Islamic Approaches to Fundamental Economic Problems

Published With Title Changed Back to: Islam Versus Economics

This Version was edited and somewhat secularized to suit a broader audience. Above title was changed as milder than original version. However, OUP Editors changed title back to original form. Earlier version is targetted only at Muslim audience. (Islam Versus Economics -- available as Islam5.doc below; presented at Riphah Conference“2^nd International Conference” on “Islamic Business and Finance – ICIB-2012” being held on February 28-29, 2012)

Draft of Article for Oxford University Handbook on Islam and the Economy, edited by Kabir Hassan and Mervyn Lewis. To be published in 2013.

ABSTRACT: This paper argues that scarcity is not the fundamental economic problem, but rather distribution is. It also shows that economic growth will not solve our economic problem. Islam offers a radically different perspective on human economic problems and how to solve them. The main difference is that Islam considers human behavior as changeable, and focuses on improving behavior as the key to all positive change.