Tag Archives: Classical Economics

Limitations of Mainstream Consumer Theory in Economics

Salman Ahmed Shaikh Mathematical tractability has restricted economic analysis of consumer behavior within a confined boundary of certain axioms. Often, these axioms are found to be empirically false. Even more importantly, these axioms and the analytical framework based on them … Continue reading

Rate this:

Posted in Articles on Islamic Economics | Tagged , , , , , , , | Leave a comment

Importance of Worldview in Shaping Economic Choices

Salman Ahmed Shaikh Famine, death from hunger and debt enslavement is the fact of life for the half of the people on earth not because that overall, the societies have scarce resources, but because the distribution of resources is inequitable … Continue reading

Rate this:

Posted in Articles on Islamic Economics | Tagged , , , , , , | Leave a comment

Islamic Economics and Behavioral Studies of Religious Agents

Salman Ahmed Shaikh There are two basic contents of religion, the beliefs and the other is practices. For the belief part, commonly shared history, archeology and science also provides sufficient hints for one to rationally decide and keep the belief … Continue reading

Rate this:

Posted in Articles on Islamic Economics | Tagged , , , , , | Leave a comment

Difference between Islamic Economics and Islamic Law

Salman Ahmed Shaikh Islamic law is derived from holy Quran and teachings of Prophet Muhamad (pbuh). Analogical deduction of specific juristic applications based on core principles is part of Fiqh. But, to be meritorious as a separate field of inquiry, … Continue reading

Rate this:

Posted in Articles on Islamic Economics | Tagged , , , | 3 Comments

Ethics and Economics

Salman Ahmed Shaikh As much as people can be selfish, they can be altruist as well. They have free will and they can be as much responsible as they can be reckless. What we need is a conditioning mechanism that … Continue reading

Rate this:

Posted in Socio-Political Issues | Tagged , , , , | 1 Comment

Scope of Islamic Economics

Salman Ahmed Shaikh For recognition as a distinct field in economic inquiry, any school of economic thought has to have a distinction in methodology, offer positive explanation of an economic phenomenon or propose unique policy suggestions on recurrent and important … Continue reading

Rate this:

Posted in Articles on Islamic Economics | Tagged , , , | Leave a comment

Critical Analysis of Arguments in Favor of Interest

Salman Ahmed Shaikh In this article, we briefly analyze the logical arguments that are usually presented in the defense of interest as a price of money capital in loans. Interest is the price of risk It is not correct to … Continue reading

Rate this:

Posted in Articles on Islamic Economics | Tagged , , , , , , | 1 Comment

Concept of Wealth in Islamic Economics

Omar Javaid Islamic economics enables a Muslim society to achieve certain ends. It is not so difficult to understand that material resources are required in order to achieve the objectives or Maqasid of Shariah namely “preservation and protection” of Deen, … Continue reading

Rate this:

Posted in Articles on Islamic Economics | Tagged , , , , | 2 Comments

Material Progress and Islam

Salman Ahmed Shaikh Scope and objective of ‘Deen-e-Islam’ is to purify our souls and character in all walks of life and in our different roles in this world.  Islamic teachings enable us to shine in life hereafter where every soul … Continue reading

Rate this:

Posted in Articles on Islamic Economics, General Issues About Islam | Tagged , , , | Leave a comment

Some Observations on User Cost of Capital

Salman Ahmed Shaikh Mainstream economics defines physical capital stock as things that are ‘produced means of production’. Examples of physical capital stock include machinery, tools, equipment, buildings, fixtures, infrastructure, installations and production plants, for instance. In a market economy, physical … Continue reading

Rate this:

Posted in Articles on Islamic Economics | Tagged , , , , , , , | 1 Comment