The prior article in the two-part series challenged the traditional view of economics as merely the management of scarce resources, arguing instead that many economic problems stem from human behavior, systemic mismanagement, and ethical failures.
Revisiting Lionel Robbins’ classic definition, the article emphasized that economics is fundamentally about choices in the face of limited means, but questions whether scarcity is truly natural or often artificially constructed through greed, corruption, and policy decisions.
This part addresses how traditional economic models often overlook the moral and ethical dimensions of growth, leading to systemic issues like greed, inequality, and environmental harm.
The moral imperative in economic progress
While traditional economic models emphasize resource scarcity and market dynamics, the root causes of economic challenges often lie in human behavior—particularly greed and moral decay.
The 2008 financial crisis serves as a poignant example, where unchecked greed among financial institutions and consumers led to widespread economic turmoil. This crisis underscores the argument that moral shortcomings, rather than mere resource limitations, can precipitate significant economic disruptions.
Moreover, the competitive nature of modern economies, while claiming to be driving innovation, can also foster unethical practices and environmental degradation. Studies indicate that collaboration, as opposed to cutthroat competition, can lead to more sustainable and equitable outcomes.
So-called “developed” nations, in their pursuit of economic growth, have often contributed disproportionately to environmental harm, highlighting a disconnect between economic advancement and moral responsibility.
To address these issues, it’s imperative to integrate moral and ethical considerations into economic frameworks, fostering a culture where development is aligned with integrity and the collective well-being of society.
Recognizing the moral failures embedded in conventional economic structures paves the way for alternative approaches—ones that prioritize well-being, equity, and sustainability over narrow measures of success.
Embracing a holistic and collaborative economic paradigm
Traditional economic frameworks have long prioritized material indicators such as Gross Domestic Product (GDP), inflation rates, and foreign reserves to assess a nation’s development. However, this narrow focus often overlooks critical aspects of societal well-being, including crime rates, mental health, environmental sustainability, and social cohesion.
Recognizing these limitations, alternative measures like the Human Development Index (HDI), the Better Life Index, and the Genuine Progress Indicator (GPI) have been introduced. These indices aim to provide a more comprehensive view of development by incorporating factors such as health, education, environmental quality, and income distribution.
Moreover, the prevailing emphasis on competition in economic systems has been increasingly scrutinized. While competition can drive innovation, it may also foster greed and lead to the overexploitation of resources.
In contrast, collaborative approaches have shown promise in promoting sustainable and inclusive growth. Regions emphasizing collaboration over competition have better prospects at experiencing more robust economic development and social well-being.
One powerful potential of how these collaborative ideals are being put into practice is seen in Africa’s efforts to build a continent-wide economic bloc, supported by both policy innovations and digital tools.
The African Continental Free Trade Area (AfCFTA) is a landmark initiative by the African Union aimed at creating a single, liberalized market for goods and services across the continent.
Officially launched in January 2021, the AfCFTA is the largest free trade area in the world by number of participating countries, encompassing 54 out of 55 African nations. Its core objectives are to eliminate tariffs on 90% of goods, reduce trade barriers, and boost intra-African trade, which has historically been low compared to other regions.
By promoting regional integration, the agreement also seeks to diversify African economies, foster industrial development, and enhance penetration in global markets.
Beyond trade liberalization, AfCFTA includes protocols on investment, intellectual property rights, competition policy, and digital trade, aiming to establish a comprehensive framework for economic cooperation.
It is expected to lift millions out of poverty, enhance job creation, and support small and medium enterprises (SMEs) by expanding market access.
This shift towards collaboration in Africa aligns with the broader call for a paradigm shift in economics—moving away from Western-centric models towards more inclusive frameworks that value diverse perspectives and prioritize holistic development.
The digital platform supporting the AfCTA initiative
NubianBiz.com is a digital platform that significantly contributes to the realization of the African Continental Free Trade Area (AfCFTA) goals by facilitating intra-African trade and empowering small and medium-sized enterprises (SMEs).
By providing an online marketplace, job board and educational materials tailored to the African context, NubianBiz.com enables businesses across the continent to connect, trade, and expand their reach beyond local markets.
The platform’s emphasis on inclusivity and accessibility aligns with AfCFTA’s objective of creating a single market for goods and services, thereby enhancing economic integration among African nations.
Moreover, NubianBiz.com supports the digital transformation of African economies by offering tools and resources that help businesses adapt to the evolving digital landscape. This includes features such as inventory management, analytics, and mobile-friendly interfaces that cater to the needs of entrepreneurs in both urban and rural areas.
By leveraging technology to overcome traditional barriers to trade, NubianBiz.com not only fosters economic growth but also contributes to the broader goals of sustainable development and poverty reduction envisioned by the AfCFTA.
As these examples illustrate, reimagining economics is not only possible—it is essential. The convergence of moral clarity, digital innovation, and regional cooperation points to a new vision of prosperity
Redefining prosperity through collaboration and innovation
While economics has traditionally focused on the allocation of scarce resources among competing ends, a deeper exploration reveals that many economic challenges stem less from actual scarcity and more from human behavior, institutional flaws, and moral neglect.
By questioning the validity of scarcity as an unchangeable condition, we open the door to more ethical and equitable approaches that prioritize collective well-being over individual gain. The recognition that greed, corruption, and poor governance often create artificial shortages calls for a critical rethinking of economic principles and priorities.
The modern global economy, driven by competition and material gain, must begin to integrate moral and ethical considerations into its frameworks. True progress requires more than just economic growth; it demands fairness, sustainability, and accountability.
The shift towards collaborative and inclusive economic models—especially those that promote regional integration, social cohesion, and environmental responsibility—offers a promising path forward. The African Continental Free Trade Area (AfCFTA) exemplifies this vision, showing how policy can be reimagined to empower nations through cooperation rather than rivalry.
Digital platforms like NubianBiz.com are instrumental in supporting this new economic paradigm. By bridging gaps in market access, providing vital tools for business growth, and fostering an inclusive trade environment, NubianBiz.com reinforces the goals of AfCFTA and demonstrates how technology can serve as a catalyst for sustainable development.
Ultimately, the future of economics lies in embracing a holistic, values-driven approach that champions shared prosperity, ethical conduct, and the long-term health of both people and planet.
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The author is a dynamic entrepreneur and the Founder and Group CEO of Groupe Soleil Vision, made up of Soleil Consults (US), LLC, NubianBiz.com and Soleil Publications. He has an extensive background In Strategy, Management, Entrepreneurship, Premium Audit Advisory, And Web Consulting. With professional experiences spanning both Ghana and the United States, Jules has developed a reputation as a thought leader in fields such as corporate governance, leadership, e-commerce, and customer service. His publications explore a variety of topics, including economics, information technology, marketing and branding, making him a prominent voice in discussions on development and business innovation across Africa. Through NubianBiz.com, he actively champions intra-African trade and technology-driven growth to empower SMEs across the continent.
