Lecture 8

SLIDES PREPARED BY: FARAH WAHEED REG NO:314-FE/MS ECO(2)/F12

UMBREEN ZAHRA REG NO:311-FE/MS ECO(2)/F12

TOPIC OF LECTURE: why Islamic economists are following western concepts whether due to inferiority complex or due to some other reasons?/conflict in Islamic and western methodology

Summary:

Muslim economists are blindly following Western concepts when Islamic concepts are so powerful that they can not be challenged at all. Western theories are true when dead things are considered but not when human beings are considered because they are not robot’s that work according to instructions they have freedom to choose. There is conflict b/w Islamic and western methodology. Islam is in favor of normative economics and western is about positive economics. Islamic point of view is about ideology and western denied from ideology they says that it is meaningless. Western is in favor to pursue the wealth but Islam is not in favor of pursuing the wealth at the extent which we cross our moral values.