In the present age, it is the age of economic crises and challenges to moral values. Today, with many moral schools, we are faced with the dos and don’ ts of economic activities. On the one hand, the Islamic society needs a dynamic and developed economy, and on the other hand, it needs to consolidate and strengthen moral values in order to bring worldly and otherworldly happiness to people by making their activities healthier and countering economic corruption. The key question that has been dealt with in a descriptive-analytical way is what the moral school is in Islamic ECONOMICS and CONVENTIONAL ECONOMICS. The results of the study in this paper show that in the ethical school of CONVENTIONAL ECONOMICS, the human goal of all activities is to avoid suffering or to attain material pleasure. However, the ethical school in Islamic ECONOMICS attaches great importance to spirituality and considers the attention to materials to be legitimate to the extent that it does not hinder the spiritual growth and happiness of human beings.

The purpose of this article is to criticize the criteria of policymaking in welfare ECONOMICS and illustrate the criteria of economic policy making in Islam. In other words, we want to answer this question: what are the limitations of the criteria for policymaking in welfare ECONOMICS and what is the solution proposed by the Islamic ECONOMICS? Benefit-cost analysis is the main criterion of policymaking in welfare ECONOMICS, and it seems to be rational. However, it has some limitations which are not accepted by the Islamic ECONOMICS. After criticizing the welfare ECONOMICS criteria, we illustrate these criteria in the Islamic ECONOMICS. The results of this research show that the most important criterion of policymaking in Islam is to respect the rights of others in choosing the best alternative which is the base of other criteria like justice and efficiency. We have also added public satisfaction as a second criterion and illustrate the role of Maslahat (expediency) in policymaking. Finally, we show that the benefit-cost analysis is not universal, but it can be used in different situations and by some requirements in the Islamic ECONOMICS. The criteria of Moslem policymakers are illustrated then.

Postulates and Presumptions are the basis for human sciences. Theorists often assume that these are universal. So they try to extract some theories from these postulates. CONVENTIONAL economic methodology does not explicitly answer the question about how we choose the propositions. The main question of this paper is what the source of ideas which are the basis for economic theories. In this study we found that there are three point of view in CONVENTIONAL economic theory for this question: pre-empirical, empirical and instrumentalist’s approaches. We also provide some critics for these points of view and offer a new alternative Islamic approach. This approach is based on two fundamental principles: human arbitrary and reality of revelation expressions. Based on these two principles we offer a two-layered methodological approach that extracts the universal law of phenomenon from revelation expressions and partial relationships from Lived experiences of theorist. The revelation expressions are in the first layer as the primary postulates and Presumptions and the lived experiences of theorist are in the layer two as the secondary postulates.

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.

Money is one of the most controversial economic issues; So that Understanding the concepts of money is therefore essential to a proper understanding of the functioning of the economy and the interaction of its components. The purpose of this study is to investigate and critique money supply in microfoundation level in CONVENTIONAL ECONOMICS and ECONOMICS with an Islamic approach in a Descriptive-analytical method and it answers these questions: Is it possible money creation in Islamic ECONOMICS? Is the money supply endogenous or exogenous? What variables do the money supply in an ECONOMICS with Islamic approach? The findings of the study show that the flaws in money creation in Islamic ECONOMICS are: economic instability, lack of social justice, declining economic growth, failure of banks to repay deposits. Therefore, the creation of money from nothing by the banks is not legitimized in the Islamic approach to ECONOMICS. Within the framework of Islamic teachings, it is only possible for the government (the central bank) to issue money commensurate with real production, since the Islamic State is interested in the public interest and therefore the benefits of the money will be returned to the people themselves. Commercial banks are a financial intermediary that cannot create money and bank deposits are not money. In Islamic ECONOMICS, the supply of money is considered endogenous, given the Accommodationism view and by limiting interest rates Within the framework of Islamic teachings. In the end, the effective factors for money supply are: real production, inflation, the degree of public confidence in the monetary system.

