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    Principles and Instruments of The Islamic Political Economy

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    Satria Hibatal Azizy
    The document discusses key differences between the Islamic and neoclassical perspectives of economics. It states that in the Islamic view, resources are abundant and sufficient to meet mankind's needs according to God's provision. Economics aims for self-sufficiency through meeting basic needs, equity in distribution, and utilizing society's capabilities. This differs from the neoclassical view which sees scarcity, allocation, and competition as inherent due to its focus on positivism and economic competition. Further, Islam constructs the individual as a cooperative being governed by ethics and divine law, unlike the neoclassical view.

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    Principles and Instruments of The Islamic Political Economy

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    Satria Hibatal Azizy
    4 views4 pages
    The document discusses key differences between the Islamic and neoclassical perspectives of economics. It states that in the Islamic view, resources are abundant and sufficient to meet mankind's needs according to God's provision. Economics aims for self-sufficiency through meeting basic needs, equity in distribution, and utilizing society's capabilities. This differs from the neoclassical view which sees scarcity, allocation, and competition as inherent due to its focus on positivism and economic competition. Further, Islam constructs the individual as a cooperative being governed by ethics and divine law, unlike the neoclassical view.

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    Principles and Instruments of the Islamic Political Economy

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    The document discusses key differences between the Islamic and neoclassical perspectives of economics. It states that in the Islamic view, resources are abundant and sufficient to meet mankind's needs according to God's provision. Economics aims for self-sufficiency through meeting basic needs, equity in distribution, and utilizing society's capabilities. This differs from the neoclassical view which sees scarcity, allocation, and competition as inherent due to its focus on positivism and economic competition. Further, Islam constructs the individual as a cooperative being governed by ethics and divine law, unlike the neoclassical view.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    4 views4 pages

    Principles and Instruments of The Islamic Political Economy

    Uploaded by

    Satria Hibatal Azizy
    The document discusses key differences between the Islamic and neoclassical perspectives of economics. It states that in the Islamic view, resources are abundant and sufficient to meet mankind's needs according to God's provision. Economics aims for self-sufficiency through meeting basic needs, equity in distribution, and utilizing society's capabilities. This differs from the neoclassical view which sees scarcity, allocation, and competition as inherent due to its focus on positivism and economic competition. Further, Islam constructs the individual as a cooperative being governed by ethics and divine law, unlike the neoclassical view.

    Copyright:

    © All Rights Reserved
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    Principles and Instruments of

    the Islamic Political Economy


    Definition of Economics in Islamic
    Perspective
     The Quranic view on the availability of resources is that God has
    provided abundance to mankind in the universe, and that the total resources
    at his disposable are sufficient enough to sustain mankind
     The idea of self-sufficiency in Islamic economics means that the Islamic
    basket of goods comprises specific types. They are necessaries, comforts
    and luxuries graded in this order according to the requirements of basic
    needs, distributive equity and productive capability of the society at any
    point of time
     Allocation, scarcity and competition are the inescapable characteristics of the
    neoclassical order because it aims at constructing a positivistic
    view of the economic world based on economic competition
    Difference between Islam and
    Neoclassical view
     The principal source of difference in the definition of economics in the
    Islamic and neoclassical framework is the model of the individual they
    differently construct
     In Islam, the individual is a cooperative being endowed with fundamental
    ethical qualities and a Divine Law to govern and be governed by
    DERIVATION OF THE PRINCIPLE OF 'TAWHID' AND
    HUMAN SOLIDARITY

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