Salman Ahmed Shaikh

We are using up environmental resources beyond regenerative capacity. There is need for responsibility and restraint. Diane Coyle in his book “Economics of Enough” talks about creating a sustainable economy, i.e. having enough to be happy without cheating the future.

UN Sustainable Development Goal 12 talks about responsible consumption and production. FAO reports that one-third of the food produced for human consumption is lost or wasted globally, which amounts to about 1.3 billion tonnes per year.

If something is abundant, it is valued less. Water maybe precious for life. But, its value in exchange will not reflect it because of abundance in current time period. However, this abundance needs to be kept intact so that the future generations also inherit livable planet.

Exchange in market is done by living human beings. If their decision horizon concerns short term self-interest, then their behaviour may not be compatible with what is suitable keeping in view the welfare of society at large and future generations. There is need for self-responsibility and feeling conscious not about self-survival, but survival and well-being of our partners in environment as well, both within our own and other species.  

Exchange in markets by firms is analysed through the solitary lens of profit maximization. Nobel Laureate Milton Friedman regarded profit maximization as not only a self-interested goal, but a social responsibility. However, markets do not incorporate social costs. Prices determined in the market do not reflect negative externality costs. Social value creation or value lost does not feature in price.

Moreover, efficiency loss in massive food waste is not incorporated in microeconomic analysis of market exchange as efficiency is viewed from the narrow perspective of loss in consumer and producer surplus in market exchange. Economics is neutral between two efficient outcomes, one egalitarian and the other where there is zero consumer surplus in first-degree price discrimination under monopoly.

Nobel Laureate Amartya Sen argues for fostering commitment in choice behaviour. Commitment is central to his vision of an alternative to mainstream rational choice theory. But, what can bring commitment?

A natural resource with intrinsic value shall not be compared with receipt of little more fiat currency. Fiat currency does not have intrinsic value. An illuminating, enlightening and informative book cannot be valued just by measuring the cost of printing and binding.

Another important thing to consider is that experiential learning has deep effects. A living experience transfers not only information, but deep emotions. Earth hour is an example of learning and observing restraint, albeit for a very brief period. But, lighting out still does not touch deeply the emotion and state of how is it like to be not eating or drinking. FAO reports that one out of 9 people go to bed hungry. Currently, in Gaza, 2 million people are hungry and face the risk of death at any moment.

Fasting in the full-month of Ramadan every year teaches restraint by experiencing it for a considerable period. An exercise of self-restraint over the whole month affects life style, habits and preferences. It brings humility, discipline, restraint, self-control and social consciousness about issues of hunger and deprivation. It is more powerful to share a state of being for the whole month in restraint than an hour of lighting out. It encourages solidarity and pro-social behaviour.

Fasting also encourages introspection. If one is avoiding food intake and intimacy on Allah’s orders even when alone, then everyone must recognize that he is also not alone at other times of day and night.

Allah is always watching all we do and intend to do. Thus, even when there is no law or binding force to keep us on the right path, we should still choose the right path as our acts are always under the surveillance of Allah.

Fasting also enhances the spirit of sacrifice and giving. This spirit requires self-restraint and looking beyond self. Fasting enhances this restraint and makes a person realize that what is needed for survival is not having plenty of things. Therefore, if Allah has blessed us with plenty of resources than what we need, then we should not forget the share of others in our endowments.