity > possessions and pursuing self-interest and in social structures the antithesis > but in service to others and leading a of the Faith’s teaching that women > meaningful life. The new field of “hap- and men are equal in the sight of > piness economics” addresses ques- God. Despite the progress that has > tions of this nature, such as whether been made in recent decades, perni- > wealth increases happiness and what cious prejudices are still rampant in > other factors might produce happi- the world and not only perpetrate in- > ness and a sense of well-being. In his justices, but also impede the general > 2005 book Happiness surveying the progress of humanity. Bahá’ís, with > subject, Richard Layard emphasizes their vision of a society characterized > man’s social nature—that happiness by unity in diversity (Shoghi Effendi, > comes from social connections such World Order 41–42), should be trail- > as friendship and marriage—and also blazers, as individuals and in their > observes that “happiness depends on communities, in demonstrating how > your inner life as much as on your out- divisions can be overcome and unity > er circumstances,” on “feel[ing] more firmly established. This is the essence > for others” and on our “inner strength of the community-building projects > of character” (230). While there has in which Bahá’ís and their collabo- > been some effort to make happiness an rators are engaged and which surely > official objective of government policy will yield lessons for the path toward > New Directions for Economics 51 > > the economic prosperity and social Of course, this seems highly unlikely > progress of humankind. to happen any time soon. There is also > the issue of whether the resources thus > INEQUALITY raised would be effectively used to al- > leviate poverty. Redistribution schemes > Economic inequality, and in particular and foreign aid have a poor record of > the startling increase in affluence of actually promoting equality or de- > the very rich at the expense of the mid- velopment. Many social programs in > dle classes in recent years, has moved wealthy countries, although well-inten- > center stage in political and economic tioned, have been found to perpetuate > debate in many Western countries. Ox- poverty or to have other negative social > fam announced during the 2017 World effects, and foreign aid programs have > Economic Forum that their research been widely criticized as both ill-con- > showed that eight individuals owned ceived and supportive of corruption in > as much wealth as the poorer half of recipient countries. > mankind (“Just 8 men”). Although one With regard to the question of how > can question their methodology, the best to provide support for the poor > overall picture is of profound concern. and needy, an option that is being in- > French economist Thomas Piketty, af- creasingly discussed is the idea of a > ter fifteen years of research, published universal basic or minimum level of fi- > his long academic study Capital in the nancial support for all citizens. Because > Twenty-First Century in 2014, and it of the difficulty of targeting income > reached number one on the New York maintenance schemes only to those > Times best seller list for hardcover non- truly in need, and without undermin- > fiction, reportedly selling over 2.5 mil- ing incentives to seek gainful employ- > lion copies and presumably breaking ment, the universal basic income would > records for the sale of any 700-page ac- simply be given to all citizens. It was > ademic tome (“Hardcover Nonfiction”; put to a public vote in Switzerland in > Irvine).12 The rise in inequality is often 2016 (but failed by a large margin), is > mentioned as one of the causes of the being pilot-tested on a limited scale in > loss of public confidence in political a number of places such as Finland and > leadership in some countries, and there Ontario, Canada, and is being promot- > has been concern that it is leading to ed elsewhere, including by politicians. > greater social instability. However, such schemes do not current- > Piketty’s proposed solution—typical ly appear affordable even in most of the > for an economist—is to impose new richest countries, as compared with tar- > taxes on the rich to promote equality. geted assistance, although the experi- > ments with this approach are worth fol- > 12 Another influential writer on in- lowing (OECD, “Basic Income” 4, 6).13 > equality is Branko Milanovic. See in par- > ticular his book Global Inequality. 13 For a detailed treatment of this > 52 The Journal of Bahá’í Studies 28.1-2 2018 > > All the above approaches to in- In the same vein, the 1 March 2017 > equality are what is often called message of the Universal House of > “top down” rather than “bottom up,” Justice puts the issue in an entirely > i.e., directed from a central author- different light as compared with the > ity rather than springing from the normal view of economists, framing it > grass roots. To succeed, approaches as a moral, and thus personal, impera- > to inequality may need to give much tive and not just a political or econom- > greater weight to building a spirit ic question to be addressed by social > of community at the local level, like institutions or public policy.15 Individ- > the small, intimate “study circles” in uals and small communities motivated > which Bahá’ís of different levels of by a moral standard taught by their re- > experience read the Bahá’í writings ligion