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Macroeconomic Relations in the Islamic Economic Order

In: Contributions to Islamic Economic Theory

Author

Listed:
  • Masudul Alam Choudhury

    (University College of Cape Breton)

Abstract

Schumpeter tried to enunciate in his monumental work, that economic science, if it is to be a science, must be bereft of all shades of value judgements. He defined ‘scientific economics’ to mean, ‘the sum total of the historical, statistical and theoretical techniques, together with the results they produce’.1 The impingement of all shades of value judgements was to be considered outside the pale of economic theory, because, as Schumpeter claimed, such judgements leave economic analysis unaffected. Notwithstanding this claim the enunciation could not be sustained in the body of Schumpeter’s work.

Suggested Citation

  • Masudul Alam Choudhury, 1986. "Macroeconomic Relations in the Islamic Economic Order," Palgrave Macmillan Books, in: Contributions to Islamic Economic Theory, chapter 11, pages 166-187, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07728-1_12
    DOI: 10.1007/978-1-349-07728-1_12
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