Examining the Meta-Principles of Modern Economics and Their Implications for Islamic Banking and Finance
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Yusuf Jha
Abstract:
The foundational principles of modern neoclassical economics,
as of other disciplines of the social sciences, have
been influenced by the overall trajectory of post-enlightenment,
secular, humanistic thought and its epistemological
roots such as rationalism, methodological individualism,
and the assumed supremacy of the scientific method
as a way of evaluating all forms of knowledge. This paper
contends that an Islamic economics and finance bereft of
analyzing and addressing these principles has inadvertently
reinforced the very same problematic structures it
originally intended to replace.
Abstract:
The foundational principles of modern neoclassical economics,
as of other disciplines of the social sciences, have
been influenced by the overall trajectory of post-enlightenment,
secular, humanistic thought and its epistemological
roots such as rationalism, methodological individualism,
and the assumed supremacy of the scientific method
as a way of evaluating all forms of knowledge. This paper
contends that an Islamic economics and finance bereft of
analyzing and addressing these principles has inadvertently
reinforced the very same problematic structures it
originally intended to replace.