can improve their behavior even > together and share their understand- before the political structure or eco- > ings as equals, in sharp contrast to nomic incentives to do so are changed. > the format of sermons, lectures, or As urged by the Universal House of > the use of media typical in other re- Justice, Bahá’ís can attempt to identify > ligions and institutions of learning. local causes of inequality and address > It is noteworthy that an anti-poverty them with the means at their dispos- > scheme incorporating some of these al. In a village setting, such causes > community-based elements, with lo- might include an inequitable irrigation > cal communities identifying those in scheme, health issues such as malaria > need and targeting appropriate assis- or the need for a clinic or clean water, > tance to them, is being implemented lack of access to or the quality of ed- > successfully on a large scale in China ucation, local social divisions such as > (“China’s New Approach”). Indeed, it caste or rivalries between families, or > has been my observation that in many the corruption of local officials. In any > cultures where there is widespread setting, Bahá’ís can just simply show > poverty, anyone doing better than the more personal compassion and care > rest is expected to give support to rel- for those in need, following the life- > atives and friends, whether in the form long example of ‘Abdu’l-Bahá. > of food at traditional feasts or direct A skeptic might say that relying > financial support, as an important el- on people to feel more compassion for > ement of community solidarity and others is just wishful Pollyanna think- > social cohesion.14 ing. For example, in his recent book > subject, see Van Parijs, Philippe and Yan- > Creating Freedom (2016), Raoul Marti- > nick Vanderborght, Basic Income: A Radical > nez presents a fairly standard critique > Proposal for a Free Society and a Sane Econ- > of capitalism and the inequalities and > omy. Harvard UP, 2017. > 14 A Bahá’í PhD student at Cor- 15 See, for example, the passage quot- > nell, Vesall Nourani, is researching this ed above that “there is an inherent moral > phenomenon. dimension” to inequality. > New Directions for Economics 53 > > waste it produces. His main prescrip- and among certain segments of the > tion, at the end, is that people should population, such as young people > be made to realize, when they spend (“Total Unemployment Rate”). In the > on non-necessities, that they are ac- United States, at the time of this writ- > tually wasting resources that could ing, although overall unemployment > be used to save the lives of people in is low, wages are stagnant, many dis- > desperate need. One criticism of the couraged workers have stopped seek- > book is that his exhortation is unlike- ing employment but are not counted > ly to have any practical effect. Having as unemployed, and there are serious > posed a problem, he hasn’t offered a regional problems. > realistic solution. But what he propos- Obviously, prolonged unemploy- > es bears a striking resemblance to the ment can do permanent damage to > Bahá’í law of Huqúqu’lláh mentioned one’s self-esteem and productivity > above—the “profoundly private act of and make reentry into the workforce > conscience that promotes the common increasingly difficult. Those of us > good”—which Bahá’ís are obeying whose grandparents lived through the > with enthusiasm and devotion (Uni- Great Depression of the 1930s heard > versal House of Justice, Ridván > . 1991 many stories of people whose lives > Message). were crushed through a loss of their > sense of self-worth when they became > unemployed. In light of the emphasis > EMPLOYMENT AND TRADE > placed by Bahá’u’lláh on the impor- > tance and value of each individual > The inability to provide adequate em- > making his or her contribution to soci- > ployment to those willing to work is > ety, Bahá’ís would give high priority to > a major failing of modern capitalism > finding solutions to this issue. > and an issue underlying much of the > Americans, especially, like to refer > anger currently being expressed in > to their “free enterprise system,” but > politics. Unemployment, along with > one never hears about a “free work- > the corollaries of wage levels and job > er system.” The current economic > security, is a critical issue in the world, > and political system of “free market” > especially as it tends to be concentrat- > countries encourages and supports > ed in areas of economic decline and > business, which in turn is expected > among disadvantaged populations and > to provide jobs, but only in that or- > rises abruptly when there are econom- > der, and with the jobs being a resid- > ic or financial crises. In the euro area, > ual and an indirect result after other > for example, overall unemployment > policies are implemented. Although in > reached 12 percent in 2013 and was > theory a group of unemployed work- > still 10 percent in 2016, with much > ers could hire a capitalist to employ > higher rates in some countries (Greece > them, this never happens in practice > at 24 percent and Spain at 20 percent) > (although there are other models such > 54 The Journal of Bahá’í Studies 28.1-2 2018 > > as cooperatives and worker-owned with its consequences is called for. > businesses that have a mixed record Although protectionism is not the > but are worthy of study). While in answer, ways need to be found to im- > principle anyone