The Dual Theories of Consumer Behavior and Markets

Masudul Alam Choudhury

Chapter 6 in Methodological Dimension of Islamic Economics, 2019, pp 161-198 from World Scientific Publishing Co. Pte. Ltd.

Abstract: In the previous chapters, the foundational topics of Islamic methodology and some of the methods and formulations arising from it were laid down in terms of the Tawhidi theory of knowledge. This theory was laid down in terms of firstly, ontology. Ontology means the theory of existence, as of the primal origin of knowledge being the Qur′an and its instrumentation by the sunnah. Secondly, there is epistemology, meaning the theory of knowledge. In Islamic intellection, epistemology is derived from the Qur′an and the sunnah in terms of the cardinal law of Tawhid. It is logical for the purpose and establishment of an abiding theory of Tawhidi Islamic economics (TIE) and broadly of Tawhidi socio-scientific intellection to utilize the foundational topics. The analytical results so arising from the methodological foundations will then be carried over into quantitative perspectives. This last part of the comprehensive theory of TIE is referred to as the unraveling element of consciousness. In scientific language, this last part that integrates ontology and epistemology in a methodological way leading to the methods of analysis is referred to as phenomenology…

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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