TEMPO.CO, Jakarta - President Prabowo Subianto has introduced a new term to criticize those he sees as excessively greedy in the pursuit of profit. He called it serakahnomics.

"We're seeing a new phenomenon. We used to talk about this or that school of thought in economics. Now, we have a new wave that I call serakahnomics," Prabowo said during the closing ceremony of the Indonesian Solidarity Party (PSI) Congress in Solo, Central Java, on Monday, July 21, 2025.

Prabowo reaffirmed his commitment to uphold the Constitution and confront those who continue to engage in corrupt and unethical practices. Despite repeated warnings, he said, some individuals persist in wrongdoing.

"It's unbelievable. No sense of shame. They've been warned many times, yet they continue. It makes me sad. In my view, they're not only irrational. They’re greedy," he added.

He defined serakahnomics as an emerging trend in Indonesia’s political economy characterized by behavior that is irrational, unjust, and unethical. He vowed to take action against those responsible.

"Serakahnomics isn’t found in textbooks or universities. It’s the science of greed. But just wait. The day of reckoning will come," Prabowo warned.

He also criticized dishonest business practices, particularly in the rice trade. According to him, some traders deliberately mix ordinary rice and sell it at premium prices, deceiving the public.

“There are still many dishonest games played by certain businessmen. Ordinary rice is passed off as premium, and they set the prices however they like. This is a serious violation,” he said.

Prabowo has ordered the Attorney General’s Office and the police to take immediate and impartial action. He described the practice as a serious economic crime, citing internal reports on the losses caused by rice price manipulation.

The PSI Congress was held at Muhammadiyah University of Surakarta around 07:00 PM local time. PSI officially reappointed Kaesang Pangarep, the youngest son of former President Joko Widodo, as party chairman on Saturday.

Kaesang secured 65.28 percent of the vote in the e-voting process. Ronald Aristone Sinaga came in second with 22.23 percent, followed by Agus Mulyono Herlambang with 12.49 percent.

Antara and Septia Ryanthie contributed to the writing of this article.

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