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The interrelationship between Islamic epistemological considerations, “IEC”, and resolution of actual economic problems

Listed author(s):
  • Yadollah Dadgar
Registered author(s):

    Purpose - The basic aim behind this paper is to explain disregarding of a paramount point in Islamic economic research and its actual performances. That is the significant relationship between Islamic epistemological considerations (IEC), and its related actual works (both theoretical and empirical ones). Considering this crucial bridge, in the author's opinion, has been neglected. Design/methodology/approach - The paper has been developed, mainly, by using an analytical and descriptive method along with logical reasoning. Applying the Islamic approach along with consistent economic theories (linked with some compatible doctrines of philosophy of science) and using some statistical analysis indicates the basic theoretical and subject scope of the paper. Findings - One finding of this paper is that a considerable number of Islamic economic works do not consider their own epistemological doctrines. Second, paying attention to IEC is helpful for both researchers and the policy makers. Through which, researchers can realize the scientific difficulties much more easily, and explain and predict the behavior of variables more carefully. Some findings of this paper can also help policy makers to resolve their problems through increased confidence. It might also have some policy implications regarding the recent economic crisis. Originality/value - This paper is considered to have its own originality in framework of Islamic literature, for actually there is some kind of dichotomy between that literature and IEC. In addition, this paper does have its own recommendation regarding the recent economic crisis.

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    Article provided by Emerald Group Publishing in its journal Humanomics.

    Volume (Year): 27 (2011)
    Issue (Month): 2 (May)
    Pages: 81-96

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    Handle: RePEc:eme:humpps:v:27:y:2011:i:2:p:81-96
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    1. Hands,D. Wade, 2001. "Reflection without Rules," Cambridge Books, Cambridge University Press, number 9780521497152, November.
    2. El-Gamal,Mahmoud A., 2009. "Islamic Finance," Cambridge Books, Cambridge University Press, number 9780521741262, November.
    3. David Colander, 2007. "Introduction to The Making of an Economist, Redux," Introductory Chapters,in: The Making of an Economist, Redux Princeton University Press.
    4. Machlup, Fritz, 1978. "Methodology of Economics and Other Social Sciences," Elsevier Monographs, Elsevier, edition 1, number 9780124645509 edited by Shell, Karl.
    5. Hausman,Daniel M., 2008. "The Philosophy of Economics," Cambridge Books, Cambridge University Press, number 9780521883504, November.
    6. Hausman,Daniel M., 2008. "The Philosophy of Economics," Cambridge Books, Cambridge University Press, number 9780521709842, November.
    7. Roger E. Backhouse, 1997. "Truth and Progress in Economic Knowledge," Books, Edward Elgar Publishing, number 766.
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