How Can Ibn Khaldun’s Economic Philosophy Revive the Intellectual Capital of Entrepreneurs

Abstract

Ibn Khaldun's magnificent reflections on the economic growth and philosophical insights into the behavior of human beings and society, as well as interrelationships among various disciplines such as politics, economics, sociology and education have reckoned him the outstanding figure in the social sciences and one of the greatest philosophers in the world. A comprehending to Ibn Khaldun's Economic Philosophy and its outcomes for outstanding business performance assists entrepreneurs in managing intellectual capital (IC) purposefully. IC is deliberated as an indispensable factor in an organizational exertion to accentuate on bringing about competitive gains and augmenting value creations in knowledge-based economy. Instead of engaging merely on innovativeness of new products, Small and Medium Enterprise (SME) entrepreneurs must also concentrate on administering IC in accordance to Ibn Khaldun's Economic Philosophy. This paper targets to appreciate and re-examine contributions in Ibn Khaldun's Economic Philosophy and IC in entrepreneurial researches and indicate how Ibn Khaldun's Theory of Development is pertinent to research in the expanse of IC.

Ibn Khaldun's Economic Theories Revisited

“…Moreover, Ibn Khaldun has chosen Shariah and legal principles and ethics as the governing philosophy of his economic development theory. He also adopted a comprehensive interaction approach to illustrate precisely how the integrated financial, political, ethical, social, and demographic forces influence societies' rises and falls (Zin et al, 2017). Social, economic, and institutional development perceptions are the productive attainments and reactions between the cohesion of understanding and the incorporated global system (Hudson, 1993).…”