A Comparative Study of Rationalism in Conventional Economics and the Practical Wisdom of Islamic Economics

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FARAHANIFARD MOHAMMAD ALI; PARSANIA HAMID

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Journal: EGHTESAD-E ISLAMI Year:2020 | Volume:20 | Issue:77 Page(s): 91-120

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Title

A Comparative Study of Rationalism in Conventional Economics and the Practical Wisdom of Islamic Economics

Author(s)

FARAHANIFARD MOHAMMAD ALI | PARSANIA HAMID | Issue Writer Certificate

Keywords

Descartes dogmatismQ1

Rationalism of Transcendental wisdomQ1

Conventional EconomicsQ1

Islamic economicsQ2

Abstract

Some classical and neoclassical economic theories have been influenced by Descartes' ideas. By reviewing Descartes' ideas and their effects on economics, this paper suggests that the practical wisdom of Islamic economics should use the fundamental method of Islamic scholars as an alternative. The two intellectual origins of ontological precedence over epistemology and the existence of different levels of reason have the greatest impact on the practical method of Islamic economics and provide the ground for the formation of various types of rational, interpretive, critical and experimental explanatory arguments in it. Explanatory argument is a type of causal argument that takes a specific form according to the existence of the subject under study. The transformation of Islamic economics into practical wisdom, the organization of the principles of the subject, attention to Islamic goals in the text of Islamic economics, attention to non-religious theorems and the enjoyment of revelation are some of the methodological effects of the intellectual principles of Islamic scholars. As a result of these principles, the content of Islamic economics theories focuses on changing human motivations, conditions of uncertainty, material and physical dimensions of economic decision making, and avoids the machine approach and assumption of complete information and complete rationality in analyzing economic action. Using bibliographic sources and analytical methods, this article reviews the effects of Descartes' principles and explores the effects of the principles of Islamic scholars with an exploratory method.

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APA: Copy

FARAHANIFARD, MOHAMMAD ALI, & PARSANIA, HAMID. (2020). A Comparative Study of Rationalism in Conventional Economics and the Practical Wisdom of Islamic Economics. EGHTESAD-E ISLAMI, 20(77 ), 91-120. SID. https://sid.ir/paper/384915/en

Vancouver: Copy

FARAHANIFARD MOHAMMAD ALI, PARSANIA HAMID. A Comparative Study of Rationalism in Conventional Economics and the Practical Wisdom of Islamic Economics. EGHTESAD-E ISLAMI[Internet]. 2020;20(77 ):91-120. Available from: https://sid.ir/paper/384915/en

IEEE: Copy

MOHAMMAD ALI FARAHANIFARD, and HAMID PARSANIA, “A Comparative Study of Rationalism in Conventional Economics and the Practical Wisdom of Islamic Economics,” EGHTESAD-E ISLAMI, vol. 20, no. 77 , pp. 91–120, 2020, [Online]. Available: https://sid.ir/paper/384915/en

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