Macroeconomic Relations in the Islamic Economic Order

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

Chapter 11 in Contributions to Islamic Economic Theory, 1986, pp 166-187 from Palgrave Macmillan

Abstract: Abstract Schumpeter tried to enunciate in his monumental work, that economic science, if it is to be a science, must be bereft of all shades of value judgements. He defined ‘scientific economics’ to mean, ‘the sum total of the historical, statistical and theoretical techniques, together with the results they produce’.1 The impingement of all shades of value judgements was to be considered outside the pale of economic theory, because, as Schumpeter claimed, such judgements leave economic analysis unaffected. Notwithstanding this claim the enunciation could not be sustained in the body of Schumpeter’s work.

Keywords: Money Supply; Demand Curve; Supply Curve; Profit Rate; Cash Balance (search for similar items in EconPapers)
Date: 1986
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-07728-1_12

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DOI: 10.1007/978-1-349-07728-1_12

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