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According to Razi, this describes people who examine every religious proposition (in the widest sense of this term) in the light of their own reason, accepting that which their mind finds to be valid or possible, and rejecting all that does not measure up to the test of reason. In Raz~'s words, the above verse expresses "a praise and commendation of following the evidence supplied by one's reason (hujjat al-'aql), and of reaching one's conclusions in accordance with [the results of] critical examination (nazar) and logical inference (istidlal)." A somewhat similar view is advanced, albeit in simpler terms, by Tabari.
This verse can apply to anything that a person listens to, and it can also apply specifically to the Quran—meaning, for example, those who read verses about retaliation and other verses about forgiveness, then they opt for forgiveness.
The Commentators construe this clause in two alternative ways. (1) If "word" be taken as any word, the clause would mean that good men listen to all that is said and choose the best of it. (2) If "word" be taken to mean Allah's Word, it would mean that they should listen reverently to it, and where permissive and alternative courses are allowed for those who are not strong enough to follow the higher course, those "endued with understanding" should prefer to attempt the higher course of conduct. For example, it is permitted (within limits) to punish those who wrong us, but the nobler course is to repel evil with good (xxiii. 96): we should try to follow the nobler course. I prefer the latter construction: it accords better with my interpretation of the last verse: see n. 4268.