This paper clarifies some misinterpretations of three foundational concepts in mainstream economics from Islamic viewpoint. These are scarcity of resources, pursuit of self-interest and maximizing behavior of economic agents. It argues that stocks of resources that God has provided are...

The paper shows how Sen admitted self-sacrifice, as opposite motive compared to self-interest, for describing female behaviour in less developed countries. During the Nineties, Sen referred specifically to some anthropological studies about women conditions (Kapur, 1999) in less developed...

In modern literature, the concept of work effort is used as an additional explanation of involuntary unemployment. In particular, it is assumed that higher wages have a positive effect on work effort and this is the fundamental point of the efficiency wage models of involuntary unemployment....

Happiness research is on the rise, but is confounded by competing definitions of subjective well-being based on co-existing concepts, resulting in differing measures and giving rise to different potential policy applications. This paper motivates the societal necessity for using well-being...

The efforts to alleviate poverty by increasing social budgets have failed everywhere in the world and now the question is what else can be done to support those that are left behind. In this paper we search for illumination in the approaches to education that Athens and Sparta adopted in the...

The inspiration for the present note comes primarily from a statement in the old edition of the Encyclopaedia of Islam. In its volume four on page number 595, Heffening (1934) states that to Helmut Ritter ‘the whole economic literature of Islam can be traced to economics of Neo-pythagorean...

In an attempt to investigate Muslim economic thinking in the 12th century Hijrah, corresponding 18th century AD, the present paper explores economic ideas of one of the greatest Muslim personalities of the period, Muhammad b. Abd al-Wahhab (1115-1206/1703-1792), who is commonly known as...

The present paper investigates the perception of market and mechanism of pricing among the sixteenth century Muslim scholars, a period hitherto unexplored. In the commencement it briefly states the insufficient attention that the subject of market – the most fundamental element of Economics...

The concepts of demand and supply are most fundamental in the science of economics. They are the essence of market mechanism. But the idea of classifying all market forces into these two broad categories and of price determination through demand and supply was a very late development in the...

This is a critical evaluation of the book entitled The Mediterranean Tradition in Economic Thought by Louis Baeck. In this book, in addition to a complete substantial and illuminating chapter on Islamic economic thought, references to Islamic and Arab scholars are scattered at various places in...