Indonesian author pens book on equitable economy

JAKARTA

Indonesian economist Arif Budimanta launched a book titled Pancasilanomics, the Way of Justice and Prosperity on Monday.

Through this book, the author aimed to remind the government about Pancasila -- the state philosophy of Indonesia -- and the need to apply it in the country's economic system.

At the book launch in Jakarta, Budimanta said that in Pancasila the economy is more than just numbers.

According to him, economy is a habit of life, the reality of life and the feelings of life.

Budimanta, who also served as The Deputy Chairman of the National Economic and Industrial Committee (KEIN) of Indonesia's government, added that in social life a shared view and consensus is needed.

Budimanta explained that Pancasilanomics is a system of regulating the management of relations between the state and citizens aimed at advancing humanity and civilization and strengthening national unity through joint and mutual cooperation.

"By distributing equitable economic access for all citizens based on ethical values and accountability to God," he added.

He continued saying that Pancasilanomics placed social balance and integration as the ultimate goal, not market balance.

Budimanta said the benefits of Pancasilanomics can be felt if the state fulfills the rights of every citizen to get a job and earn a decent livelihood.

"The point is, our national economic life is actually led by the wisdom of the people so that every citizen can experience justice in their life," he said.

The economist said he believes that if the Pancasila economic system is applied seriously in the life of nationalism and the national economy, then Indonesia can get out of the middle-income trap, the boredom of 5% growth, and inequality.

Speaking at the book launch, former Head of the Pancasila Ideology Development Agency (BPIP) Yudi Latief said this book represents the point of views of the writer who is an economist, and bureaucrats and activists.

“This book confirms that the Pancasila economy is a moral economy for inclusive prosperity,” said Latief.

He noted that Pancasila economic capital is a balance between individualism and socialism and between the physical and spiritual.