The Formulation of Islamic Economic Model

Masudul Alam Choudhury

Chapter 4 in Methodological Dimension of Islamic Economics, 2019, pp 97-130 from World Scientific Publishing Co. Pte. Ltd.

Abstract: This chapter commences along the lines of application of the theory contrasting Tawhidi unity of knowledge and the rationalist world systems that we substantiated in Chapters 2 and 3. In this regard, we will first translate the premises of Chapter 2 in a formal model and explain all its details. Along with this task, this chapter will also explain several important concepts that emanate from the formal model and treat the essence of the Islamic instruments within such a formal model that carries with it the contrasting concepts, differentiating Islamic methodological worldview and the rejection of rationalism depicted in mainstream economics. The same kind of arguments and formalism applies to the generality of the world-system study and its details…

Keywords: Epistemic and Economics; Economic Theory; Economic Analysis; Applications; Comparative Economics (search for similar items in EconPapers)
JEL-codes: F63 N01 P26 P51 (search for similar items in EconPapers)
Date: 2019
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