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The Reform Agenda of Mainstream Economics: Importance, Relevance, and Obstacles for Islamic Economics جدول أعمال إصلاح الفكر الاقتصادي السائد: الأهمية، والملاءمة، والعقبات للاقتصاد الإسلامي

Author

Listed:
  • Volker Nienhaus

    (Honorary Professor, University of Bochum, Germany Consultant, Islamic Financial Services Board (IFSB))

Abstract

Mainstream economics textbooks focus too much on neoclassical models (with perfect competition as reference model) while the mainstream research practice is much more diverse and closer to the real world and political issues. Progress was made in microeconomics by new insights particularly from behavioral and experimental economics and new tools such as simulations and network analysis. In macroeconomics, however, the dominant Dynamic Stochastic General Equilibrium (DSGE) models have structurally failed to predict the global crisis. Their enhancement by the inclusion of an explicit financial sector is on top of the mainstream reform agenda. Islamic economics may benefit from the innovations in microeconomics, while the macroeconomic reform agenda is of limited relevance as long as the market share of Islamic finance remains quite low in most Muslim countries. A dialogue on reform between mainstream and Islamic economics should take into account that Islamic economists underline the importance of the Qur’ān and Sunnah as the primary sources of positive and normative knowledge, while secular mainstream rejects proofs of positive statements by reference to divine sources. This may become a severe methodological obstacle for more pluralism in economics. تُركز الكتب التدريسية للاقتصاد السائد بشكل كبير على النماذج النيو-كلاسيكية مع الاعتماد على المنافسة الكاملة كنموذج مرجعي. وفي المقابل نجد أن الممارسات البحثية السائدة أكثر تنوعًا وأقرب إلى العالم الحقيقي والسياسات الاقتصادية. في ضوء هذه المفارقة يمكن ملاحظة أنه تم إحراز تقدم على مستوى الاقتصاد الجزئي من خلال رؤى جديدة أتت بها بعض المقاربات والأدوات؛ كالاقتصاد السلوكي والتجريبي وأدوات المحاكاة وتحليل الشبكات. إلا أن شيئًا من هذا لم يحصل على مستوى الاقتصاد الكلي حيث فشلت نماذج التوازن العشوائي الديناميكي (DSGE) المهيمنة في التنبؤ بالأزمة المالية العالمية (2007-2008م) بسبب بنائها الهيكلي القاصر. وتعزيزها من خلال إدراج قطاع مالي واضح هو على رأس جدول أعمال الإصلاح للاقتصاد السائد. قد يستفيد الاقتصاد الإسلامي من الابتكارات في الاقتصاد الجزئي، في حين أن إصلاح الاقتصاد الكلي سيكون ذا أهمية محدودة ما دام أن الحصة السوقية للتمويل الإسلامي ضئيلة للغاية في معظم البلدان الإسلامية. يجب أن يأخذ الحوار حول الإصلاح بين الاقتصاد السائد والاقتصاد الإسلامي في الاعتبار أن الاقتصاديين الإسلاميين يؤكدون على أهمية القرآن والسنة كمصادر أساسية للمعرفة الإيجابية والمعيارية، في حين يرفض التيار العلماني السائد قبول المقولات الإيجابية بالرجوع إلى المصادر الإلهية. قد تشكل هذه المفارقة "المتجذرة" عقبة منهجية كبيرة من أجل تحقيق تعددية متنوعة في الاقتصاد.

Suggested Citation

  • Volker Nienhaus, 2019. "The Reform Agenda of Mainstream Economics: Importance, Relevance, and Obstacles for Islamic Economics جدول أعمال إصلاح الفكر الاقتصادي السائد: الأهمية، والملاءمة، والعقبات للاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(2), pages 89-97, January.
  • Handle: RePEc:abd:kauiea:v:32:y:2019:i:2:no:6:p:89-97
    DOI: 10.4197/Islec.32-2.6
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    References listed on IDEAS

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    1. Jack Reardon, 2019. "Dialogue on Reform in Mainstream Economics and its Implications for the Islamic Economics Discipline حوار حول الإصلاح في الاقتصاد السائد وانعكاسه على الاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(2), pages 61-75, January.
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    Cited by:

    1. Salman Ahmed Shaikh, 2021. "A Review of the Transformative School in Islamic Economics مراجعة للمدرسة التحويلية في الاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 34(2), pages 185-201, July.

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    More about this item

    Keywords

    Textbook economics; Pluralism; Normative economics; Methodology; Mainstream economics; Islamic economics. اقتصاديات الكتب المدرسية، كتب الاقتصاد التدريسية، التعددية، الاقتصاد المعياري، المنهجية، الاقتصاد السائد، الاقتصاد الإسلامي.;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • A2 - General Economics and Teaching - - Economic Education and Teaching of Economics
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • Y8 - Miscellaneous Categories - - Related Disciplines

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