The Micro-Economics Foundations of Islamic Economics

I. Objective of this Paper The main objective of this paper is to show the relevance of ethical or normative elements in economic theory. The paper builds on the exchange mechanism of economics as the ethical basis of the social order and shows that an ethical economic system must be capable of inf...

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Autor principal:	Masudul Alam Choudhury
Formato:	article
Lenguaje:	EN
Publicado:	International Institute of Islamic Thought 1986
Materias:	Islam BP1-253
Acceso en línea:	https://doaj.org/article/eb1073c712f7425fa208ec57740dafd8
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spelling	oai:doaj.org-article:eb1073c712f7425fa208ec57740dafd82021-12-02T19:40:17ZThe Micro-Economics Foundations of Islamic Economics10.35632/ajis.v3i2.28942690-37332690-3741https://doaj.org/article/eb1073c712f7425fa208ec57740dafd81986-12-01T00:00:00Zhttps://www.ajis.org/index.php/ajiss/article/view/2894https://doaj.org/toc/2690-3733https://doaj.org/toc/2690-3741 I. Objective of this Paper The main objective of this paper is to show the relevance of ethical or normative elements in economic theory. The paper builds on the exchange mechanism of economics as the ethical basis of the social order and shows that an ethical economic system must be capable of infdtely reproducing this exchange mechanism in the rational working of the total social system through higher and higher levels of social preferences. In building up this analytical framework of ethical economics, we study the field of social economics in general and of Islamic economics in particular as a field of social economics. Through this we introduce a reconceptualization of ethical economics in terms of the fundamental microeconomic buildmg blocks. The premise of the argument therefore is that since the exchange mechanism is the instrument of transmitting ethical preferences, it is the microeconomic foundation that is capable in the first place of buildmg up the ethical economic order as a whole. The ethical macroeconomic system depends upon aggregations at the microeconomic level. II. Introduction As Boulding mentions, economics first started off as a moral science. Adam Smith, who was ”both the Adam and the Smith of systematic economics,” was professor of moral philosophy. Even long after that, economics continued to be taught as a part of the moral sciences tripos at Cambridge University ... Masudul Alam ChoudhuryInternational Institute of Islamic ThoughtarticleIslamBP1-253ENAmerican Journal of Islam and Society, Vol 3, Iss 2 (1986)
institution	DOAJ
collection	DOAJ
language	EN
topic	Islam BP1-253
spellingShingle	Islam BP1-253 Masudul Alam Choudhury The Micro-Economics Foundations of Islamic Economics
description	I. Objective of this Paper The main objective of this paper is to show the relevance of ethical or normative elements in economic theory. The paper builds on the exchange mechanism of economics as the ethical basis of the social order and shows that an ethical economic system must be capable of infdtely reproducing this exchange mechanism in the rational working of the total social system through higher and higher levels of social preferences. In building up this analytical framework of ethical economics, we study the field of social economics in general and of Islamic economics in particular as a field of social economics. Through this we introduce a reconceptualization of ethical economics in terms of the fundamental microeconomic buildmg blocks. The premise of the argument therefore is that since the exchange mechanism is the instrument of transmitting ethical preferences, it is the microeconomic foundation that is capable in the first place of buildmg up the ethical economic order as a whole. The ethical macroeconomic system depends upon aggregations at the microeconomic level. II. Introduction As Boulding mentions, economics first started off as a moral science. Adam Smith, who was ”both the Adam and the Smith of systematic economics,” was professor of moral philosophy. Even long after that, economics continued to be taught as a part of the moral sciences tripos at Cambridge University ...
format	article
author	Masudul Alam Choudhury
author_facet	Masudul Alam Choudhury
author_sort	Masudul Alam Choudhury
title	The Micro-Economics Foundations of Islamic Economics
title_short	The Micro-Economics Foundations of Islamic Economics
title_full	The Micro-Economics Foundations of Islamic Economics
title_fullStr	The Micro-Economics Foundations of Islamic Economics
title_full_unstemmed	The Micro-Economics Foundations of Islamic Economics
title_sort	micro-economics foundations of islamic economics
publisher	International Institute of Islamic Thought
publishDate	1986
url	https://doaj.org/article/eb1073c712f7425fa208ec57740dafd8
work_keys_str_mv	AT masudulalamchoudhury themicroeconomicsfoundationsofislamiceconomics AT masudulalamchoudhury microeconomicsfoundationsofislamiceconomics
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The Micro-Economics Foundations of Islamic Economics

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