Behavioral and Islamic economics critique mainstream views on unemployment: a joint perspective

Ekrem Yilmaz

Journal of Islamic Accounting and Business Research, 2023, vol. 16, issue 4, 838-852

Abstract: Purpose - This study aims to discuss the behavioral economics and Islamic economic joint criticisms against the conceptual and economic political view of the mainstream. Design/methodology/approach - The purpose of this study is to examine the effectiveness of mainstream economic policies in addressing unemployment. Furthermore, it critically assesses the mainstream perspective on unemployment within the contexts of Islamic economics and behavioral economics, separately. The commonalities and disparities between the approaches of Islamic economics and behavioral economics regarding unemployment are evaluated. Subsequently, the conventional viewpoint on unemployment is scrutinized from the combined standpoint of Islamic economics and behavioral economics. This article employs a theoretical approach to address these concerns. Findings - Although there are some differences, the recommendations and values of Islamic Economics and behavioral economics in the context of unemployment are almost the same. And, more importantly, both approaches are similar in their emphasis on the ineffectiveness and distance from human values of mainstream economic policies. Originality/value - This article is the first to examine unemployment from the joint perspectives of Islamic economics and behavioral economics. It is also the first article to criticize the mainstream view of unemployment from the common framework of these two approaches.

Keywords: Behavioral economics; Islamic economics; Unemployment; Inequality; Mainstream economic policies; Heterodox (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jiabrp:jiabr-02-2023-0067

DOI: 10.1108/JIABR-02-2023-0067

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