Islamic economics as an integrated social science: novel ideas on its foundations

One positive response to the Great Recession (2008-2012) is that economics is seriously rethinking on its future shape and direction. As value-free economics begins to wane, Putnam’s (2012) ‘second phase classical theory’ and ‘entanglement of fact and value’ notions look encouraging. Therein lies op...

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Main Author:	Mohd Yusop, Mohd Mahyudi
Format:	Conference or Workshop Item
Language:	English English
Published:	2018
Subjects:	HB126.4 Islamic Economics
Online Access:	http://irep.iium.edu.my/63850/ http://irep.iium.edu.my/63850/ http://irep.iium.edu.my/63850/1/63850_ISLAMIC%20ECONOMICS%20AS%20AN%20INTEGRATED-article.pdf http://irep.iium.edu.my/63850/2/63850_ISLAMIC%20ECONOMICS%20AS%20AN%20INTEGRATED-abstract.pdf

id	iium-63850
recordtype	eprints
spelling	iium-638502018-05-28T03:59:22Z http://irep.iium.edu.my/63850/ Islamic economics as an integrated social science: novel ideas on its foundations Mohd Yusop, Mohd Mahyudi HB126.4 Islamic Economics One positive response to the Great Recession (2008-2012) is that economics is seriously rethinking on its future shape and direction. As value-free economics begins to wane, Putnam’s (2012) ‘second phase classical theory’ and ‘entanglement of fact and value’ notions look encouraging. Therein lies openings for Islamic economics to project itself as an integrated social science. To that end, our approach is two-fold. Firstly, we critically look into Nienhaus’ (2013) four problems of Islamic economics. Incisively, we assert that Islamic economics is still a widely disregarded field; its normative element is not a hindrance to constructive engagement; growth in ‘Islamic economics light’ research is a boon; and Islamic economic practice has an inherent political economy character. The coherency of our integrated science idea is well-displayed in our arguments. Secondly, we proffer novel insights on epistemological and micro-foundational matters to be applied in future Islamization endeavours. On Islamic epistemology, reason and rationality must be conditioned by the concepts of existence, intelligibility, and moral thinking. We find Kalin’s (2015) position consistent with the expected cognitive conduct for Islamic economists. About the micro-foundation issue, the inadequacy of both homo economicus and homo Islamicus concepts is highlighted. So, the ‘universal man’ proposal is given due weight. We utilise Mahyudi and Aziz’s (2017) new definition of Islamic economics and ‘Quranic framework’ in elaborating on substance and methodology of the discipline throughout this paper. Finally, with enhanced intellectual clarity, we are optimistic about the prospect of Islamic economics furthering the Islamization of knowledge agenda. 2018-04-08 Conference or Workshop Item NonPeerReviewed application/pdf en http://irep.iium.edu.my/63850/1/63850_ISLAMIC%20ECONOMICS%20AS%20AN%20INTEGRATED-article.pdf application/pdf en http://irep.iium.edu.my/63850/2/63850_ISLAMIC%20ECONOMICS%20AS%20AN%20INTEGRATED-abstract.pdf Mohd Yusop, Mohd Mahyudi (2018) Islamic economics as an integrated social science: novel ideas on its foundations. In: 6th Islamic Economics Workshop on Methodology of Islamic Economics, 6th-8th April, 2018, Istanbul, Turkey. (Unpublished) http://www.ikam.org.tr/en/symposiums/iew6
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HB126.4 Islamic Economics
spellingShingle	HB126.4 Islamic Economics Mohd Yusop, Mohd Mahyudi Islamic economics as an integrated social science: novel ideas on its foundations
description	One positive response to the Great Recession (2008-2012) is that economics is seriously rethinking on its future shape and direction. As value-free economics begins to wane, Putnam’s (2012) ‘second phase classical theory’ and ‘entanglement of fact and value’ notions look encouraging. Therein lies openings for Islamic economics to project itself as an integrated social science. To that end, our approach is two-fold. Firstly, we critically look into Nienhaus’ (2013) four problems of Islamic economics. Incisively, we assert that Islamic economics is still a widely disregarded field; its normative element is not a hindrance to constructive engagement; growth in ‘Islamic economics light’ research is a boon; and Islamic economic practice has an inherent political economy character. The coherency of our integrated science idea is well-displayed in our arguments. Secondly, we proffer novel insights on epistemological and micro-foundational matters to be applied in future Islamization endeavours. On Islamic epistemology, reason and rationality must be conditioned by the concepts of existence, intelligibility, and moral thinking. We find Kalin’s (2015) position consistent with the expected cognitive conduct for Islamic economists. About the micro-foundation issue, the inadequacy of both homo economicus and homo Islamicus concepts is highlighted. So, the ‘universal man’ proposal is given due weight. We utilise Mahyudi and Aziz’s (2017) new definition of Islamic economics and ‘Quranic framework’ in elaborating on substance and methodology of the discipline throughout this paper. Finally, with enhanced intellectual clarity, we are optimistic about the prospect of Islamic economics furthering the Islamization of knowledge agenda.
format	Conference or Workshop Item
author	Mohd Yusop, Mohd Mahyudi
author_facet	Mohd Yusop, Mohd Mahyudi
author_sort	Mohd Yusop, Mohd Mahyudi
title	Islamic economics as an integrated social science: novel ideas on its foundations
title_short	Islamic economics as an integrated social science: novel ideas on its foundations
title_full	Islamic economics as an integrated social science: novel ideas on its foundations
title_fullStr	Islamic economics as an integrated social science: novel ideas on its foundations
title_full_unstemmed	Islamic economics as an integrated social science: novel ideas on its foundations
title_sort	islamic economics as an integrated social science: novel ideas on its foundations
publishDate	2018
url	http://irep.iium.edu.my/63850/ http://irep.iium.edu.my/63850/ http://irep.iium.edu.my/63850/1/63850_ISLAMIC%20ECONOMICS%20AS%20AN%20INTEGRATED-article.pdf http://irep.iium.edu.my/63850/2/63850_ISLAMIC%20ECONOMICS%20AS%20AN%20INTEGRATED-abstract.pdf
first_indexed	2023-09-18T21:30:34Z
last_indexed	2023-09-18T21:30:34Z
_version_	1777412482592145408

Islamic economics as an integrated social science: novel ideas on its foundations

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