IDEAS home Printed from https://ideas.repec.org/a/abd/kauiea/v32y2019i2no7p99-108.html
   My bibliography  Save this article

Islamic Economics: An Agenda for Intellectual and Institutional Reform الاقتصاد الإسلامي: جدول أعمال للإصلاح الفكري والمؤسسي

Author

Listed:
  • Mabid Ali Mohamed Mahmoud Al-Jarhi

    (Professor of Economics and Finance, Ankara Social Sciences University, Turkey)

Abstract

This article agrees with Reardon (2019), that economics finds itself in a predicament caused by the neoclassical school. The dominance of neoclassical economics and its lack of response to calls for reform has been endemic. Reform must include both the neoclassical analysis as well as the system of market capitalism it strives to defend. This paper briefly discusses both aspects of reform. It introduces the new school of analytical Islamic economics and its agenda to reform both the discipline and the economic system. The paper enumerates several advantages of Islamic economics to the economics discipline itself as well as the economy, in addition to bringing together intellectuals and scholars of economics, both from East and West, in a more communicative and inclusive group. In addition, the article makes some proposals towards opening the doors in-between the different schools of thought for positive as well as enriching intellectual interactions. يتفق هذا المقال مع ريردون (2019م) ، في أن علم الاقتصاد يجد نفسه في مأزق تسببت فيه المدرسة النيوكلاسيكية. حيث أضحت هذه المدرسة مهيمنة لا تعبأ بنداءات الإصلاح المتعددة الذي يجب أن يشمل كلاً من التحليل النيوكلاسيكي ذاته، وكذلك نظام رأسمالية السوق التي يحاول الدفاع عنه. تناقش الورقة بإيجاز كلا جانبي الإصلاح. كما تقدم المدرسة الجديدة للاقتصاد الإسلامي التحليلي وجدول أعماله لإصلاح كل من علم الاقتصاد والنظام الاقتصادي. تعدد الورقة المزايا التي يجلبها الإصلاح لعلم لاقتصاد نفسه بالإضافة إلى النظام الاقتصادي السائد. ويسعى جدول الأعمال أيضا إلى الجمع بين المثقفين وعلماء الاقتصاد، من الشرق والغرب، في مجموعة تواصلية لا تستبعد أحدا. ويقدم المقال بعض المقترحات نحو فتح الأبواب بين المدارس الفكرية المختلفة من أجل التفاعلات الفكرية الإيجابية بغرض الإثراء المعرفي.

Suggested Citation

  • Mabid Ali Mohamed Mahmoud Al-Jarhi, 2019. "Islamic Economics: An Agenda for Intellectual and Institutional Reform الاقتصاد الإسلامي: جدول أعمال للإصلاح الفكري والمؤسسي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(2), pages 99-108, January.
    • Handle: RePEc:abd:kauiea:v:32:y:2019:i:2:no:7:p:99-108
    DOI: 10.4197/Islec.32-2.7
    as

