Tag: Business Cycles

Development from Islamic Economics Perspective

In neoclassical growth theories, the emphasis is on increasing savings and technological progress which brings about increase in capital per worker and eventually output per worker. In ‘endogenous growth theory’ models, more sophisticated work has been done by determining the factors which affect the technology, human capital and savings. This article analyzes whether Islamic economic principles have the capacity to help build these elements for sustainable growth and development.

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