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Dialogue on Reform in Mainstream Economics and its Implications for the Islamic Economics Discipline حوار حول الإصلاح في الاقتصاد السائد وانعكاسه على الاقتصاد الإسلامي

Author

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  • Jack Reardon

    (Founding Editor, International Journal of Pluralism and Economics Education Professor, University of Wisconsin-Eau Claire, USA)

Abstract

While the most recent financial crisis highlighted a myriad of problems within mainstream economics, the call for reform has been widespread, long-standing, and deep-seated. This paper reaffirms this call from an historical perspective, with accelerating climate change adding a sense of urgency. Unfortunately, mainstream economics is not capable of self-reformation; instead, it has erected formidable barriers. Not surprisingly, as this paper highlights, little substantive reform has occurred within mainstream economics, while the outside urge to reform continues unabated. This paper calls for pluralism as a compelling and necessary (but not sufficient) intellectual foundation for reform, and concludes by logically pointing to the wisdom of Islamic economics. أبرزت الأزمة المالية العالمية الأخيرة عدداً من التشوهات في الاقتصاد السائد، لذلك كانت الدعوة إلى الإصلاح واسعة النطاق، وطويلة الأمد، وعميقة الجذور. تؤكد هذه الورقة على أهمية إصلاح الاقتصاد من المنظور التاريخي، -حيث كان الاقتصاد في الماضي يتميز بقدر أكبر من التعددية العلمية - مع إضافة آثار التغيرات المناخية على النمو الاقتصادي التي ولدت شعورًا قوياً للرغبة في التغيير. إلا أنه ولسوء الحظ فإن الاقتصاد السائد غير قادر على الإصلاح من تلقاء نفسه؛ حيث إن هناك دعوات لتكريس أحاديَّة الاقتصاد تشكل عقبة في سبيل هذا الاصلاح، وهذا ليس مستغرباً. توضح الورقة أن هناك بعض الإصلاحات الجوهرية البسيطة التي حدثت في الاقتصاد السائد، استجابة للدعوات المستمرة والملحة للإصلاح. كما تدعو الورقة إلى تعددية النظريات الاقتصادية باعتبارها أساسًا فكريًا ضروريًا وإجباريًا - ولكن ليس كافيًا-للإصلاح، وتشير الورقة إلى حكمة وواقعية معالجة الاقتصاد الإسلامي لكثير من المشكلات الاقتصادية السائدة.

Suggested Citation

  • Jack Reardon, 2019. "Dialogue on Reform in Mainstream Economics and its Implications for the Islamic Economics Discipline حوار حول الإصلاح في الاقتصاد السائد وانعكاسه على الاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(2), pages 61-75, January.
  • Handle: RePEc:abd:kauiea:v:32:y:2019:i:2:no:4:p:61-75
    DOI: 10.4197/Islec.32-2.4
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    References listed on IDEAS

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    1. Jonathan B. Wight, 2011. "Ethics and Critical Thinking," Chapters, in: Gail M. Hoyt & KimMarie McGoldrick (ed.), International Handbook on Teaching and Learning Economics, chapter 18, Edward Elgar Publishing.
    2. Ioana Negru, 2009. "Reflections on pluralism in economics," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 1(1/2), pages 7-21.
    3. Abdul Azim Islahi, 2014. "History of Islamic Economic Thought," Books, Edward Elgar Publishing, number 16105.
    4. Ioana Negru, 2017. "Modes of pluralism: critical commentary on roundtable dialogue on pluralism," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 8(2), pages 193-209.
    5. Arne Heise, 2017. "Defining economic pluralism: ethical norm or scientific imperative," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 8(1), pages 18-41.
    6. Sheila Dow, 2009. "History of Thought and Methodology in Pluralist Economics Education," International Review of Economic Education, Economics Network, University of Bristol, vol. 8(2), pages 41-57.
    7. Ioana Negru, 2010. "Plurality to pluralism in economics pedagogy: the role of critical thinking," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 1(3), pages 185-193.
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    Citations

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    Cited by:

    1. Muhammad Anas Zarqa, 2019. "Islamic and Conventional Economics – Dialogue and Ethics الحوار والأخلاق بين الاقتصادَيْـن الإسلامي والتقليدي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(2), pages 125-135, January.
    2. Steve Keen, 2019. "Economics: What to Do About an Unreformable Discipline? الاقتصاد: ماذا نفعل لعلم غير قابل للإصلاح؟," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(2), pages 109-117, January.
    3. Mabid Ali Mohamed Mahmoud Al-Jarhi, 2019. "Islamic Economics: An Agenda for Intellectual and Institutional Reform الاقتصاد الإسلامي: جدول أعمال للإصلاح الفكري والمؤسسي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(2), pages 99-108, January.
    4. Mansor Haji Ibrahim, 2019. "Rethinking Islamic Economics إعادة التفكير في الاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(2), pages 119-124, January.
    5. Asad Zaman, 2019. "Launching a Revolution, based on Islamic Foundations إطلاق ثورة في الاقتصاد، تقوم على القيم الإسلامية," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(2), pages 77-88, January.
    6. Salman Ahmed Shaikh, 2021. "A Review of the Transformative School in Islamic Economics مراجعة للمدرسة التحويلية في الاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 34(2), pages 185-201, July.
    7. Volker Nienhaus, 2019. "The Reform Agenda of Mainstream Economics: Importance, Relevance, and Obstacles for Islamic Economics جدول أعمال إصلاح الفكر الاقتصادي السائد: الأهمية، والملاءمة، والعقبات للاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(2), pages 89-97, January.

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    More about this item

    Keywords

    Pluralism; Economics education; Reform of economics; Pluralism. التعددية ، تعليم الاقتصاد ، إصلاح الاقتصاد;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • A2 - General Economics and Teaching - - Economic Education and Teaching of Economics
    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • Y8 - Miscellaneous Categories - - Related Disciplines

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