An overview of waste in the context of Islamic economics and heterodox approaches: on common discourses

Abstract

Purpose This study aims to investigate the viewpoints of heterodox economic thoughts and Islamic economic thought concerning the concept of waste. Additionally, it explores the shared criticisms that both perspectives hold against mainstream economic thought in relation to waste. Design/methodology/approach First of all, the concept of waste is examined and the global effects of waste are investigated. Criticisms directed in the context of waste in mainstream economics in the context of heterodox school thoughts are examined. Likewise, criticisms directed in the context of waste in mainstream economics in the context of Islamic economic thoughts are examined. Finally, the common and different aspects of heterodox and Islamic economic thoughts were discussed, and the common criticisms of mainstream economic thought’s point of view toward waste were examined. This study is a theoretical, qualitative study. Findings Although both ideas have different aspects, heterodox and Islamic economic thoughts believe that the mainstream economy, which is based on capitalism and materialism, creates waste by ignoring the long-term social and environmental consequences of economic activity. They argue that the pursuit of profits and growth, without considering the impact on society and the environment, leads to an inefficient and unsustainable use of resources. Originality/value The best author’s knowledge, by emphasizing the common and different aspects of Islamic economics and heterodox thoughts, this study is the first to examine the concept of waste in the context of the common aspects of these ideas.