Rethinking the Structure of Islamic Economics Science: The Universal Man Imperative
DOI:
https://doi.org/10.31436/ijema.v25i2.487Abstract
The end of value-free economics presents a positive outlook for Islamic economics. Nonetheless, progress is only viable when this discipline has a solid scientific structure. Thus, this paper aims at highlighting the economic man imperative in projecting Islamic economics as a normal science. This paper first explores Islamic economics’ current state of readiness to fulfill its promising future. Unfortunately, the authoritative view is that Islamic economics is not in proper order. Consequently, Arif’s (1985a and 1985b) Islamic economics scientific structure is utilized to locate that stage which requires serious improvement. At the basis of micro-foundation stage, the economic man imperative emerges out of this identification exercise. Thus, the most important implication here is the replacement of homo Islamicus with the concept of ‘universal man’ which proffers several significant advantages. Apart from the other stages in the structure, this ‘universal man’ needs immediate refinement to strengthen the edifice of Islamic economics science.References
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Al-Amine, Muhammad al-Bashir. 2015. “Product Development and Maqasid in Islamic Finance: Towards a Balanced Methodology.†Islamic Economic Studies 23, no. 1 (2015): 33-71.
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Asutay, Mehmet. “A Political Economy Approach to Islamic Economics: Systemic Understanding for an Alternative Economic System.†Kyoto Bulletin of Islamic Area Studies 1, no. 2 (2007b): 3–18.
Aydin, Necati. “Redefining Islamic Economics as a New Economic Paradigm.†Islamic Economic Studies 21, no. 1 (2013): 1-34.
Azid, Toseef. “Anthology of Islamic Economics: Review of Some Basic Issues.†Review of Islamic Economics 13, no. 2 (2010): 165-94.
Bakar, Mohd Daud. Shariah Minds in Islamic Finance. Kuala Lumpur: Amanie Media, 2016.
Barom, Mohd Nizam. “Conceptualizing a Strategic Framework of Social Responsibility in Islamic Economics.†International Journal of Economics, Management and Accounting 21, no. 1 (2013): 65-95.
Chapra, Muhammad Umer. “Is it Necessary to Have Islamic Economics?†Journal of Socio-Economics 29 (2000): 21–37.
Chapra, Muhammad Umer. “Ethics and Economics: An Islamic Perspective.†Islamic Economics Studies 16, no. 1 (2009): 1–24.
Choudhury, Masudul Alam, and Md. Mostaque Hussain. “A Paradigm of Islamic Money and Banking.†International Journal of Social Economics 32, no. 3 (2005): 203–17.
Dyke, Charles. Philosophy of Economics. New Jersey: Prentice Hall, 1981.
Fakhry, Majid. Ethical Theories in Islam. The Netherlands: E.J. Brill, Leiden, 1991.
Farooq, Mohammad Omar. “Self-interest, Homo Islamicus and Some Behavioral Assumptions in Islamic Economics and Finance.†International Journal of Excellence in Islamic Banking and Finance 1, no. 1 (2011): 52-79.
Furqani, Hafas. “The Foundations of Islamic Economics: A Philosophical Exploration of the Discipline.†PhD dissertation, International Islamic University Malaysia, Kuala Lumpur, Malaysia, 2012.
Furqani, Hafas. “Individual and Society in an Islamic Ethical Framework.†Humanomics 31, no. 1 (2015): 74-87.
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Galbraith, John Kenneth. “Economics as a System of Belief.†In A Contemporary Guide to Economics, Peace and Laughter, edited by A.D. Williams, 60-87. Boston: Houghton Mifflin Company, 1971.
Haneef, Mohamed Aslam. “Islam, the Islamic Worldview and the Methodology of Islamic Economics.†Journal of Islamic Economics & Management 1, no. 1 (1997): 39-65.
Haneef, Mohamed Aslam. “Islamic Economics in the 21st Century: Selected Issues and Future Direction.†In Studies in Islamic Economics in the 21st century: Shari’ah Foundations, Theory and Institutions, edited by Haneef, M.A. and Anwar, M., 1-15. Kuala Lumpur: International Islamic University Malaysia, 2005.
Haneef, Mohamed Aslam. and H. Furqani. “Methodology of Islamic Economics: Overview of Present State and Future Direction.†International Journal of Economic, Management and Accounting 19 (2011): 1-26.
Hosseini, Hamid. “From Homo Economicus to Homo Islamicus: The Universality of Economic Science Reconsidered.†In Modern Capitalism and Islamic Ideology in Iran, edited by Cyrus Bina and Hamid Zanageh, 103-17. New York: St. Martin’s Press, 1992.
