This paper clarifies some misinterpretations of three foundational concepts in mainstream economics from Islamic viewpoint. These are scarcity of resources, pursuit of self-interest and maximizing behavior of economic agents. It argues that stocks of resources that God has provided are...

This paper seeks to report and analyse the economic thought of Ibn al-Qayyim, a great thinker of Islam. He discussed mainly the problems of price control, market mechanism, supervision of economic activities (al-hisbah), riches and poverty, interest and zakah, at different places in his numerous...

Al-Ghazali′s economics is anchored on five necessary Shari‘ah -mandated foundations of individual and social life: religion, life, family, property, and intellect. He focuses on the economic aspects of maslahah (social utility), distinguishing between necessities, comforts and luxuries....

For almost a century, the famous C-K paradigm (formally known as Classics – Keynesian Paradigm) has been the apex of economic debate and research. The paradigm represents two schools of thoughts which, somehow, have prevailed till now. Economists who believe in either of the two schools have...

The context of this discussion is Mandaville’s paper with the caption “Usurious Piety: The Cash Waqf Controversy in the Ottoman Empire” published in International Journal of Middle East Studies, August 1979, No. 10, pp. 289-308.). It gave an impression that the cash waqf meant practicing...

The present paper concentrates to study an important aspect of al-Ghazali economic thought, money and interest, and with rigorous analysis it attempts to explore its relevance and application in the modern period. Al-Ghazali recognizes money as one of the most important inventions in conduct of...

In order to discuss the ‘rational foundation’ of certain aspects of Quesnay´s theory we use a simple formalization of the necessary connections between assumptions about the techniques in use, the distribution of income between the classes and sectors, the system of relative prices. We...

The article shows that mainstream economics, which now includes such current as new institutional economics, is the result of an evolution shaped by three institutions (capitalism, university and mathematics) by imposing to the profession of economists their founding beliefs. These beliefs are:...

Happiness research is on the rise, but is confounded by competing definitions of subjective well-being based on co-existing concepts, resulting in differing measures and giving rise to different potential policy applications. This paper motivates the societal necessity for using well-being...

The aim of this paper is to elaborate an evaluative framework of religious choice within the early Christian communities reconstructed through the narrative of a New Testament Epistle, 2Peter, based on an economic approach to moral dilemmas identified in this context. Thus the work concentrates...