Rethinking the concept of economic man and its relevance to the future of Islamic economics

This study sheds light on the philosophical underpinnings of Islamic economics, especially its version of a social and moral economic system. The prospect of value-laden economics, the gap between the theory and practice of the Islamic economic system, and an epistemological exposition on the observ...

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Main Author:	Mohd Yusop, Mohd Mahyudi
Format:	Article
Language:	English English
Published:	IIUM Press 2016
Subjects:	BP173.75 Islam and economics
Online Access:	http://irep.iium.edu.my/51253/ http://irep.iium.edu.my/51253/ http://irep.iium.edu.my/51253/1/51253_Rethinking_the_concept_of_economic_man.pdf http://irep.iium.edu.my/51253/4/51253_Rethinking%20the%20concept%20of%20economic%20man_SCOPUS.pdf

id	iium-51253
recordtype	eprints
spelling	iium-512532017-04-12T08:11:52Z http://irep.iium.edu.my/51253/ Rethinking the concept of economic man and its relevance to the future of Islamic economics Mohd Yusop, Mohd Mahyudi BP173.75 Islam and economics This study sheds light on the philosophical underpinnings of Islamic economics, especially its version of a social and moral economic system. The prospect of value-laden economics, the gap between the theory and practice of the Islamic economic system, and an epistemological exposition on the observed gap are discussed. On the first aspect, the study indicates that the future for Islamic economics as one alternative of a value-based approach is indeed promising with the ongoing replacement of Robbin’s fact/value dichotomy with Putnam’s entanglement of fact and value notion. Interestingly, the widely reported gap, in the form of non-achievement of social goals, has led the study to identify a serious flaw in the micro-foundational aspect of Islamic economics; one that has not been noticed before. A more holistic reading of the Qur’ān could solve this micro-foundation issue. Therefore, the study calls for a fresh epistemological approach in Islamic economics methodology that could set in motion a renewed interest in the Islamic economic system discourse. Kajian ini menerangkan tentang asas falsafah disiplin ilmu ekonomi Islam terutamanya yang berkaitan dengan cadangan ke arah mewujudkan sebuah sistem ekonomi sosial dan bermoral. Perbincangan kritis dilakukan terhadap tiga aspek: prospek disiplin ilmu ekonomi yang sarat dengan nilai, jurang antara teori dan praktis sistem ekonomi Islam, serta penjelasan epistemologi berkaitan dengan jurang tersebut. Mengenai aspek pertama, kajian ini menekankan bahawa masa depan ilmu ekonomi yang sarat dengan nilai sememangnya amat cerah. Ini adalah kerana berlakunya proses penggantian konsep pemisahan fakta/nilai yang dipelopori of Robbins dengan konsep kesebatian fakta dan nilai yang dipelopori oleh Putnam secara berterusan. Menariknya, jurang teori dan praktis yang dilaporkan secara meluas, iaitu dalam bentuk kegagalan sistem ekonomi Islam untuk mencapai matlamat sosialnya, telah diutarakan dalam kertas ini untuk mengenal pasti satu masalah serius yang berkaitan asas-mikro dalam ilmu ekonomi Islam; suatu masalah yang belum pernah disebut sebelum ini. Pemahaman al-Qur’ān secara lebih holistik mampu menyelesaikan isu asas-mikro ini. Justeru, kajian ini menyeru kepada pendekatan epistemologi yang baharu dalam metodologi ilmu ekonomi Islam supaya berupaya merancakkan kembali diskusi topik sistem ekonomi Islam. IIUM Press 2016 Article PeerReviewed application/pdf en http://irep.iium.edu.my/51253/1/51253_Rethinking_the_concept_of_economic_man.pdf application/pdf en http://irep.iium.edu.my/51253/4/51253_Rethinking%20the%20concept%20of%20economic%20man_SCOPUS.pdf Mohd Yusop, Mohd Mahyudi (2016) Rethinking the concept of economic man and its relevance to the future of Islamic economics. Intellectual Discourse, 24 (1). pp. 111-132. ISSN 0128-4878 E-ISSN 2289-5639 http://journals.iium.edu.my/intdiscourse/index.php/islam/article/view/713/555
