There is a conflict in the mechanism for price determination used in a Marshallian partial equilibrium supply and demand framework and the Walrasian general equilibrium framework. It is generally thought that partial equilibrium is a simplified approximation to the complexities of the general...

The glaring failure of modern macroeconomics to predict the Global Financial Crisis, and to provide remedies for the Great Recession which followed, has led to renewed interest in alternative approaches to Macroeconomics. There is huge amount of ongoing work aimed at creating a Macroeconomics...

The introduction of an economics textbook by Manikiw quotes Adam Smith regarding the invisible hand and deduces the following claims:1. Participants in market economies are motivated by self-interest. (SI)2. Decentralized market economies work very well, and maximize the welfare of society as a...

An earlier & longer version of a draft of this paper, with title “Islamic Approaches to Fundamental Economic Problems,” is available from http://ssrn.com/abstract=2231398 Because Islam focuses on success in the hereafter, while economics focuses on maximizing pleasures of this world, the two...