Why Cannot Neoclassicism Explain Resource Allocation and Development in the Islamic Political Economy?

Masudul Alam Choudhury
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Masudul Alam Choudhury: University College of Cape Breton

Chapter 6 in Studies in Islamic Science and Polity, 1998, pp 114-134 from Palgrave Macmillan

Abstract: Abstract Resource allocation is central to the study of the role of the private and public sectors in economic development. By the latter we mean structurally transforming the economy in order to attain economic efficiency and distributive equity. In the Islamic approach to socio-economic matters, the focus on these targets assumes a precise and methodological content. The issue then is: is it possible to realise both economic efficiency (material welfare) and distributive equity (moral worth) in an Islamic economic framework using neoclassical methodology?

Keywords: Neoclassical Economic; Moral Worth; Islamic Bank; Market Order; Profit Sharing (search for similar items in EconPapers)
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37803-2_6

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DOI: 10.1057/9780230378032_6

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