in America can start prove the resilience of industries that > a business, and new, small business- are subject to competition, whether > es are a very dynamic portion of the foreign or domestic, or to find alter- > economy, to start a business one needs native employment for those who find > both know-how and access to capital, themselves displaced. The concern > which excludes a very large part of now is not only with manufacturing > the total population. jobs, but also white-collar jobs that ap- > The solution to unemployment is pear in danger from developments in > not protectionism—the raising of artificial intelligence and other infor- > barriers to trade to “protect” domes- mation processing technologies. How- > tic industries and jobs. Protectionism ever, if we step back from thinking > engenders retaliation by trading part- only in terms of the present economic > ners and can lead to a trade war, dam- structure, we can see that the world > aging all countries involved. It also is far from having run out of things > effectively freezes the status quo, lead- that need to be done to improve our > ing to complacency in protected in- lives and our environment. Whether > dustries and killing the dynamism of caring better for the elderly and the > an economy. On the other hand, free sick, beautifying our cities and our > trade can increase inequality. While homes, enjoying more live music and > there may be significant economic drama, reading more creative writing, > gains from trade, the way those gains reversing the degradation of nature, > are divided is subject to negotiation, improving and extending education, > and the stronger partner is likely to or other vistas opening before human- > capture the larger share. Also, while ity that we cannot now even imagine, > proponents of free trade argue that there should be an infinite amount of > the gains are big enough to compen- productive work for humanity. > sate those who lose, it is challenging The problem, then, originates in > to find appropriate ways to effect such the economic structure, in the difficul- > compensation. Because many of the ty of finding ways to pay people for > long-term unemployed are likely to be new types of work. It has been pro- > poor as a result of their joblessness, posed that government programs be > some of the practical considerations established that would provide work > relating to addressing inequality also when the private sector fails to ade- > apply to trade policy. Thus, while pro- quately fill this need, like the Works > tectionism is a crude tool applied, and Progress Administration (WPA) pro- > often misused, in a world of sovereign gram in the United States during the > nation states, a fairer structure for reg- depression of the 1930s (Tanden et > ulating international trade and dealing al.). But a more effective, or perhaps > New Directions for Economics 55 > > complementary, approach could be to countries with weak institutions, gov- > harness and encourage capacity at the ernment regulations and corruption > local level for social compassion and go hand in hand, and dealing with > support, as mentioned above, through officials is the greatest challenge an > personal interaction with each in- entrepreneur faces. It can be very hard > dividual leading to a knowledge of for a small business to survive when > their needs and abilities, which likely competitors who pay bribes or use in- > would include questions of education, side connections enjoy overwhelming > training, and health care. The lack of advantages. Principled entrepreneurs > such compassion can often be traced in such an environment may simply > to prejudices of all kinds, including have to give up that line of work and > class, race, and gender; to biases in move to something else that may be > the education system and in hiring less remunerative but can help to bet- > practices; and to a legal and economic ter align their working life and their > system that favors and extols the rich values. > and powerful. Perhaps a greater sense When someone is starting a new > of compassion in communities and a business or is working in a very small > breaking down of the barriers created business, it is important to think clear- > by prejudice will motivate people at ly about objectives, priorities, and in- > the local level, on their own initiative, centives. Fortunately, the current legal > to find ways to employ the needy. In structure in most countries allows > this way, the needy could contribute for many types of business entities, > something valuable to the community, including corporations of different > as opposed to simply receiving charity, sizes, family-owned businesses (the > and community solidarity would be predominant business form in many > enhanced. countries), cooperatives, and sole pro- > prietorships, with a lot of flexibility in > THE ORGANIZATION OF BUSINESS internal organization. And there is al- > ENTITIES ready a great deal of experimentation > specifically aiming to address the needs > For businesses attempting to behave of all stakeholders, including workers, > ethically, it is difficult to know how customers, and the broader society, as > to balance social and moral objectives well as managers and investors, in the > with the profit motive. At a personal field called social entrepreneurship, a > level, an individual can try to choose a field in which Professor Ashraf is ac- > profession that maximizes social wel- tive.16 