The central bank, as an institution that directly controls the monetary system of the country, can also pursue goals such as managing interest rates, volume of currency, inflation, unemployment and even income distribution. In some countries (like Iran) it functions as the part of the government and in some other countries the central bank is independent and follows its macro-policies. According to a common belief in ECONOMICS, central bank independence plays a positive role in fulfilling its objectives and duties. The main hypothesis of this study is that, according to Islamic principles, we can develop a practical model of this independence. In this study we have used comparative method. The results show that based on the Islamic economic principles and its decrees about justice and insistence on preventing measurement unit distortion, we can apply the above model.

There have always been some curiosities about the accuracy and reliability of philosophical, logical and intellectual foundations of different economic schools. There is no doubt, what is now taught in most of the ECONOMICS departments all over the world is the tradition of CONVENTIONAL (mainstream) ECONOMICS, and usually, upon this knowledge, we direct our economic studies and make our policy implications. Now, the question to be asked is that, is this tradition well constructed? Do its explanations of economic phenomena have enough accuracy and reliability? Could the use of formal methods raise explanationary power of mainstream ECONOMICS and/or orthodox ECONOMICS? Or, may it be quite the reverse? In other words, is it likely that the use of mathematics has brought some fundamental pitfalls to orthodoxy? In this paper, we will demonstrate that some particular methodological tendencies in mainstream ECONOMICS, that is, the mathematical-deductive methodology causes some essential pitfalls and shortcomings in this tradition. This is alone a good reason to direct our attention towards heterodoxy and alternative schools, because their approach is less idealistic and more relevant to the ongoing problems of developing countries.

The Regulatory ECONOMICS concept has been closely associated with the concept of competition and this relationship has been highlighted during recent decades. Today, Regulation and competition have inseparable relationship with each other in the economy, so that sometimes the "regulation for competition" methods are used in the market to indicate that the regulator is required to compete in the current economic environment.The main issue of this paper is the comparative analysis of the regulatory ECONOMICS concept between Islamic and CONVENTIONAL ECONOMICS with regard to competition law. The nature of competition law is considered as a theoretical framework.This study was conducted with the comparative-analytical approach. The findings show that CONVENTIONAL ECONOMICS schools such as the classical and Chicago schools only consider the efficiency of competition law while Islamic scholars believe other factors moreover the efficiency. In fact, the study of Hesbe as a regulatory body indicate that this institution is responsible for economic and non-economic objectives. Therefore, the regulatory nature has a significant difference in Islamic ECONOMICS and other schools.

One of the essentials for the realization of Islamic banking is founding the Central Bank based on Islamic values and principles. Using an analytical approach, and given the limited studies in the field of central banking in Islamic ECONOMICS literature, this paper provides a favorable model of central banking in the Islamic banking system. According to the research hypothesis, the Central Bank in the Islamic economy has a different nature, structure, goals, tools and policies than the Central Bank in the CONVENTIONAL economy. Based on the research results, the proposed model of Islamic central banking presents a new structure of Islamic monetary and banking system. In this modern structure, banks do not have the power to create money (full reserves) and money creation is done only by the Islamic Central Bank. In this model, the institution of the bank returns to the true position of financial intermediation.

Theories of CONVENTIONAL ECONOMICS say that the increase in consumption can increase the welfare (both objective welfare and subjective welfare) of individuals, but recent studies, which have been done by the economists of happiness found the opposite results. In fact, studies in this area show that if people spend their money on experiential purchases, they will get more subjective welfare. But the categorization of costs based on experiential and material leads to a lack of attention to the main motive for the consumption. In order to avoid this problem, in this paper, the expenditures of people is divided into six different groups based on their motivation and then, with the help of observations and data obtained from the completion of the questionnaires by residents over 20 years of age living in Tehran and by using one sample T-test and multivariate regression in SPSS22 software, the effect of the consumption on the welfare of individuals has been studied empirically. The results of this research show that, firstly, the mere use of subjective or objective indicators of welfare alone cannot give adequate insight into the state of the society, because it is possible that under the influence of some variables, these indicators diverge. Secondly, contrary to the beliefs of some economists that more consumption is essential for increasing the welfare of the society, all forms of consumption not only cannot increase the subjective welfare of individuals but also maybe incapable of satisfying the basic needs of individuals. Therefore, it seems that more research is needed in this area.