The paper quotes leading Islamic Economists who are saying that the field of Islamic Economics has gone astray, and abandoned the original vision and mission of the founders. In this article we argue that the main reason for the current crisis is that most Muslim economists have accepted too...

To understand the functions of the financial institutions within a capitalist system, one must understand the spirit of capitalism. This paper argues that the spirit is the pursuit of wealth without any moral or social restraints. Financial institutions represent an embodiment of this spirit....

According to the standard narrative, economics is an objective and scientific study of universal laws applicable to economic affairs of modern societies. After a brief introduction, the second section of the paper presents a counter-narrative which disputes this claim, and provides an...

According to the standard narrative, economics is an objective and scientific study of universal laws applicable to economic affairs of modern societies. After a brief introduction, the second section of the paper presents a counter-narrative which disputes this claim, and provides an...

Bu makalenin Türkçe çevirisi şu adreste bulunmaktadır: 'https://ssrn.com/abstract=3137935' https://ssrn.com/abstract=3137935First generation Islamic Economics promised to create a system with just and equitable economic outcomes, which would be far superior to capitalism and communism....

The methodology of science is suitable for material substances subject to laws, but not for humans with free will. “Social science” was born from the misconception that application of the scientific method to human beings and societies would lead to remarkable progress. However, this...