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The Humanomic Structure of Islamic Economic Theory

In: Islamic Economic Co-operation

Author

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  • Masudul Alam Choudhury

    (University College of Cape Breton)

Abstract

The development of humanistic political economy has long been steeped in the controversies surrounding normative and positive economics. Positive economics came to be identified with mainstream economics. The wedge between the two schools is seen to be considerable in the works of Lionel Robbins and Milton Friedman.1 Both have argued in favour of economic science being independent of value judgements and ethical values. Friedman emphasised the goal of mainstream economics as being the logistics for greater precision in economic predictions based on the view of the world as it ‘is’, not as it ‘ought’ to be. Robbins on the other hand is the great exponent of the concept of economic rationality as the foundation of positive economics. The idea of economic rationality is well-known to centre around the properties of complete ordering and transitivity of individual or social states.2 In turn this requires that the following conditions be attained: (a) perfect information of the economic universe and full determination of the degree of risk and uncertainty behind economic events; (b) exogenous treatment of ethical considerations in the economic system. Exogeneity here means that economic philosophy under the positive school is by and large independent of value judgements, which are assumed to form outside it and are incapable of affecting the ethical parameters of the social order.

Suggested Citation

  • Masudul Alam Choudhury, 1989. "The Humanomic Structure of Islamic Economic Theory," Palgrave Macmillan Books, in: Islamic Economic Co-operation, chapter 1, pages 1-22, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-09902-3_1
    DOI: 10.1007/978-1-349-09902-3_1
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