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The Starry Heavens Above and the Moral Law Within: On the Flatness of Economics

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  • Abbas Mirakhor

Abstract

Research in various fields has demonstrated the inadequacy of the Max U image of man. To the extent that the model is responsible for major problems humanity is facing today, it needs to be revised. This note argues that ideas of religions, such as human dignity, personhood, stewardship, and empathy can enrich economics. A number of ideas of Islam, such as property-right rules, risk sharing, and rule-based market behavior are mentioned.

Suggested Citation

  • Abbas Mirakhor, 2014. "The Starry Heavens Above and the Moral Law Within: On the Flatness of Economics," Econ Journal Watch, Econ Journal Watch, vol. 11(2), pages 186-193, May.
    • Handle: RePEc:ejw:journl:v:11:y:2014:i:2:p:186-193
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    References listed on IDEAS

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    1. Jerry Evensky, 1993. "Retrospectives: Ethics and the Invisible Hand," Journal of Economic Perspectives, American Economic Association, vol. 7(2), pages 197-205, Spring.
    2. Gowdy, John M. & Dollimore, Denise E. & Wilson, David Sloan & Witt, Ulrich, 2013. "Economic cosmology and the evolutionary challenge," Journal of Economic Behavior & Organization, Elsevier, vol. 90(S), pages 11-20.
    3. Evensky, Jerry, 2011. "Adam Smith’S Essentials: On Trust, Faith, And Free Markets," Journal of the History of Economic Thought, Cambridge University Press, vol. 33(2), pages 249-267, June.
    4. Hirschman,Albert O., 1981. "Essays in Trespassing," Cambridge Books, Cambridge University Press, number 9780521282437.
    5. Daniel B. Klein, 2014. "Does Economics Need an Infusion of Religious or Quasi-Religious Formulations? A Symposium Prologue," Econ Journal Watch, Econ Journal Watch, vol. 11(2), pages 97-105, May.
    6. Tyler Cowen, 1983. "The Rate of Return in General Equilibrium—A Critique," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 5(4), pages 608-617, July.
    7. repec:bla:econom:v:42:y:1975:i:168:p:430-37 is not listed on IDEAS
    8. Rose, David C., 2014. "The Moral Foundation of Economic Behavior," OUP Catalogue, Oxford University Press, number 9780199360598.
    9. Zamir Iqbal & Abbas Mirakhor, 2013. "Economic Development and Islamic Finance," World Bank Publications - Books, The World Bank Group, number 15787.
    10. Smith, Vernon L. & Wilson, Bart J., 2014. "Fair and Impartial Spectators in Experimental Economic Behavior," Review of Behavioral Economics, now publishers, vol. 1(1-2), pages 1-26, January.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Noha Farrag & Hebatallah Ghoneim, 2016. "Challenges to the Development of an Islamic Economic System," Working Papers 42, The German University in Cairo, Faculty of Management Technology.
    2. Spencer, Phoebe & Perkins, Patricia E. & Erickson, Jon D., 2018. "Re-establishing Justice as a Pillar of Ecological Economics Through Feminist Perspectives," Ecological Economics, Elsevier, vol. 152(C), pages 191-198.

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    More about this item

    Keywords

    Adam Smith; morality; ethics; economics; Islam;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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