Muslim economists have employed the mainstream economics tools to explicate consumption in the Islamic framework. Two of the key limitations of these early works are that they used the Keynesian framework without building micro foundations and they did not model the behaviour in an intertemporal context.
A great number of empirical studies now challenge the position of conceptualising human behaviour only in the framework of a rational, utility-maximizing homo-economicus. Yet, this framework is used for the purpose of simplicity and tractability in situations where abstraction does not result in major loss of focus and information at hand.
Reflections on the Origins in the Post COVID-19 World (Paperback)
ISBN: 978-96923470-0-6 An engaging book to reflect on the origins and the deeper questions of existence and meaning in life in the light of knowledge from science, philosophy and faith as we live through and beyond the COVID-19 world.
$8.00
Islamic Economics Project 