But these experiments are still > fare and minimizes conflict with his > or her values. But in societies that are 16 One of her roles at the Lon- > don School of Economics is serving > riddled with corruption and perverse as research director of the Marshall > incentives, it can be very hard to avoid Institute for Philanthropy and Social > difficult moral choices. In the many Entrepreneurship. > 56 The Journal of Bahá’í Studies 28.1-2 2018 > > limited, with social and environmental accord with the vision of the Univer- > impact objectives being mostly a mat- sal House of Justice in its 1 March > ter of public relations and spin rather 2017 message regarding innovation at > than true aims of corporate policy. the working level. There is certainly > The behavior of large and finan- plenty of scope for experimentation > cially powerful enterprises is another in the way businesses are run, and > central issue in many countries. The there is also a clear role for academic > culture that primarily values profit researchers to study different models > and outsmarting competitors can lead using rigorous methods as part of the > organizations into behavior that is ex- learning process. > tremely damaging to society and even > illegal. Witness the recent scandals THE ORGANIZATION OF PUBLIC > over emissions produced by Volkswa- SERVICE AND THE SIZE OF THE PUBLIC > gen automobiles. The general culture SECTOR > is likewise greatly affected by the re- > sultant emphasis on overconsumption, Governments are a very large part > outward appearances, and a superfi- of modern economies. There is a > cial, materialistic view of life. Individ- never-ending political battle over > ual workers or managers in such en- the proper size and scope of govern- > terprises have to deal with an internal ment and the taxes that support it. > culture as well as an external environ- The private sector is subject to many > ment that might not accord with their shortcomings, prompting the need for > values. Even the most well-meaning regulation, but the public sector suf- > people are affected by the culture and fers from its own afflictions, primarily > incentive structure in which they find those of perverse incentives. So one > themselves and can face difficult moral aspect of the policy challenge is how > challenges. to make public service entities work > So the question is, how do we better. > change this type of business behavior? In a bureaucracy, to protect and > A Bahá’í-inspired organization called expand one’s domain it is usually nec- > ebbf (ethical business building the fu- essary to spend all of one’s budgeted > ture) has been serving for twenty-sev- resources and find justifications for an > en years as a forum and organizer of increase in the next budget cycle. If > conferences for businesspeople and one’s budget is under threat, a com- > anyone interested in ethical business mon tactic is to cut or threaten to cut > practices, helping to meet a need for the most visible and important activi- > the exchange of ideas, best practic- ty. A true effort to eliminate waste and > es, and moral support.17 It seems to improve efficiency is rarely rewarded. > Innovation is almost absent. Armies, > 17 For more information, visit their schools, police and fire departments, > website at http://ebbf.org/. and so forth operate now more or less > New Directions for Economics 57 > > as they did a century ago. How, then, and dense, with so many cross refer- > do we create incentives within large ences, sometimes circular, that it can > bureaucracies to improve performance be difficult to discern the intent even > while minimizing costs? How do we after careful study. Although it is an > introduce a more consultative and attempt to produce a just system based > service-oriented culture? How can on clear rules, it ends up becoming an > organizations, and indeed whole soci- enormously expensive, time-consum- > eties, bring about moral and altruistic ing disaster. And that is just the US > behavior? federal government. There are also > In Western countries it is wide- state and local codes. For example, the > ly believed that the rule of law, with California code covering general edu- > appropriate institutions (police and cation (public schools) has more than > courts), are a chief source of motiva- 8,800 articles, some of which are quite > tion for citizens to behave well. It is lengthy and contain numerous subsec- > also recognized that a “capitalist” sys- tions. The situation is so extreme that > tem based on the incentives of profit is has become absurd. > and personal enrichment produces Perhaps the solution to this central > many “negative externalities” (neg- dilemma of economic policy—how to > ative effects on others and society), achieve economic justice through fair > and that such tendencies need to be and enforceable rules—is to look at > curbed through laws and regulations the problem from a different perspec- > imposed by the government. In reality, tive. As mentioned above, instead of > however, laws and regulations and the assuming that individuals are mainly > institutions that enforce them can only motivated by self-interest and greed > affect marginal behavior, i.e., the most that needs to be constrained, greater > extreme cases of deviation, while the reliance needs to be placed on the mor- > behavior of the general population al development of the individual and > is guided more by unwritten cultural the moral standards