Maximization Postulates and Their Efficacy for Islamic Economics
This paper examines the nature and role of maximization postulates concerning profit and utility in the mainstream price theory formation, from a methodological perspective. Mainstream economics retains these postulates, despite much criticism, mainly for two reasons. Firstly, they help establish...
Guardado en:
| Autor principal: | |
|---|---|
| Formato: | article |
| Lenguaje: | EN |
| Publicado: |
International Institute of Islamic Thought
2002
|
| Materias: | |
| Acceso en línea: | https://doaj.org/article/a8b503d3e0e14bd2a4d21ca25d46cd7f |
| Etiquetas: |
Agregar Etiqueta
Sin Etiquetas, Sea el primero en etiquetar este registro!
|
| id |
oai:doaj.org-article:a8b503d3e0e14bd2a4d21ca25d46cd7f |
|---|---|
| record_format |
dspace |
| spelling |
oai:doaj.org-article:a8b503d3e0e14bd2a4d21ca25d46cd7f2021-12-02T19:41:35ZMaximization Postulates and Their Efficacy for Islamic Economics10.35632/ajis.v19i1.19772690-37332690-3741https://doaj.org/article/a8b503d3e0e14bd2a4d21ca25d46cd7f2002-01-01T00:00:00Zhttps://www.ajis.org/index.php/ajiss/article/view/1977https://doaj.org/toc/2690-3733https://doaj.org/toc/2690-3741 This paper examines the nature and role of maximization postulates concerning profit and utility in the mainstream price theory formation, from a methodological perspective. Mainstream economics retains these postulates, despite much criticism, mainly for two reasons. Firstly, they help establish cause-effect linkages among economic variables and markets. In that they greatly facilitate predictions and their empirical veri_fication over a wide field of inquiry. Secondly, no other behavioral rule has so far been established that gives equally valid, if not superior, results over such range. ft is argued that the postulates are required in fslamic economics as well for the same reasons. Maximization, per se, is not un-Islamic: what is maximized, how and for what purpose are the real issues to investigate before passing judgment. Contrary to the current position in the I iterature, we find it preferable to include moral values and social considerations of Islam in the assumptions of economic theorems, rather than attempting to include them in the objective elements of the models, until Islamic economics evolves as an independent subject. For maximization is a mathematical concept, and cannot fruitfully accommodate what cannot somehow be measured. Zubair HasanInternational Institute of Islamic ThoughtarticleIslamBP1-253ENAmerican Journal of Islam and Society, Vol 19, Iss 1 (2002) |
| institution |
DOAJ |
| collection |
DOAJ |
| language |
EN |
| topic |
Islam BP1-253 |
| spellingShingle |
Islam BP1-253 Zubair Hasan Maximization Postulates and Their Efficacy for Islamic Economics |
| description |
This paper examines the nature and role of maximization postulates concerning profit and utility in the mainstream price theory formation, from a methodological perspective. Mainstream economics retains these postulates, despite much criticism, mainly for two reasons. Firstly, they help establish cause-effect linkages among economic variables and markets. In that they greatly facilitate predictions and their empirical veri_fication over a wide field of inquiry. Secondly, no other behavioral rule has so far been established that gives equally valid, if not superior, results over such range.
ft is argued that the postulates are required in fslamic economics as well for the same reasons. Maximization, per se, is not un-Islamic: what is maximized, how and for what purpose are the real issues to investigate before passing judgment. Contrary to the current position in the I iterature, we find it preferable to include moral values and social considerations of Islam in the assumptions of economic theorems, rather than attempting to include them in the objective elements of the models, until Islamic economics evolves as an independent subject. For maximization is a mathematical concept, and cannot fruitfully accommodate what cannot somehow be measured.
|
| format |
article |
| author |
Zubair Hasan |
| author_facet |
Zubair Hasan |
| author_sort |
Zubair Hasan |
| title |
Maximization Postulates and Their Efficacy for Islamic Economics |
| title_short |
Maximization Postulates and Their Efficacy for Islamic Economics |
| title_full |
Maximization Postulates and Their Efficacy for Islamic Economics |
| title_fullStr |
Maximization Postulates and Their Efficacy for Islamic Economics |
| title_full_unstemmed |
Maximization Postulates and Their Efficacy for Islamic Economics |
| title_sort |
maximization postulates and their efficacy for islamic economics |
| publisher |
International Institute of Islamic Thought |
| publishDate |
2002 |
| url |
https://doaj.org/article/a8b503d3e0e14bd2a4d21ca25d46cd7f |
| work_keys_str_mv |
AT zubairhasan maximizationpostulatesandtheirefficacyforislamiceconomics |
| _version_ |
1718376161638088704 |