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Toward A New Framework of Islamic Economic Analysis

Author

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  • Akhmad A. Susamto

    (Centre for Research in Islamic Economics and Business (PKEBS) and Department of Economics, Faculty of Economics and Business Universitas Gadjah Mada)

Abstract

The effort to develop Islamic economics as a discipline has not brought about the expected results. Differing from previous diagnoses, in this paper, I argue that it is the absence of a clear notion of what economics can be considered to be Islamic that impedes the development of Islamic economics. Such a clear notion is essential. I therefore propose three main conditions under which an economics can be considered as (and henceforth to be given the prefix) Islamic. I further propose that the scope of Islamic economics consists of four distinguished fields of work, and that the methods used in the development of Islamic economics vary depending on the end sought within each field of work. I finally expand on three implications, which together give rise to a hope that the development of Islamic economics, and its body of knowledge, is likely to be much less complicated than Islamic economists have ever thought.

Suggested Citation

  • Akhmad A. Susamto, 2018. "Toward A New Framework of Islamic Economic Analysis," Universitas Gadjah Mada Working Papers on Islamic Economics and Finance 2018002, Universitas Gadjah Mada, Faculty of Economics and Business.
    • Handle: RePEc:ugm:wpaper:2018002
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    More about this item

    Keywords

    Islamic worldview; Islamic economics; Methodology of Islamic economics;
    All these keywords.

    JEL classification:

    • B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other

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