Abstract
This chapter immerses us in the philosophical foundations of Islamic economics. This chapter aims to offer readers a non-technical introduction to Islamic economics, exploring its core principles and foundational aspects. By shedding light on these principles, we gain a comprehensive understanding of the distinctive approach of Islamic economics. The chapter also delves into key economic instruments that put these principles into action. While not a deep economic analysis, this chapter serves as a foundational starting point for those seeking insight into this dynamic field.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
Abu Ishaq al Shatibi (d. 790 H./1388 CE) famous for his study on the goals of Shari’ah. See: Masud (1977).
- 2.
Humanistic Economics:
-
1.
“Humanising the Economy: Co-operatives in the Age of Capital” by John Restakis (2010)—This book explores the potential of co-operatives as an alternative economic model that prioritises human well-being and democratic decision-making over profit maximisation.
-
2.
”The Moral Economy: Why Good Incentives Are No Substitute for Good Citizens” by Samuel Bowles (2016)—This book delves into the role of ethics and intrinsic motivations in economic behaviour and argues that the success of economic systems relies on the cultivation of good citizens rather than solely relying on external incentives.
Social Economics:
-
1.
”Economics for Humans” by Julie A. Nelson (2006)—This book provides a social economics perspective that emphasises the importance of social interactions, care work, and human values in shaping economic outcomes and policies.
-
2.
”Social Economics: Current and Emerging Avenues” edited by Jonathan B. Wight and John F. Tomer (2019)—This edited volume offers diverse perspectives on social economics, covering topics such as sustainable development, inequality, social justice, and human flourishing.
Ethics in Economics:
-
1.
”Ethics, Economics and Politics: Principles of Public Policy” by Little, I. M. D. (2002)—This book explores the intersection of economics and ethics, examining how ethical considerations influence economic decision-making and policy.
-
2.
”The Economics of Ethics and the Ethics of Economics: Values, Markets, and the State” by Geoffrey Brennan and Hartmut Kliemt (2010)—This book delves into the ethical dimensions of economic institutions and systems, questioning the role of markets and the state in promoting human welfare and justice.
-
3.
”Economics and the Virtues: Building a New Moral Foundation” edited by Jennifer A. Baker and Mark D. White (2016)—This edited volume explores the virtues and moral character in economic decision-making and policy, offering insights into the relationship between economics and ethics.
These references cover a range of topics and perspectives in humanistic economics, social economics, and ethics in economics. They provide valuable insights into how economics can be informed by human values, social interactions, and ethical considerations, moving beyond traditional neoclassical economic approaches.
-
1.
- 3.
In this seminal paper published in Psychological Review in 1943, Maslow introduced his theory of human motivation, commonly known as Maslow’s hierarchy of needs. The theory proposes that human motivation is structured in a hierarchical manner, with basic physiological needs at the foundation and higher-level needs related to self-actualisation and personal growth at the pinnacle. This paper has had a profound impact on the field of psychology and has influenced various disciplines, including humanistic psychology, organisational behaviour, and education.
References
Graafland, J. J. (2009). Calvin’s Restrictions on Interest: Guidelines or the Credit Crisis, European Banking Discussion Paper No. 2009–22.
Massey, D. (1993). ‘Politics and Space/Time’, in M. Keith and S. Pile (eds) Place and the Politics of Identity, London and New York: Routledge, pp. 141–61.
Mawardi, A. a.-H. (1960). Al-Ahkam al-Sultaniyyah wa al-Wilayat al-Diniyyah. Mustafa al-Babi al-Halabi. (The English translation of this book by Wafa Wahba has been published under the title, The Ordinances of Government. Reading: Garnet, 1996.).
Sarakhsi, S. a.-D. (1978). Kitab al-Mabsut. Beirut: Dar al-ma‘rifah (Vol. 30, 3rd ed., (particularly “Kitab al-Kasb” of al-Shaybani in, pp. 245–297).
Stiglitz, J. E., & Greenwald, B. (2014). Creating a learning society: A new approach to growth, development, and social progress. Columbia University Press.
Restakis, J. (2010). Humanizing the economy: Co-operatives in the age of capital. New Society Publishers.
Bowles, S. (2016). The moral economy: Why good incentives are no substitute for good citizens. Yale University Press.
Nelson, J. S. (2006). Fishes of the World (4th ed.). John Wiley & Sons.
Little, I. M. D. (2002). Ethics, economics and politics: Principles of public policy. Oxford University Press.
Wight, J. B., & Tomer, J. F. (Eds.). (2019). Social economics: Current and emerging avenues. The MIT Press. http://www.jstor.org/stable/j.ctt1kk66bh
Brennan, G., Hamlin, A., & Kliemt, H. (2010). PPE: An appraisal. Politics, philosophy & economics, 9(4), 363–365. https://doi.org/10.1177/1470594X10369443
Baker, J. A., & White, M. D., eds., (2016, March). Economics and the virtues: Building a new moral foundation (Vol. 41, No. 1, pp. 142–145). Oxford University Press.
Author information
Authors and Affiliations
Rights and permissions
Copyright information
© 2024 The Author(s), under exclusive license to Springer Nature Switzerland AG
About this chapter
Cite this chapter
Alamad, S. (2024). Rethinking Economics, Constructing the Equitable Optimality Theory Part Three: Microeconomics. In: Beyond Profit. Contributions to Economics. Springer, Cham. https://doi.org/10.1007/978-3-031-49748-3_14
Download citation
DOI: https://doi.org/10.1007/978-3-031-49748-3_14
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-031-49747-6
Online ISBN: 978-3-031-49748-3
eBook Packages: Economics and FinanceEconomics and Finance (R0)