What is Wrong with Islamic Economics?
Show Less

What is Wrong with Islamic Economics?

Analysing the Present State and Future Agenda

Muhammad Akram Khan

What is Wrong with Islamic Economics? takes an objective look at the state of the art in Islamic economics and finance. It analyses reasons for perceived stagnation and also suggests a way forward.
Buy Book in Print
Show Summary Details
You do not have access to this content

Chapter 6: Expanding the frontiers of economics

Analysing the Present State and Future Agenda

Muhammad Akram Khan


Conventional economics studies the economic problem of man arising from scarcity of resources in a market economy perspective. The economic analysis focuses on the behaviour of consumers, producers, business firms, government and non-government organizations, and so on. However, to keep the analysis simple and understandable, it treats a large number of factors such as individual differences due to genetic and hereditary factors, environmental pollution, climate change, international legal developments, political changes across the globe and so on as exogenous, although they influence the economic problem. Economics considers the effect of exogenous factors on economic variables but assumes them away as ‘other things being equal’. Muslim economists have adopted the same frame of reference for the development of Islamic economics. They are also trying to develop microeconomics, macroeconomics, public finance and so forth on the same pattern as in conventional economics. In addition they treat extra-market factors as exogenous. Developing Islamic economics as a social science presents immense possibilities for expanding the frontiers of economics. Besides the factors that are generally treated as exogenous a number of moral laws operate in the universe. Some of these laws affect the creation of wealth, distribution of income and state of material prosperity and deprivation.

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information

or login to access all content.