Islam Versus Economics

“Islam Versus Economics” Chapter 2 in Handbook on Islam and Economic Life, edited by Kabir Hassan and Mervyn Lewis, Edward Elgar Press, (2014 Forthcoming).

Latest versions is attached below: 2.ZamanJulyRev02. This is highly condensed, and omits a lot of material from earlier versions.

A previous version was planned for Oxford Handbook of Islamic Economics & Finance -- This version was called ISLAMIC APPROACHES TO FUNDAMENTAL ECONOMIC PROBLEMS and can be seen by clicking on link

Later, OUP cancelled the contract, and editors found Edward Elgar as a pubisher. They edited the manuscript further and changed title back to Islam Versus Economics. A draft which is pretty close to the version due to be published is available from SSRN: http://ssrn.com/abstract=2301456.

Download paper attached as Islam4.doc at bottom of page

Also available, powerpoint slides for presentation of paper -- also attached at bottom of page.

For related papers see LINK

This paper was presented at Riphah University & IRTI organized conference entitled:

“2nd International Conference” on “Islamic Business and Finance – ICIB-2012” held on February 28-29, 2012.

at NIBAF, Islamabad. Slides for the talk are attached at the bottom of the Page. Paper has been submitted to Islamic Studies Journal of IRI. Riphah version is addressed towards Muslim audience. Later versions allow for secular audiences, and omit the section on the Weighty Message of the Quran.

For Muslims, it is axiomatic that the Quran contains wisdom far beyond the collected strivings of all humankind for knowledge. The Quran itself states that:

10:58 (Asad) Say: "In this [the Quran] bounty of God and in His grace, then, let them [the Muslims] rejoice: it is better than all that they [those who reject God] may amass!"

Our goal in this article is to show that Islamic teachings related to economic affairs contain far greater wisdom than what is currently being taught at vast majority of economics departments in leading universities throughout the world.

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Islam Versus Economics

Dr. Asad Zaman

Contents

1. Introduction. 3

2. Does Growth Remove Scarcity?. 4

2.1 Cross-Sectional Evidence. 4

2.2 Time Series Evidence. 6

2.3 Occupy Wall Street. 7

2.4 Global Inequality and Injustice. 8

2.5 Poverty and Famines. 9

2.6 Wars. 10

3. Why Growth Does Not Remove Scarcity. 11