On Prosperity: The Baha'i Alternative

"Much of modern welfare economics is oriented towards the utilitarian view of prosperity, a view that has dominated the foundation of neoclassical economic theory and debates of moral philosophy.... From a utilitarian perspective, the individual...is assumed to have unlimited wants and acts selfishly to satisfy these wants.... The self-interest motivation behind human action is the operating assumption that is supposed to ensure everyone's well-being.... [T]he moral and ethical considerations that can be exercised by customers and producers in the marketplace are left to the two forces of competition and regulation. The Baha´i faith offers a third alternative, which is the role that moral, ethical, and spiritual education plays in promoting and building an environment that continually fosters the maturity of the individual, who becomes less dependent on competition or regulation to monitor his or her behavior and becomes motivated by the concept of service to humanity. Unlike the internal inconsistency of the perfectly competitive model of self-interest, selflessness and cooperation are two aspects of the same concept - unity. The selfless cooperation for the service of the generality of humankind is the guarantor of not only 'being' but, more important, 'well-being'."

Farhad Sabetan, "The Concept of Prosperity"