Towards a New Economic Philosophy (The Value Added of Giving More than Receiving)

Abstract

This paper proposes an economic philosophy derived from the main Philosophy of Humanism of all relationships among individuals (the philosophy of the science of human love), as a direct practical application of the philosophy of giving more than receiving. Can the producer achieve high profitability along with high competitive position while offering the consumer good quality product at a reasonable cost? Can the employees of such an enterprise have stable jobs and good income at the same time? The purpose of this paper is to look at how all these goals can be accomplished. The proposed economic philosophy depends on a main notion which is: if the strongest element in the equation or economic relationship, namely the producer or seller, starts to follows the philosophy of human love while dealing with the other party in the relationship, the weakest party, namely the consumer or buyer, then the same philosophy of giving more than receiving could be transmitted by extension to the weakest party. This philosophy may be supported by the growing of shadow banking, where the more the interest rate margin, the more the receiving more than giving and this is why we should rethink about using interest rate margin as a major source of banking profitability. Besides, statistical analysis indicates that corruption tends to be affected by poverty according to a quadratic function, where the minimum point represents the lowest level of corruption. Moreover, the lowest level of each of corruption and poverty may decrease through adopting the philosophy of giving more than receiving.