Islam and Scientific Economics : In the Pursuit of a New Paradigm.
Title:
Islam and Scientific Economics : In the Pursuit of a New Paradigm.
Author:
Guerak, Hasan.
ISBN:
9783653047660
Personal Author:
Physical Description:
1 online resource (202 pages)
Series:
Europäisierung des Gewaltmonopols
Contents:
Cover -- Preface -- Table of Contents -- Introduction -- On the State of Knowledge -- On the "Creative" Mental Skills of Man -- On the "New Knowledge" on Economics -- The Content and the Method -- Chapter-1: Revaluation of Islamic Economics-1 Developing Islamic Economic Theories -- Introduction -- Islamic Economic Theories in Retrospect -- Islam and Economic Knowledge -- Influence of Islamic Scholars on Economic Issues -- The difference between Islamic economics and the "Others" -- Islamic economics-reconsidered -- Islamic Economics -- The lack of a scientific dimension -- The Verses of the Koran & the Hadith about "Alternative" Economics -- Concluding Remarks -- Chapter-2: Revaluation of Islamic Economics-2 Western Scientific Economic Theories: Are They A Proper Source of Inspiration for Islamic Economics? -- Some Opinions on Islamic Economics -- The Concept of Islamic economics -- How Does One Proceed? -- Some Features of the Mainstream Theory -- The Nature of the Neoclassical Theories -- Do Assumptions have to be "Utopian"? -- The Historical Dimension -- A Fictitious Case: The State of Equilibrium -- Utility -- Homo Economicus vs. Normal Man -- What is the Attraction of the Neoclassical Theories? -- A Brief Glance at the Past -- "Normative" Neoclassical Theories -- Positive Economics vs. Normative Economics -- On scientific (!) mainstream economics -- Chapter-3: Revaluation of Islamic Economics-3 Islam, Science and the "Absolute Truth" -- Introduction -- The Positive Sciences - Economics & "Absolute Truth" -- "Natural" Sciences and the "Absolute Truth" -- Social Sciences and the "Absolute truth" -- The Islamic Faith and the "Absolute Truth" -- Islamic Economics and the Notion of "Absolute Truth" -- Chapter-4: An Islamic Value & Price Theory: An alternative approach based on mental labor and technological change -- Introduction.
The Hypothesis -- The analysis is "Islamic" because -- Why Price Theory? -- Towards a New Mindset -- A Brief Historical Review -- The Original Sources of Value: Nature and Laborer -- The Labor-power -- "Creative" Mental Labor and Value Generation -- Value Generation - A Simple Model -- Different Qualities of Mental Labor -- Value-Price Relation -- Relative Prices -- Relative Prices in the Service Sector -- Commodity Sector Price Formation -- Transformation of Values into Prices -- A Case of "Barter-Exchange" -- Price Formation in a Monetary Economy -- Production with Multiple Inputs -- A "Given" Product & a "given Production Method" & Profit -- How Influential is Variations in Demand? -- Technological- (Macro-) Productivity Growth & Profit -- A "Given" product but "new" production method and price -- "New" products, price & profit -- Concluding Remarks -- Chapter-5: On the Islamic Theory of Trade -- Introduction -- Developing a New Theory of Trade -- On Western Trade Theories -- Adapting Secular Theories -- Developing an Islamic Trade Theory -- Some Remarks On Global Trade -- Global? or International? -- Global Trade & Competition -- Global Competition & FDIs -- FDIs & Global Intra-Firm trade (IFT) -- Global Trade & the Convergence of Wages & Prices -- Concluding Remarks -- Chapter-6: Islam & Interest From the perspective of an economist -- Introduction -- What is Interest (or Riba)? -- Some Views about Interest -- Interest as referred to in the Koran -- Koranic Verses on Interest (According to their Date of Revelation) -- Sunnahs and the Interest -- Commodity Interest -- Interest According to the "Islamic Encyclopaedia" -- "Other" Views on Interest -- Interest: Reconsidered -- "Surplus" -- 1- "Earned" Income -- 2- "Unearned income" -- Chapter-7: Interest, Surplus, Savings and Rent -- Introduction -- Income of the Financial Firms.
The "Surplus" in the Return of a Loan -- 1- Loans for "Production" and the "Surplus" -- 2- Loans for "Consumption" and the "Surplus" -- 3- Loans for "Basic Consumption" and the "Surplus" -- 4- Loans Borrowed by the State and the "Surplus" -- The "Surplus" on Saving Deposits of Individuals -- Encouraging Productive Investment -- "Hoarding" Money, Capital & Competition -- Rent -- Rent-Interest Dichotomy? -- "Interest" vs. "Profit-sharing" -- Final Remarks on Interest -- Chapter-8: Concluding Remarks -- General Perception -- Final Remarks: Competence -- Bibliography.
Abstract:
In an Islamic society, it is ethics that dominates and determines all behavior, including economic behavior. The Holy Koran emerges as the main source of all economic behavior and practices which are subject to the commands of Allah as stated in the Koran. Since Islam is a universal religion, the Islamic economic paradigm with its scientific Islamic economic theories has to be comprehensive as well as perfect in the sense of fairness, ethical values and fruitfulness. A universal Islamic economic system ought to have universally applicable economic laws acceptable by both, the Muslim and the non-Muslim world - meaning that when the word Islamic is taken out of the equation; it should appeal to all societies and countries equally, regardless of their religious persuasion. The question now is; do Islamic economics offer such scientific economic theories? Surprisingly, there were no such theories at all. In fact, there was not even a theory of interest, the most frequently referred to subject in Islamic economics. This appeared to be a serious omission. The Holy sources may be more than sufficient for Muslims, but what about non-Muslims? Isn't it justified to expect Islamic scientific economic models and theories that are applicable to or able to guide non-Muslims?.
Local Note:
Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2017. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
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