of society. It is > norms. Furthermore, people are clev- here that Bahá’ís and those who sym- > er in finding ways around laws and pathize with Bahá’í principles must in- > regulations. A modern economy is creasingly demonstrate the power of > complex and changing, and the chal- individual commitment to moral be- > lenges of responding to problems havior, while eschewing the religiosity, > as they arise through new laws and closed-mindedness, and sense of supe- > regulations means they proliferate, riority that many people find so objec- > eventually strangling economic activ- tionable in the attitudes of organized > ity and innovation. The US domestic religions. In organizations as well as in > tax code (Title 26), for example, con- society as a whole, this approach may > tains 100 chapters and almost 10,000 entail having fewer meaningless rules > sections, each having up to four layers and regulations and relying more on a > of subsections. It is so poorly written common sense of what is decent and > 58 The Journal of Bahá’í Studies 28.1-2 2018 > > moral behavior. How such an approach argue that the contribution of the > can be implemented in practice, how- financial sector to the welfare and > ever, is probably a question of learning productivity of the US economy actu- > from experimentation, much the same ally warrants over one-quarter of all > process as innovation in businesses. domestic corporate profits. It is quite > clear that the sector is still capturing > THE FINANCIAL SYSTEM extraordinary benefits because of its > position of power and access to infor- > The financial crisis of 2007–08 mation, often by blatant exploitation > demonstrated that problems with the and even corruption (Kotlikoff 1–122). > financial system can be extremely As a result of the crisis, some econo- > costly and damaging. The average em- mists and former bankers have spoken > ployment rate of developed countries out about the need for a fundamental > only recovered to the pre-crisis level rethinking of the structure of modern > nine years later (OECD, OECD Em- banking and finance, among them for- > ployment 22), prompting political back- mer governor of the Bank of England > lash and efforts to make the financial Mervyn King.18 Perhaps most inter- > system more stable through increased estingly, a proposal known as the Chi- > regulation and higher capital require- cago Plan, first made in the 1930s and > ments. However, heaping more regu- supported by the famous Yale econo- > lations on an already highly regulated mist Irving Fisher, has been revived. > sector brings costs with it, and highly Rather than allowing banks to create > paid, highly incentivized bankers and money whenever they make a loan, > their lawyers continue to find ways to subject only to general restrictions on > avoid or exploit regulations and max- their level of capital and reserves, the > imize their profits. In this regard, it plan proposes that only the govern- > is instructive to look at the outsized ment be allowed to create money and > proportion of total corporate profits that banks be restricted to managing > in America earned by financial sector it. This idea, which comes in differ- > companies. In the 1970s and 1980s ent flavors and is now often referred > they earned on average 17 percent of to as “narrow banking,” “full-reserve > all domestic corporate profits. The fig- banking,” “100% reserve banking,” or > ure jumped by 10 percentage points in “limited purpose banking” has been > 2001 and reached over 37 percent in supported and elaborated recently by > 2002. Even after the financial crisis of a number of respected economists19 > 2007–08 and the scaling back of some > of the speculative and exploitative ac- 18 See King’s book The End of Alchemy. > tivity in the sector, the industry still 19 See, for example, John Kay’s arti- > captured 27 percent of all corporate cle “Should We Have ‘Narrow Banking’?” > profits in 2016 (US Bureau of Eco- and his book Other People’s Money; Lau- > nomic Analysis). Few could seriously rence Kotlikoff ’s Jimmy Stewart Is Dead; > New Directions for Economics 59 > > and other writers (Jackson and Dyson) the classic example in economics of > and in an IMF working paper (Benes negative externalities. The usual pre- > and Kumhof). One virtue of such a scription is government regulation, > system is that it would eliminate the although, as noted above, the actual > largest source of instability in the implementation of regulations can be > current financial system by reducing highly problematic, and in this arena > or eliminating financial risk-taking by there are large and continuing polit- > government-backed financial institu- ical battles. But pollution, or simply > tions (which leads to “moral hazard” trash or lack of maintenance, can > or excessive risk-taking) and forcing be an important local issue as well, > investors to accept such risk directly. amenable to local solutions. Progress > The fact that Bahá’u’lláh has permit- in reversing environmental degrada- > ted the charging of interest does not tion may also depend in large part > necessarily imply that the government on education, increasing the public’s > should assume a major part of the risk awareness of the nature of the prob- > in the banking system, as is currently lem. In this context, it is notewor- > the case. Because the ups and downs thy that Bahá’í junior youth groups > in finance generally benefit “insiders” in different parts