Islahi, Abdul Azim. (2013). “First vs. Second Generation Islamic Economists: Deviations and Differences in Thoughts.†Munich Personal RePEc Archive. https: //mpra.ub.uni-muenchen.de/68353/
Khan, Muhammad Akram. “Reconstruction of Economics Based on the Paradigm of Tawhid: Present Challenges and Future Prospects.†Keynote Address at the First World Congress on Integration and Islamicisation of Acquired Human Knowledge, International Islamic University Malaysia, Kuala Lumpur, Malaysia, 23-25 August 2013.
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Kuran, Timur. “Behavioral Norms in the Islamic Doctrine of Economics: A Critique.†Journal of Economic Behavior and Organization 4 (1983): 353–79.
Kuran, Timur. “Islamic Economics and the Islamic Subeconomy.†Journal of Economic Perspectives 9, no. 4 (1995a): 155–73.
Kuran, Timur. “Further Reflections on the Behavioral Norms of Islamic Economics.†Journal of Economic Behavior and Organization 27 (1995b): 159–63.
Mahomedy, Abdulkader Cassim. “Islamic Economics: Still in Search of an Identity.†International Journal of Social Economics 40, no. 6 (2013): 556-78.
Mahyudi, Mohd. “‘True Man’: The True Economic Man for Islamic Economics.†Global Journal Al-Thaqafah 5, no. 2 (2015a): 63–72.
Mahyudi, Mohd. “Reviving the Islamic Economic System through Shariah-based Public Policy.†Humanomics 31, no. 4 (2015b): 415–29.
Mahyudi, Mohd. “Rethinking the Concept of Economic Man and its Relevance to the Future of Islamic Economics.†Intellectual Discourse 24, no. 1 (2016): 111-32.
Mannan, Muhammad Abdul. “Islamic Economics as a Social Science: Some Methodological Issues.†Journal of Research in Islamic Economics 1, no. 1 (1983): 41–50.
Mirakhor, Abbas. “The Starry Heavens Above and the Moral Law Within: On the Flatness of Economics.†Econ Journal Watch 11: 186-93.
Mohammad, Mustafa Omar, and Syahidawati Shahwan. “The Objective of Islamic Economic and Islamic Banking in Light of Maqasid Al-Shariah: A Critical Review.†Middle-East Journal of Scientific Research 13, Special Issue: Research in Contemporary Islamic Finance and Wealth Management (2013): 75-84.
Naqvi, Syed Nawab Haider. Ethics and Economics. Leicester: The Islamic Foundation, 1981.
Nienhaus, Volker. “Method and Substance of Islamic Economics: Moving Where?†Journal of King Abdulaziz University: Islamic Economics 26, no. 1, (2013): 175-208.
Putnam, Hilary. “For Ethics and Economics Without the Dichotomies.†In The End of Value-free Economics, edited by Hilary Putnam and Vivian Walsh, 111-29. New York: Routledge, 2012.
Russell, Bertrand. Human Knowledge: Its Scope and Limits. London: Routledge, 1992.
Sen, Amartya. “Rational Fools: A Critique of the Behavioral Foundations of Economic Theory.†Philosophy & Public Affairs 6, no. 4 (1977): 317-44.
Shams, Rasul. “A Critical Assessment of Islamic Economics.†HWWA Discussion Paper 281, Hamburg Institute of International Economics, Hamburg, 2004.
Shinsuke, Nagaoka. “Critical Overview of the History of Islamic Economics: Formation, Transformation, and New Horizons.†Asian and African Studies 11, no. 2 (2012): 114-36.
Siddiqi, Muhammad Nejatullah. “Obstacles of Research in Islamic Economics.†JKAU: Islamic Econ. 21, no. 2 (2008): 81-93.
Siddiqui, Shamim Ahmad. “Defining Economics and Islamic Economics.†Review of Islamic Economics 15, no. 2 (2011): 113–42.
Stiglitz, Joseph E. Freefall: America, Free Markets, and the Sinking of the World Economy. New York: W.W. Norton & Company, Inc., 2010.
Zaman, Asad. “Crisis in Islamic Economics: Diagnosis and Prescriptions.†Journal of King Abdulaziz University: Islamic Economics 25, no. 1 (2012): 147-69.
Zarqa, Muhammad Anas. “Islamization of Economics: The Concept and Methodology.†Journal of King Abdulaziz University: Islamic Economics 16, no. 1 (2003): 3–42.
Ahmed, Akbar. “Ibn Khaldun’s Understanding of Civilizations and the Dilemmas of Islam and the West Today.†Middle East Journal 56, no. 1 (2002): 20-45.
Al-Amine, Muhammad al-Bashir. 2015. “Product Development and Maqasid in Islamic Finance: Towards a Balanced Methodology.†Islamic Economic Studies 23, no. 1 (2015): 33-71.
