Wellbeing Objective Criterion (Maslaha)

Abstract

Contrary to various maximization objective criteria in mainstream and orthodox economics centered in the axioms of economic rationality, the objective criterion of the Tawhidi methodological worldview rests fully on the evolutionary learning process of unity of knowledge. The resulting evolutionary learning world-system in its generality and details cannot logically yield to optimization. Instead, the method of estimation and simulation in repeated processes takes over. These methods are then applied to the Tawhidi objective criterion of wellbeing index to determine the existing level of inter-variables causality and raise better reconstruction based on the ‘as is’ result changing to the ‘as it ought to be’ result. This chapter constructs the formal properties of the wellbeing function in terms of the belief-centered knowledge-induced maslaha objective criterion. The inner properties and abstracto-empirical embedding in the formal evaluation of the maslaha objective criterion are explained. The resulting approach to make policy-analysis, draw inferences, and continue in processes of sustainability over knowledge, space, and time dimensions is set up in a formal way to lay down the empirical details that follow.