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The Formulation of Islamic Economic Model

In: Methodological Dimension of ISLAMIC ECONOMICS

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  • Masudul Alam Choudhury

Abstract

This chapter commences along the lines of application of the theory contrasting Tawhidi unity of knowledge and the rationalist world systems that we substantiated in Chapters 2 and 3. In this regard, we will first translate the premises of Chapter 2 in a formal model and explain all its details. Along with this task, this chapter will also explain several important concepts that emanate from the formal model and treat the essence of the Islamic instruments within such a formal model that carries with it the contrasting concepts, differentiating Islamic methodological worldview and the rejection of rationalism depicted in mainstream economics. The same kind of arguments and formalism applies to the generality of the world-system study and its details…

Suggested Citation

  • Masudul Alam Choudhury, 2019. "The Formulation of Islamic Economic Model," World Scientific Book Chapters, in: Methodological Dimension of ISLAMIC ECONOMICS, chapter 4, pages 97-130, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813276024_0004
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    More about this item

    Keywords

    Epistemic and Economics; Economic Theory; Economic Analysis; Applications; Comparative Economics;
    All these keywords.

    JEL classification:

    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • N01 - Economic History - - General - - - Development of the Discipline: Historiographical; Sources and Methods
    • P26 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Property Rights

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