Islamization of Knowledge

The Micro-Economics Foundations of Islamic Economics: A Study In Social Economics

  1. Objective of this Paper

The main objective of this paper is to show the relevance of ethical or normative elements in economic theory. The paper builds on the exchange mechanism of economics as the ethical basis of the social order and shows that an ethical economic system must be capable of infinitely reproducing this exchange mechanism in the rational working of the total social system through higher and higher levels of social preferences.

In building up this analytical framework of ethical economics, we study the field of social economics in general and of Islamic economics in particular as a field of social economics. Through this we introduce a re-conceptualization of ethical economics in terms of the fundamental microeconomic building blocks. The premise of the argument therefore is that since the exchange mechanism is the instrument of transmitting ethical preferences, it is the microeconomic foundation that is capable in the first place of building up the ethical economic order as a whole. The ethical macroeconomic system depends upon aggregations at the microeconomic level.

A Critique of Modernist Synthesis in Islamic Thought: Special Reference to Political Economy

Is it the realm of theoretical constructs or positive applications that defines the essence of scientific inquiry? Is there unison between the normative and the positive, between the inductive and deductive contents, between perception and reality, between the micro- and macro-phenomena of reality as technically understood? In short, is there a possibility for unification of knowledge in modernist epistemological comprehension? Is knowledge perceived in conception and application as systemic dichotomy between the purely epistemic (in the metaphysically a priori sense) and the purely ontic (in the purely positivistically a posteriori sense) at all a reflection of reality? Is knowledge possible in such a dichotomy or plurality?

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