    Download full text from publisher

    File URL: https://iei.kau.edu.sa/Files/121/Files/153868_32-02-07-Mabid-Al-Jarhi3.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.4197/Islec.32-2.7?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Al-Jarhi, Mabid Ali M. M., 2016. "An Economic Theory of Islamic Finance Regulation," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 24, pages 1-44.
    2. 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.
    3. Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March.
    4. Mantel, Rolf R., 1976. "Homothetic preferences and community excess demand functions," Journal of Economic Theory, Elsevier, vol. 12(2), pages 197-201, April.
    5. Hyman P. Minsky, 1977. "The Financial Instability Hypothesis: An Interpretation of Keynes and an Alternative to“Standard” Theory," Challenge, Taylor & Francis Journals, vol. 20(1), pages 20-27, March.
    6. Robinson, Joan, 1972. "The Second Crisis of Economic Theory," American Economic Review, American Economic Association, vol. 62(2), pages 1-10, May.
    7. G. J. Stigler, 1972. "Perfect Competition, Historically Contemplated," Palgrave Macmillan Books, in: Charles K. Rowley (ed.), Readings in Industrial Economics, chapter 7, pages 105-130, Palgrave Macmillan.
    8. Al-Jarhi, Mabid, 2016. "An economic theory of Islamic finance," MPRA Paper 72698, University Library of Munich, Germany.
    9. John Kenneth Galbraith & Murray L. Weidenbaum & Charles H. Hession & Barbara Deckard & Howard Sherman & Carey C. Thompson, 1975. "Economics and the Public Purpose," Journal of Economic Issues, Taylor & Francis Journals, vol. 9(1), pages 87-100, March.
    10. Sonnenschein, Hugo, 1972. "Market Excess Demand Functions," Econometrica, Econometric Society, vol. 40(3), pages 549-563, May.
    11. Al-Jarhi, Mabid, 2017. "Inefficiencies in Search Models: The Case for Islamic Finance," MPRA Paper 82064, University Library of Munich, Germany, revised 19 Oct 2017.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. ALJARHI, Mabid, 2018. "The Islamic macroeconomic model: How to Apply it," MPRA Paper 103397, University Library of Munich, Germany, revised 01 Oct 2020.
    2. Alexis Akira Toda & Kieran James Walsh, 2017. "Edgeworth box economies with multiple equilibria," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 5(1), pages 65-80, April.
    3. Roberto Cazzolla Gatti & Roger Koppl & Brian D. Fath & Stuart Kauffman & Wim Hordijk & Robert E. Ulanowicz, 2020. "On the emergence of ecological and economic niches," Journal of Bioeconomics, Springer, vol. 22(2), pages 99-127, July.
    4. Al-Jarhi, Mabid, 2017. "Islamic Finance at Crossroads," MPRA Paper 88555, University Library of Munich, Germany, revised Aug 2018.
    5. Skott, Peter & Davis, Leila, 2013. "Distributional biases in the analysis of climate change," Ecological Economics, Elsevier, vol. 85(C), pages 188-197.
    6. Bresser-Pereira, Luiz Carlos & Lima, Gilberto Tadeu, 1996. "The relative autonomy of macroeconomics: a methodological approach," Textos para discussão 49, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
    7. Alan P. Kirman, 1992. "Whom or What Does the Representative Individual Represent?," Journal of Economic Perspectives, American Economic Association, vol. 6(2), pages 117-136, Spring.
    8. Trudeau, Christian, 2018. "From the bankruptcy problem and its Concede-and-Divide solution to the assignment problem and its Fair Division solution," Games and Economic Behavior, Elsevier, vol. 108(C), pages 225-238.
    9. Aad Ruiter, 2020. "Approximating Walrasian Equilibria," Computational Economics, Springer;Society for Computational Economics, vol. 55(2), pages 577-596, February.
    10. C-Rene DOMINIQUE & Luis Eduardo RIVERA-SOLIS, 2014. "On Market Economies: How Controllable Constructs Become Complex," Expert Journal of Economics, Sprint Investify, vol. 2(3), pages 100-108.
    11. Erhard Glötzl & Florentin Glötzl & Oliver Richters, 2019. "From constrained optimization to constrained dynamics: extending analogies between economics and mechanics," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 14(3), pages 623-642, September.
    12. Alan Kirman, 2014. "Is it rational to have rational expectations?," Mind & Society: Cognitive Studies in Economics and Social Sciences, Springer;Fondazione Rosselli, vol. 13(1), pages 29-48, June.
    13. Simon Cramer & Torsten Trimborn, 2019. "Stylized Facts and Agent-Based Modeling," Papers 1912.02684, arXiv.org.
    14. Gaffeo, E. & Catalano, M. & Clementi, F. & Delli Gatti, D. & Gallegati, M. & Russo, A., 2007. "Reflections on modern macroeconomics: Can we travel along a safer road?," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 382(1), pages 89-97.
    15. Eric Kemp-Benedict, 2011. "Second-Order, Dissipative T\^atonnement: Economic Interpretation and 2-Point Limit Cycles," Papers 1108.0188, arXiv.org, revised Aug 2011.
    16. Pascal Bridel & Elisabeth Huck, 2002. "Yet another look at Leon Walras's theory of tatonnement," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(4), pages 513-540.
    17. G. Fagiolo & A. Roventini, 2009. "On the Scientific Status of Economic Policy: A Tale of Alternative Paradigms," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 6.
    18. Sylvain Barde, 2011. "Ignorance is bliss: rationality, information and equilibrium," SciencePo Working papers Main hal-01069478, HAL.
    19. Kelvin Lancaster, 1975. "The Theory of Household Behavior: Some Foundations," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 4, number 1, pages 5-21, National Bureau of Economic Research, Inc.
    20. JÊrÆme B. Detemple & Piero Gottardi, 1998. "Aggregation, efficiency and mutual fund separation in incomplete markets," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 11(2), pages 443-455.

    More about this item

    Keywords

    Islamic economics; Neoclassical economics; Economic reform; Price searching models; Competitive search; Redistribution; Monetary policy; Financial markets. الاقتصاد الإسلامي، الاقتصاد الكلاسيكي الجديد، الإصلاح الاقتصادي، نماذج البحث عن الأسعار، البحث التنافسي، السياسة النقدية، الأسواق المالية، إعادة التوزيع.;
    All these keywords.

    JEL classification:

    • A2 - General Economics and Teaching - - Economic Education and Teaching of Economics
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • P41 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Planning, Coordination, and Reform
    • Y8 - Miscellaneous Categories - - Related Disciplines

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:abd:kauiea:v:32:y:2019:i:2:no:7:p:99-108. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: King Abdulaziz University, Islamic Economics Institute. (email available below). General contact details of provider: https://edirc.repec.org/data/cikausa.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.