2012
An Outline and Reading Material for these Lectures are Attached:
Record of Assignments are available at [link]
Record of Grades are available at [link]
Recorded lectures are available at [asadzaman.net]
It should be obvious that if we want to teach and learn Islamic Economics, this must by done by Islamic methods, rather than western ones. In this first lecture, we will review Islamic teachings related to the process of the acquisition of Knowledge. There is no match, parallel, or analog of these teachings in the canons of Western knowledge.
Readings:
LIE01 -- MAIN
Supplementary
CIIE01.doc: Current Issues in Islamic Economics, Lecture 1.
“An Islamic Worldview: An Essential Component of an Islamic Education,” Lahore Journal of Policy Studies Vol. 1 No. 1, p95-106, June 200
Lecture 2: What is Islamic Economics
In this lecture new definition of Islamic Economics has been proposed i.e., “Islamic Economics is the STRUGGLE to implement the orders of Allah in the domain of economic affairs in (Micro) our personal lives, (Meso) our communal lives, and (Macro) in the Ummah as a whole".
Lecture 3: Origins of Western Social Science (IKF10.doc)
“Origins of Western Social Science” Journal of Islamic Economics, Banking and Finance, vol 5, number 2, May-August 2009, p. 9-22
ABSTRACT: On the whole, Muslims have accepted Western claims that both social sciences and physical sciences are equally fact and logic based, and “positive” descriptions of reality. In fact, Western formulations of social sciences hide ethical and social commitments to secular views which conflict the Islamic views. Widespread acceptance by Muslims of these false claims to factuality and objectivity has prevented the development of genuine Islamic alternatives, and has been a serious obstacle to progress in the project of “Islamization of Knowledge”. The goal of this paper is to examine the origins of Western Social Science, and to show how it is based on secular preconceptions antithetical to Islam.
Additional Reading:
“Improving Social Science Education in Pakistan,” Lahore Journal of Policy Studies Vol. 2 No. 1, June 2008.
“Scarcity: East and West,” Journal of Islamic Economics, Banking and Finance, Vol. 6, No. 1, January - March 2010.
Scarcity is considered to be the basis of economics. Yet the Quran states that Allah T’aala provides enough for us, and in abundant quantities. Islamic views on the sources and solutions to the problem of scarcity are dramatically different from western views. This paper seeks to explain the differences.
Modern Economic theory is exclusively concerned with the market economy, and takes this way of structuring society for granted, as a universal of human behavior. This lecture studies the historical emergence of the market economy, and many of its unnatural and harmful features. A key insight is that proper functioning of a market economy requires a market society -- certain ways of thinking and being and socializing. The values of a market society are antithetical to Islamic values, and dominance of these values causes collapse of Islamic societies.
Readings:
“The Rise and Fall of the Market Economy,” to appear in Review of Islamic Economics
Download from: https://sites.google.com/site/azcurrentresearch/home/ecmeth/rise
The Market Economy and Its Limits: Entry in Encyclopedia of Islamic Economics
Download from: https://sites.google.com/site/azcurrentresearch/home/islamicecon/limits
This lecture is the continuity of previous lecture, in this lecture detailed analysis of the essential requirements of the market economy has been discussed i.e., Labor Markets, Market for Land, Money and Financial Markets.
Modern Economic theory is exclusively concerned with the market economy, and takes this way of structuring society for granted, as a universal of human behavior. This lecture studies the historical emergence of the market economy, and many of its unnatural and harmful features. A key insight is that proper functioning of a market economy requires a market society -- certain ways of thinking and being and socializing. The values of a market society are antithetical to Islamic values, and dominance of these values causes collapse of Islamic societies.
Lecture 7: Logical Positivism
In this Lecture we mainly focus on logical positivism, how it emerge, and its effects on West. Because of rejection of religion West have to redefine all such concepts about which religion provide complete answers. Now they have to redefine How did the Universe originate? How did man come in to existence? What will be basis for Morality and Behavior, what will be rules for organizing society and what will be the nature of knowledge. Economic theories are also based on Logical positivism, in this lecture we have factually established that logical positivism is wrong so all economic theories are also naturally wrong, so there is need to start making Economic theory from the ground level as its foundation is also very weak and false.
Lecture 8: Failure of Supply and Demand Model
In this lecture we have discussed how supply and demand theories have been failed in real life with the help of Experimental Evidence.
Lecture 9: Islam Vs Economics
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 lecture 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.
Lecture 10: Development Myths & Facts
In this lecture we have discussed the development paradigms currently under discussion by leaders in the field. Which, if any, are suitable for adoption in Pakistan? One thing common to all six is that they pay no attention to history. Also, they pay no attention to the political environment, which may pose constraints or create opportunities. Also, they are all firmly grounded in the materialistic view that nuts and bolts of plans matter, and human beings and their dreams and visions do not. We should Focus on human beings. The paradigm of the Prophet Mohammad S.A.W. Caring for each other deeply. How Social Capital changes everything. Cooperation, caring, sharing, these are the things which matter. Impossible for economic theory. We have possibilities outside the range of those theories. If we change the conception of government, we can get there. We have to work on becoming fully human beings.
The accumulation and pursuit of wealth has always been considered a bad thing. The Bible states that the love of money is the root of all evil. Through a sequence of historical events, Europeans came to believe that “lack of money is the root of all evil.” This can be called the “great transformation”, and it has affected all of us. Once the pursuit of money become a virtue instead of a vice, only then is it possible to have banks, interest and other paraphernalia of a capitalist society. Several people have analyzed how the pursuit of money became desirable in the west. One analyst is Tawney, whose work we shall study in depth in this lecture. Understanding this is crucial to understanding the spirit behind the financial and ownership structures of a capitalist society. This in turn, is crucial to understanding economic theory.
Just as a market economy functions within a market society, so an Islamic Economy functions within an Islamic Society. To create an Islamic economic system requires the creation of an Islamic society. However, this does not mean that we postpone our efforts to create an Islamic Economy because the society is not Islamic. Rather, the creation of an Islamic Economic system is part of the effort that is needed to create an Islamic Society. How this can be done is the subject of this lecture