The Scope of Tawhidi Islamic Economics (TIE)

The general epistemological methodology of scientific investigation in the comparative perspectives of Occidentalism and Islam that was formalized in Chapters 1 and 2 is now brought forth to establish the nature and scope of Tawhidi Islamic Economics (TIE). The starting point is to note that in comparative methodological perspectives, like all other disciplines of study, economics too has been cast in the framework of its own differentiated specialization (Holton, 1992). Thereby, in the name of disciplinary specialization, mainstream economics has been deprived of its embedded methodological worldview along with the important human elements of concern. These elements are morality, ethics, and the crosscurrents of issues with other disciplines, whether by way of a unique methodology and methodical study, or by way of formalizing economics as a generalized human science (Boulding, 1968). Yet, quite evidently, the various disciplines lack the methodology and the attenuating method to blend morality and ethics with the material forms and considerations regarding the embedding. Thereby, even more damaging has been the fact that no methodical discovery has been attained that can analytically study morality and ethics as neural system studies and thereby draw policies, strategies, and institutional forms that can present a wider field of endogenous learning phenomena (Choudhury, 2014b)…