It provides the necessary religious human capital required...

It provides the necessary religious human capital required for optimal utilization of such natural public goods on which others are dependent as a necessary part of life. Religious human capital is that kind of Human capital which solves for the problems of social welfare which otherwise markets have failed to provide worldwide, both from the supply side and the demand side. Any divine religion such as Islam makes its followers to believe that serving social interest also serves self-interest.

To serve self-interest in the afterlife perspective means that individual has to please Allah through certain ordained actions that include, for example, serving the parents, teachers and neighbors, helping the needy, transferring knowledge to others and restraining from prohibited acts like theft, murder, and cheating etc.

In a truly religious society, a person does not live in social isolation and that his/her personal pleasure/displeasure and the pleasure/displeasure of others are mutually interdependent. In other words utility of one individual depends, among other things, on utility of some other person(s). This leads us to the following proposition. Proposition 1: Among religious people, others' welfare is an argument in their own utility function.

Hence other things held constant, less religious person will serve his/her self-interest in each market in less altruistic manner and a more religious person will serve his/her self-interest in each market in a less selfish manner. Proposition 2: Other things held constant, a more religious person will forego his/her own consumption to give proportionately more donations for enhancing others' consumption, as compared to a less religious person.

Moreover, the effects of a change in commodity prices and wage/income level on the monetary donations will be systematically different between more religious and less religious persons. From the preceding discussion we conclude that it is very much 'economic' to remain social, voluntary actor, donor, honest and just in a society for one's selfish and selfless interests and for economic and non-economic motives.

If the conventional economic man who aims to maximize his/her pecuniary benefits, is replaced by the real man who aims to maximize pecuniary plus other (e.g. social spiritual) benefits, then both individual justice as well as social justice will become integral part of the consumer behavior for their implied economic rationality.