THE DIMENSIONS OF AN ISLAMIC ECONOMIC MODEL

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HAIDER NAQVI SYED NAWAB

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Journal: JOURNAL OF ECONOMICS AND MODELING (JOURNAL OF ECONOMICS) Year:2010 | Volume:1 | Issue:1 Page(s): 183-207

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Title

THE DIMENSIONS OF AN ISLAMIC ECONOMIC MODEL

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HAIDER NAQVI SYED NAWAB | Issue Writer Certificate

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Abstract

The paper answers in the affirmative the question about the need for an Islamic economic model, and then proceeds to delineate its dimensions. The distinguishing characteristic of such a model is to highlight the ethical dimension of the economic calculus- i.e., that without ethical moorings individual economic behaviour remains unpredictable. It shows that rational utility-Maximizing behaviour will be helped by an ethically-oriented reorganization of present-day economic systems in Muslim countries. Formally, the Islamic economic system is presented as an 'Optimum regime'. On the methodological plan, such a regime gives due prominence to both value judgments and positive judgments in making generalizations about an idealized Islamic economy. At the theoretical level, it is a way of transforming their refutable ethical principles into refutable statements about the behavior of economic agents in a typical real-life Muslim society. In practice, for such a regime to reflect Islam's overarching ethical vision of economic processes, it would take assigning top priority to the needs of the least- privileged people in a growing economy. This implies giving greater weight to the wage- goods in total output, minimizing the production and consumption of wasteful luxuries, and redistributing income and wealth from the rich to the poor.

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APA: Copy

HAIDER NAQVI, SYED NAWAB. (2010). THE DIMENSIONS OF AN ISLAMIC ECONOMIC MODEL. JOURNAL OF ECONOMICS AND MODELING (JOURNAL OF ECONOMICS), 1(1), 183-207. SID. https://sid.ir/paper/216483/en

Vancouver: Copy

HAIDER NAQVI SYED NAWAB. THE DIMENSIONS OF AN ISLAMIC ECONOMIC MODEL. JOURNAL OF ECONOMICS AND MODELING (JOURNAL OF ECONOMICS)[Internet]. 2010;1(1):183-207. Available from: https://sid.ir/paper/216483/en

IEEE: Copy

SYED NAWAB HAIDER NAQVI, “THE DIMENSIONS OF AN ISLAMIC ECONOMIC MODEL,” JOURNAL OF ECONOMICS AND MODELING (JOURNAL OF ECONOMICS), vol. 1, no. 1, pp. 183–207, 2010, [Online]. Available: https://sid.ir/paper/216483/en

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