of the world often > who can make fortunes at the expense choose, on their own initiative, a local > of the general public, greater financial cleanup, park beautification, or gar- > stability would also reduce the inequi- dening project as a first service proj- > ties in the present system and would ect. The benefits can often far exceed > likely encourage capital to flow into the stated goal of the project itself > more productive and less speculative or the education of the youth, as the > investments. This is a topic that could community sees the interest of the > benefit from further study. young people in improving their sur- > roundings and begins to question its > NATURAL RESOURCES AND own indifference and inaction. When > PROTECTING THE ENVIRONMENT a junior youth gardening project in a > blighted neighborhood of Baltimore > Protecting the natural environment was mowed over by a city worker, > and enhancing the manmade envi- the youth involved turned to social > ronment are natural priorities for media to publicize the incident and > a community that emphasizes the soon the local television station was > common good. Environmental pol- on location filming, resulting in the > lution, often caused by actions that deputy mayor helping to replant the > might benefit one individual or com- garden amid more publicity for this > pany but negatively affect society, is public-spirited initiative by the youth > (Sobhani). In this process, the youth > and Adair Turner’s Between Debt and the also develop an important capacity for > Devil. positive social action. > 60 The Journal of Bahá’í Studies 28.1-2 2018 > > Of course, although drawing the When moral consensus in society > attention of youth to environmental breaks down, corruption flourishes. > problems and encouraging them to Corruption requires access to power. > take action, however modest, is an im- The corrupt are therefore in a position > portant educational step and may have to protect themselves very effectively > broader impacts, social structures that and can only be constrained when a > lead to the despoiling of the environ- broad social movement arises in oppo- > ment are often linked to the exploita- sition, such as the non-violent move- > tion of populations, not just of natural ment spearheaded by Gandhi in India > resources, and thus are related to the and the many color movements that > issues of prejudice, class divisions, and started with Solidarity in Poland. > inequality discussed above. Thus, although studying tech- > niques for curbing corruption is use- > CORRUPTION ful, the broad political will to actually > stop corruption will only arise when > Corruption, broadly defined to in- populations can rally around a moral > clude privilege, injustice, exploitation, consensus, a “shared ethic” (UHJ, Mes- > and organized crime, is arguably the sage to the Bahá’ís of the World dat- > most important economic and politi- ed 1 March 2017). For Bahá’ís, then, > cal problem of our time. In Western the priority is to work on awakening > countries, public trust in institutions and developing the moral conscious- > of all kinds regularly hits new lows. ness of the population, and this effort > For example, in recent Gallup polls is most effective when starting with > only 8 percent of Americans rate children and youth. Individuals can > congressmen as highly ethical, below also lead by example. As the standards > 9 percent for car salesmen (“Hones- in public service decline, the need for > ty/Ethics”). And President Barack people who establish a reputation for > Obama, in his first State of the Union competence, integrity, and dedication > address, declared: “We face a deficit of to service increases, and their example > trust.” Economists can argue about can help raise the expectations of the > the relative merits of different eco- public regarding the qualities required > nomic systems such as capitalism and for such service. As always, actions > socialism, but the reality, as we can see speak louder than words. > plainly in the world, is that any system The impact of dishonesty and > can be more or less corrupted, and the selfishness on economic prosperity is > degree to which it is—more than any particularly pernicious, as can be seen > other variable—explains success mea- in the growing reaction against cor- > sured in terms of the general welfare ruption worldwide. Whether or not > of the population. Corruption has thus corruption is actually getting worse, > moved to the center stage in much of however, is an interesting question, > the political struggle of our time. given that human beings have been > New Directions for Economics 61 > > exploiting their fellow man at least to publish, but it also likely reflects > as long as recorded history. It may be financial and other incentives to pro- > that it has merely become more visible duce the results desired by interested > and harder to hide as technology has parties, as well as the general decline > greatly enhanced the general public’s in moral standards in society. Such an > access to information and increased erosion of ethics strikes at the heart > the ease of and incentives for leaks of a process of discovery of the truth > of confidential information. The re- that has been central to the leap in hu- > action to corruption may also reflect man welfare in modern history. > a declining public tolerance for such An extreme, but instructive, exam- > behavior and a stricter enforcement