Re: Islamic Economics

On Mar 13, 7:36 pm, "Zuiko Azumazi" <zuiko.azum...@xxxxxxxxx> wrote:

Additional References - (For those really interested in an in-depth analysis
into "Economic Thought" in Islam):-

Ibn Khaldun (1958). The Muqaddimah: An Introduction to History. Volume I,
II, III. Translated by Franz Rosenthal.

Charles Issawi, (1950). An Arab Philosophy of History.

M. A. Nashat, (1945). Ibn Khaldun Pioneer Economist.

N. Schmidt,(1967). Ibn Khaldun: Historian, Sociologist, and Philosopher.

A. J. Schumpeter (1954). History of economic Analysis.

J. J. Spengler, (1964). Economic Thought of Islam: Ibn Khaldun.

I think you are looking the wrong direction. This reading list would
be laughed at in any economics course - there is nothing in later than
1967 and the newest material on western economic is Schumpeter's
idiosyncratic history from 1954. To a contemporary economic theorist
this is all prehistory - the economic equivalent of astrology.

There are, it seems to me, at least three different questions mixed up
together here:

(1) Is there a distinctive Islamic economic theory?

(2) Did Ibn Khaldun contribute significantly to it?

(3) Is modern economic theory a distinctive Christian theory?

I submit that the answers to these questions are:

(1) No, there is insufficient evidence to prove that a distinctive
Islamic theory exists.

(2) Ibn Khaldun is not generally acknowledged as a contributor to any
economic theory.

(3) Modern economic theory is hostile to religion and is best
described as atheistic.

It should come as no surprise that Ibn Khaldun made some shrewd
comments on human behavior in economic situations. Numerous
intelligent men and women have made such comments all through
history.

But the fall in real estate values that he described in the extract
has no similarity to what happened in the United States and, I gather,
all over the world, like a line of dominoes. For example, even though
the house I bought eighteen years ago has lost half of its peak value
it is still worth twice what I paid for it. In our case prices went
too high - Ibn Khaldun was speaking of times when prices fell too low.

That modern economic theory does not have all the answers appears to
have shocked many believers (it functioned like a religion) but, it
seems, not very many professional economists.

I haven't the wit to concoct an equal blow to Islam. Maybe a letter,
in his own handwriting, from Harun al-Rashid describing how he and his
cronies put together the Qur'an from fragments they found here and
there all over the empire. In other words proof that John Wansborough
was right.

This would come as a shock to all believers but not, I suspect, to the
real scholars of Islam who know how hard is to demonstrate that
Wansborough was wrong and, while disappointed, would not be shocked.

But, of course, modern economic theory, if it can be considered a
religion, is surely a false one. Perhaps, now, it will lose all its
believers. If so there is some silver lining in the dark clouds just
like we hoped. It would have been nice had there been an Islamic
economic theory ready to replace it.

But that, it seems, is not the will of Allah.

.

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