Al-Attas, Syed Muhammad Naquib. Islam and Secularism. Kuala Lumpur: International Institute of Islamic Thought and Civilization, 1993.
Al-Attas, Syed Muhammad Naquib. On Justice and the Nature of Man. Kuala Lumpur: IBFIM, 2015.
Arif, Muhammad. “Toward a Definition of Islamic Economics: Some Scientific Considerations.†Journal of Research in Islamic Economics 2 (1985a): 79-93.
Arif, Muhammad. “Toward the Shari’ah Paradigm of Islamic Economics: The Beginning of a Scientific Revolution.†The American Journal of Islamic Social Sciences 2, no. 1 (1985b): 79-99.
Arnold, Roger A. Economics. USA: South-Western College Publishing, 2000.
Asutay, Mehmet. “Conceptualization of the Second Best Solution in Overcoming the Social Failure of Islamic Banking and Finance: Examining the Overpowering of Homoislamicus by Homoeconomicus.†IIUM Journal of Economics and Management 15, no. 2 (2007a): 167–96.
Asutay, Mehmet. “A Political Economy Approach to Islamic Economics: Systemic Understanding for an Alternative Economic System.†Kyoto Bulletin of Islamic Area Studies 1, no. 2 (2007b): 3–18.
Aydin, Necati. “Redefining Islamic Economics as a New Economic Paradigm.†Islamic Economic Studies 21, no. 1 (2013): 1-34.
Azid, Toseef. “Anthology of Islamic Economics: Review of Some Basic Issues.†Review of Islamic Economics 13, no. 2 (2010): 165-94.
Bakar, Mohd Daud. Shariah Minds in Islamic Finance. Kuala Lumpur: Amanie Media, 2016.
Barom, Mohd Nizam. “Conceptualizing a Strategic Framework of Social Responsibility in Islamic Economics.†International Journal of Economics, Management and Accounting 21, no. 1 (2013): 65-95.
Chapra, Muhammad Umer. “Is it Necessary to Have Islamic Economics?†Journal of Socio-Economics 29 (2000): 21–37.
Chapra, Muhammad Umer. “Ethics and Economics: An Islamic Perspective.†Islamic Economics Studies 16, no. 1 (2009): 1–24.
Choudhury, Masudul Alam, and Md. Mostaque Hussain. “A Paradigm of Islamic Money and Banking.†International Journal of Social Economics 32, no. 3 (2005): 203–17.
Dyke, Charles. Philosophy of Economics. New Jersey: Prentice Hall, 1981.
Fakhry, Majid. Ethical Theories in Islam. The Netherlands: E.J. Brill, Leiden, 1991.
Farooq, Mohammad Omar. “Self-interest, Homo Islamicus and Some Behavioral Assumptions in Islamic Economics and Finance.†International Journal of Excellence in Islamic Banking and Finance 1, no. 1 (2011): 52-79.
Furqani, Hafas. “The Foundations of Islamic Economics: A Philosophical Exploration of the Discipline.†PhD dissertation, International Islamic University Malaysia, Kuala Lumpur, Malaysia, 2012.
Furqani, Hafas. “Individual and Society in an Islamic Ethical Framework.†Humanomics 31, no. 1 (2015): 74-87.
Fox, Glenn. Reason and Reality in the Methodologies of Economics. The UK: Edward Elgar Publishing, 1997.
Galbraith, John Kenneth. “Economics as a System of Belief.†In A Contemporary Guide to Economics, Peace and Laughter, edited by A.D. Williams, 60-87. Boston: Houghton Mifflin Company, 1971.
Haneef, Mohamed Aslam. “Islam, the Islamic Worldview and the Methodology of Islamic Economics.†Journal of Islamic Economics & Management 1, no. 1 (1997): 39-65.
Haneef, Mohamed Aslam. “Islamic Economics in the 21st Century: Selected Issues and Future Direction.†In Studies in Islamic Economics in the 21st century: Shari’ah Foundations, Theory and Institutions, edited by Haneef, M.A. and Anwar, M., 1-15. Kuala Lumpur: International Islamic University Malaysia, 2005.
Haneef, Mohamed Aslam. and H. Furqani. “Methodology of Islamic Economics: Overview of Present State and Future Direction.†International Journal of Economic, Management and Accounting 19 (2011): 1-26.
Hosseini, Hamid. “From Homo Economicus to Homo Islamicus: The Universality of Economic Science Reconsidered.†In Modern Capitalism and Islamic Ideology in Iran, edited by Cyrus Bina and Hamid Zanageh, 103-17. New York: St. Martin’s Press, 1992.