of ple of the forces at work is the case > laws against criminal behavior, mon- of David Kelly, a Bahá’í scientist and > ey laundering, theft, embezzlement, authority on biological warfare who > blackmail, illegal resource exploita- was asked by the British government > tion, etc., with the resultant height- to investigate the existence of weap- > ened publicity of such wrongdoing, ons of mass destruction in Iraq in > giving an appearance of an increase 2003, when this was a high-profile > in the underlying activity. In any case, political issue. He reported honestly > it is encouraging that the public is be- that he found none, but his findings > coming more aware and less tolerant were in direct contradiction to a public > of corruption, raising hope that this statement on the subject by the Brit- > central problem of modern gover- ish prime minister and were ignored, > nance will be increasingly addressed. although later proven correct (“Dr > David Kelly”; Gilligan). Other exam- > INTEGRITY IN SCIENCE AND PUBLIC ples of the overwhelming influence of > DISCOURSE vested interests, from industry and the > field of nutrition and public health, are > Corruption in the broad sense is also recounted by Dr. T. Colin Campbell (in > eroding the foundations of public dis- part 4 of The China Study) and Gary > course and scientific endeavor. Scien- Taubes (in The Case Against Sugar). > tific method involves the publication More recently, concern is rising > of experimental results so that they that public discourse is being corrupt- > can either be confirmed or rejected ed by political propaganda, including > by the scientific community. Unfortu- “fake news” and “alternative facts,” > nately, the number of scientific papers and undermined by a tendency in the > published in the leading journals that Internet age for people to listen only > cannot ultimately be confirmed by to opinions and news that they want > other scientists is creating “growing to hear. > alarm” (“Challenges”; Baker; Nosek In economics, there has already been > et al.). Presumably, this trend part- a welcome move to publish the datasets > ly reflects the pressure on scientists underlying studies and publications, > 62 The Journal of Bahá’í Studies 28.1-2 2018 > > leading to useful debates—for exam- than those favored at present, even > ple, debates about Piketty’s method- assuming that social structures can be > ology and whether his conclusions transformed over time by the positive > are justified. However, we should not influence of a new religious revelation > underestimate the difficulties that an and by the destructive breakdown in > economist may face if he or she chal- the present order that, in the words of > lenges the accepted wisdom of the the Shoghi Effendi, “welds the limbs of > field or of public policy or threatens humanity into one single organism, in- > vested interests. Those approaching divisible, purified, God-conscious and > economics from a Bahá’í perspective divinely directed” (Messages 45). It is > will need to rise to the challenge of also challenging to visualize how no- > trying to harmonize their work with ble spiritual principles can be applied > high principles of integrity, honesty, through the actions of individuals and > and an unbiased perspective. communities in the context of today’s > fractured, disoriented societies. But the > CONCLUSION Universal House of Justice is now call- > ing upon Bahá’ís to increasingly face > The principle of the unity of man- this challenge of making their actions > kind has far-reaching implications. It coherent with their principles. This ar- > encompasses the need to break down ticle has been a reflection on what form > the barriers between groups of people, such efforts might take and on the pos- > including between intellectuals and the sible relationship between the academ- > general public, and to involve everyone ic field of economics and the actions > in the process of knowledge creation of individuals and communities within > and social and economic development, the circumstances in which they find > empowering people to become the pro- themselves. > tagonists in their own development When examining some of the ar- > within a social context characterized eas of current debate and concern > by reciprocity and mutual support. A about the functioning of the economic > view of God’s creation as one whole systems of the world, it becomes ap- > also implies the breaking down of parent that the Bahá’í teachings have > barriers between fields of study. It im- a great deal to contribute on these > plies viewing human society as a single subjects, opening up the potential > system, one which we choose to view for useful contributions both by pro- > and study from different perspectives, fessional economists inspired by the > while becoming increasingly aware of Bahá’í teachings and by individuals > the interrelationships within the whole. and communities generating knowl- > It presents enormous intellectual chal- edge about how spiritual principles can > lenges but also great opportunities. be applied to economic life. Indeed, one > It can be difficult to conceive of a so- could conclude that from the point of > ciety based on very different principles view of the Bahá’í teachings, much of > New Directions for Economics 63 > > the present field of economics needs life situations, with integrity and a > to be rethought. 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