“Crisis in Islamic Economics: Diagnosis and Prescriptions,” Discussion Paper, Journal of King Abdulaziz University: Islamic Economics, 25: 1 ,(April/May 2012)
SSRN Version: https://ssrn.com/abstract=2725421
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ABSTRACT
There is substantial evidence that the development of the discipline of Islamic Economics is currently in crisis. In this article we argue that the main reason for this is that most Muslim economists have accepted too many of the ideas of Western economists uncritically. The methodological framework, and underlying assumptions are wrong, and in conflict with Islamic views. This conflict has not been recognized, and the attempt to combine contradictory bodies of knowledge has failed. We also present alternative foundations on which a genuine Islamic economic theory could be constructed.
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Response to Comments on Crisis in Islamic Economics - Many comments were made on this discussion paper, and published in JKAU: Islamic Economics journal. This is the response to the comments.
Crisis in IE: Diag & Pres -- 1Drv:Published/Islamics/Crisis - OneDrive Folder with published version and references