The Normative Foundations of Scarcity

Zaman, Asad

doi:10.2139/ssrn.1554202

Cited by 24 publications

(14 citation statements)

References 16 publications

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“…Ruffin, R.J. and Gregory, P.R. (1993, p.3), Jeffrey M. 2008, Zaman (2009) 13 Samuelson and Temin, (1976, p.3)…”

Section: The Assumptions 11mentioning

confidence: 99%

“…They indicate the major economic problem is not only the scarcity of resources as postulated by the mainstream approach but is also strictly related to self-interest and human behaviour at the micro-level and allocation or distribution of resources and wealth at the macro level. According to several Islamic economists, such as Hasan and Ghazali (1992), Zaman (2009), and Karim (2001), scarcity does not create a lot of problems in Islamic economic sciences, depending on its definition and origin. These researchers further argue that the notion of scarcity has written long before the birth of conventional economics, and we can't simply reject the concept of scarcity just because it was discovered and promoted by the conventional economist, but rather we have to connect its logic to the Qur'an.…”

Section: Analysis 15mentioning

confidence: 99%

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Reconstruction of Islamic Economic Theory: From Revelation to Methodology

Possumah¹,

Ismail²

2020

TUJISE

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The study aims to rediscover the original source (Al Qur'an) of Islamic economic theory in context of the influence of mainstream theories on contemporary Islamic economics studies. This study reveals the original axiomatic foundations of the Islamic system with defined characteristics and features as the source of Qur'anomic or economic theory. Moreover, a methodology is proposed to reconstruct the Islamic economic theory in four phases including; the classification of Al Quran verses pertinent to economic affairs, exegesis-based understanding of theories, chronology, and micro-macro socioeconomic context. The novelty of this study is the combination of the science of exegesis and economics. The findings of this study are expected to differentiate pure Islamic economics studies from those influenced by secular economic thinking.

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“…Ruffin, R.J. and Gregory, P.R. (1993, p.3), Jeffrey M. 2008, Zaman (2009) 13 Samuelson and Temin, (1976, p.3)…”

Section: The Assumptions 11mentioning

confidence: 99%

Section: Analysis 15mentioning

confidence: 99%

Reconstruction of Islamic Economic Theory: From Revelation to Methodology

Possumah¹,

Ismail²

2020

TUJISE

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“…And she may not even take the crumbs from his Hausman and MacPherson (2006), shows how economists routinely make ethical judgments without acknowledging them. Zaman (2012b), shows that making "scarcity" the foundation of economics involves three different normative judgments.…”

Section: Are Ethics and Morals Relevant To Economic Science?mentioning

confidence: 99%

Launching a Revolution, based on Islamic Foundations

Zaman¹

2019

JKAU Islamic Econ

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Conventional economics is deeply and fundamentally flawed, beyond the possibility of reform and repair. Its failings in the real world became obvious to all following the global financial crisis. The root of the problem is the theory of human behavior represented by “homo economicus”. The idea that short-sighted greed is “rational” is sheer folly. The theory is maintained in face of overwhelming empirical evidence to the contrary only because it serves the ideological interests of the rich and powerful capitalist classes. The philosophy of wealth maximization has led to the destruction of families, societies, economies, environment, fauna, and flora, as all are ruthlessly exploited for the creation and maximization of profits. Islamic teachings created a revolution in world history by promoting a society based on cooperation, generosity, and social responsibility. These ideas, completely missing from modern economics, have the same revolutionary potential today. The challenge for the Muslims today is to demonstrate this potential by translating these ideas into reality.

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“…Many policy recommendations made by economists on apparently positive grounds incorporate hidden value judgements. For example, Zaman (2012a) argues that the apparently objective concept of 'scarcity' is actually based on several normative propositions. Mongin (2006) and Weston (1994) have argued that it is impossible to do economics on purely positive and factual basis.…”

Section: Moral Values and Cheatingmentioning

confidence: 99%

“…Current toolkits available to economists are not equipped to even formulate this problem, let alone study it. Change is on the way as Bicchieri (2006) and others have emphasised the effect of social norms on behaviour; and the necessity of taking norms into account in economic theory (Zaman, 2012a). However, taking this into account necessarily requires going beyond the utility maximisation framework.…”

Section: Intergenerational Justicementioning

confidence: 99%

The empirical evidence against neoclassical utility theory: a review of the literature

Karaçuka

Zaman

2012

IJPEE

Self Cite

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Current economics textbooks and neoclassical economists justify a theory of consumer behaviour based on utility maximisation on a priori grounds. This methodology follows Lionel Robbins' idea that economic theory is based on logical deduction from postulates which are "simple and indisputable facts of experience." Strong evidence has emerged from many different lines of research that these "simple and indisputable facts of experience" are contradicted by human behaviour. In this article, we summarise some of the main contradictions between predictions of utility theory and actual human behaviour. Efforts to resolve these contradictions continue to be made within orthodox frameworks, but it appears likely that a paradigm shift is required.

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The Normative Foundations of Scarcity

Cited by 24 publications

References 16 publications

Reconstruction of Islamic Economic Theory: From Revelation to Methodology

Reconstruction of Islamic Economic Theory: From Revelation to Methodology

Launching a Revolution, based on Islamic Foundations

The empirical evidence against neoclassical utility theory: a review of the literature

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