A Critical Review of Philosophy of Economics: An Islamic Approach

Document Type : Scholary

Authors

1 عضو هیئت علمی دانشگاه تهران پردیس فارابی

2 Assistant Professor, Department of Islamic Law, Faculty of Judicial Law, University of Judicial Sciences and Administrative Services, Tehran, Iran

Abstract

Science is a flawed human endeavor; hence there is the likelihood of error in all scientific theories. Theories once regarded as obvious turned out to be false upon further investigation. Although it is prevalent in all scientific disciplines, it is more prominent in the humanities due to the complexity of human beings. Economics is replete with error potentialities in view of the complexity of human economic behavior, leading to so many errors. The myriad of different schools of thoughts and theories attest to the fact that truth in economics is elusive. Each school supports its own views and discredits the views in other schools, and it is occurring while truth cannot vary. Islam seems to severely criticize economics, targeting the basics of this science. If the basics of a science are incorrectly established, all its theories and achievements will be incorrect as well. Adopting an Islamic approach, the present article aims to critically examine the three sides of the basic assumptions, methodology, and goal of economics. Initially, are the basic assumptions which economics is based upon correct? What methodology does it employ to achieve its goals? Finally, do the goals which economics peruse promote well-being?

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