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Why Cannot Neoclassicism Explain Resource Allocation and Development in the Islamic Political Economy?

In: Studies in Islamic Science and Polity

Author

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  • Masudul Alam Choudhury

    (University College of Cape Breton)

Abstract

Resource allocation is central to the study of the role of the private and public sectors in economic development. By the latter we mean structurally transforming the economy in order to attain economic efficiency and distributive equity. In the Islamic approach to socio-economic matters, the focus on these targets assumes a precise and methodological content. The issue then is: is it possible to realise both economic efficiency (material welfare) and distributive equity (moral worth) in an Islamic economic framework using neoclassical methodology?

Suggested Citation

  • Masudul Alam Choudhury, 1998. "Why Cannot Neoclassicism Explain Resource Allocation and Development in the Islamic Political Economy?," Palgrave Macmillan Books, in: Studies in Islamic Science and Polity, chapter 6, pages 114-134, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37803-2_6
    DOI: 10.1057/9780230378032_6
    as

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