A suggested methodology for the political economy of Islam

Abstract EN

In this paper an attempt is made to clarify some of the issues pertaining to the methodology of Islamic economics.

It is argued that for any analysis in the context of Islamic economics, the behavioral norms suggested by the teachings of Islam should not be taken as the actual behavior of individuals in a Muslim society.

Rather, it should be one of the goals of economic policies to provide a social environment which would help the inhabitants of a Muslim society to behave in an Islamically desirable way.

In this regard, the importance of distribution of income and wealth is highlighted.

Another focal point of this paper is that Islamic economists should be more heedful in their criticism to neoclassical economics.

It is noted that a familiarity with the critical literature on neoclassic economics emanating from within the western world may provide important insights that could be helpful in finding our own solutions.

Finally, to study those aspects of economics which are primarily positive in nature, the case for methodological pluralism is advocated.