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	BP173.75 Islam and economics
spellingShingle	BP173.75 Islam and economics Mohd Yusop, Mohd Mahyudi Rethinking the concept of economic man and its relevance to the future of Islamic economics
description	This study sheds light on the philosophical underpinnings of Islamic economics, especially its version of a social and moral economic system. The prospect of value-laden economics, the gap between the theory and practice of the Islamic economic system, and an epistemological exposition on the observed gap are discussed. On the first aspect, the study indicates that the future for Islamic economics as one alternative of a value-based approach is indeed promising with the ongoing replacement of Robbin’s fact/value dichotomy with Putnam’s entanglement of fact and value notion. Interestingly, the widely reported gap, in the form of non-achievement of social goals, has led the study to identify a serious flaw in the micro-foundational aspect of Islamic economics; one that has not been noticed before. A more holistic reading of the Qur’ān could solve this micro-foundation issue. Therefore, the study calls for a fresh epistemological approach in Islamic economics methodology that could set in motion a renewed interest in the Islamic economic system discourse. Kajian ini menerangkan tentang asas falsafah disiplin ilmu ekonomi Islam terutamanya yang berkaitan dengan cadangan ke arah mewujudkan sebuah sistem ekonomi sosial dan bermoral. Perbincangan kritis dilakukan terhadap tiga aspek: prospek disiplin ilmu ekonomi yang sarat dengan nilai, jurang antara teori dan praktis sistem ekonomi Islam, serta penjelasan epistemologi berkaitan dengan jurang tersebut. Mengenai aspek pertama, kajian ini menekankan bahawa masa depan ilmu ekonomi yang sarat dengan nilai sememangnya amat cerah. Ini adalah kerana berlakunya proses penggantian konsep pemisahan fakta/nilai yang dipelopori of Robbins dengan konsep kesebatian fakta dan nilai yang dipelopori oleh Putnam secara berterusan. Menariknya, jurang teori dan praktis yang dilaporkan secara meluas, iaitu dalam bentuk kegagalan sistem ekonomi Islam untuk mencapai matlamat sosialnya, telah diutarakan dalam kertas ini untuk mengenal pasti satu masalah serius yang berkaitan asas-mikro dalam ilmu ekonomi Islam; suatu masalah yang belum pernah disebut sebelum ini. Pemahaman al-Qur’ān secara lebih holistik mampu menyelesaikan isu asas-mikro ini. Justeru, kajian ini menyeru kepada pendekatan epistemologi yang baharu dalam metodologi ilmu ekonomi Islam supaya berupaya merancakkan kembali diskusi topik sistem ekonomi Islam.
format	Article
author	Mohd Yusop, Mohd Mahyudi
author_facet	Mohd Yusop, Mohd Mahyudi
author_sort	Mohd Yusop, Mohd Mahyudi
title	Rethinking the concept of economic man and its relevance to the future of Islamic economics
title_short	Rethinking the concept of economic man and its relevance to the future of Islamic economics
title_full	Rethinking the concept of economic man and its relevance to the future of Islamic economics
title_fullStr	Rethinking the concept of economic man and its relevance to the future of Islamic economics
title_full_unstemmed	Rethinking the concept of economic man and its relevance to the future of Islamic economics
title_sort	rethinking the concept of economic man and its relevance to the future of islamic economics
publisher	IIUM Press
publishDate	2016
url	http://irep.iium.edu.my/51253/ http://irep.iium.edu.my/51253/ http://irep.iium.edu.my/51253/1/51253_Rethinking_the_concept_of_economic_man.pdf http://irep.iium.edu.my/51253/4/51253_Rethinking%20the%20concept%20of%20economic%20man_SCOPUS.pdf
first_indexed	2023-09-18T21:12:33Z
last_indexed	2023-09-18T21:12:33Z
_version_	1777411348964048896

Rethinking the concept of economic man and its relevance to the future of Islamic economics

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