Islahi, Abdul Azim. (2013). “First vs. Second Generation Islamic Economists: Deviations and Differences in Thoughts.†Munich Personal RePEc Archive. https: //mpra.ub.uni-muenchen.de/68353/
Khan, Muhammad Akram. “Reconstruction of Economics Based on the Paradigm of Tawhid: Present Challenges and Future Prospects.†Keynote Address at the First World Congress on Integration and Islamicisation of Acquired Human Knowledge, International Islamic University Malaysia, Kuala Lumpur, Malaysia, 23-25 August 2013.
Kuhn, Thomas. The Structure of Scientific Revolutions. Chicago: University of Chicago Press, 1970.
Kuran, Timur. “Behavioral Norms in the Islamic Doctrine of Economics: A Critique.†Journal of Economic Behavior and Organization 4 (1983): 353–79.
Kuran, Timur. “Islamic Economics and the Islamic Subeconomy.†Journal of Economic Perspectives 9, no. 4 (1995a): 155–73.
Kuran, Timur. “Further Reflections on the Behavioral Norms of Islamic Economics.†Journal of Economic Behavior and Organization 27 (1995b): 159–63.
Mahomedy, Abdulkader Cassim. “Islamic Economics: Still in Search of an Identity.†International Journal of Social Economics 40, no. 6 (2013): 556-78.
Mahyudi, Mohd. “‘True Man’: The True Economic Man for Islamic Economics.†Global Journal Al-Thaqafah 5, no. 2 (2015a): 63–72.
Mahyudi, Mohd. “Reviving the Islamic Economic System through Shariah-based Public Policy.†Humanomics 31, no. 4 (2015b): 415–29.
Mahyudi, Mohd. “Rethinking the Concept of Economic Man and its Relevance to the Future of Islamic Economics.†Intellectual Discourse 24, no. 1 (2016): 111-32.
Mannan, Muhammad Abdul. “Islamic Economics as a Social Science: Some Methodological Issues.†Journal of Research in Islamic Economics 1, no. 1 (1983): 41–50.
Mirakhor, Abbas. “The Starry Heavens Above and the Moral Law Within: On the Flatness of Economics.†Econ Journal Watch 11: 186-93.
Mohammad, Mustafa Omar, and Syahidawati Shahwan. “The Objective of Islamic Economic and Islamic Banking in Light of Maqasid Al-Shariah: A Critical Review.†Middle-East Journal of Scientific Research 13, Special Issue: Research in Contemporary Islamic Finance and Wealth Management (2013): 75-84.
Naqvi, Syed Nawab Haider. Ethics and Economics. Leicester: The Islamic Foundation, 1981.
Nienhaus, Volker. “Method and Substance of Islamic Economics: Moving Where?†Journal of King Abdulaziz University: Islamic Economics 26, no. 1, (2013): 175-208.
Putnam, Hilary. “For Ethics and Economics Without the Dichotomies.†In The End of Value-free Economics, edited by Hilary Putnam and Vivian Walsh, 111-29. New York: Routledge, 2012.
Russell, Bertrand. Human Knowledge: Its Scope and Limits. London: Routledge, 1992.
Sen, Amartya. “Rational Fools: A Critique of the Behavioral Foundations of Economic Theory.†Philosophy & Public Affairs 6, no. 4 (1977): 317-44.
Shams, Rasul. “A Critical Assessment of Islamic Economics.†HWWA Discussion Paper 281, Hamburg Institute of International Economics, Hamburg, 2004.
Shinsuke, Nagaoka. “Critical Overview of the History of Islamic Economics: Formation, Transformation, and New Horizons.†Asian and African Studies 11, no. 2 (2012): 114-36.
Siddiqi, Muhammad Nejatullah. “Obstacles of Research in Islamic Economics.†JKAU: Islamic Econ. 21, no. 2 (2008): 81-93.
Siddiqui, Shamim Ahmad. “Defining Economics and Islamic Economics.†Review of Islamic Economics 15, no. 2 (2011): 113–42.
Stiglitz, Joseph E. Freefall: America, Free Markets, and the Sinking of the World Economy. New York: W.W. Norton & Company, Inc., 2010.
Zaman, Asad. “Crisis in Islamic Economics: Diagnosis and Prescriptions.†Journal of King Abdulaziz University: Islamic Economics 25, no. 1 (2012): 147-69.
Zarqa, Muhammad Anas. “Islamization of Economics: The Concept and Methodology.†Journal of King Abdulaziz University: Islamic Economics 16, no. 1 (2003): 3–42.
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Published
2017-08-31
How to Cite
Mahyudi, M., & Abdul Aziz, E. (2017). Rethinking the Structure of Islamic Economics Science: The Universal Man Imperative. International Journal of Economics, Management and Accounting, 25(2), 227–251. https://doi.org/10.31436/ijema.v25i2.487
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