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Islam And The Science Of Economics, Syed Farid Alatas

farid alatas

Economists have generally maintained a rigorous separation between positive and normative economics. In the Muslim world, however, concerted attempts have been made to relate moral conduct to economic institutions and practices. Demands for an alternative theory and practice of development to both modernization and Marxist theories had led to the rise of Islamic economics. But while Islamic economic thinking presents an ideal of development that is based on an Islamic philosophy of life, it is beset by a number of problems which make it difficult to be considered as an alternative to modernist discourse as far as empirical theory is …