By Waleed A.J. Addas
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Extra resources for Methodology of economics : secular vs Islamic
Klant and de Marchi too expressed deep misgivings about falsifiability in economics regarding it as an ideal never attained in practice, and at best only attainable to a certain degree. However, all these writers did leave the door open to falsificationism as a normative methodology. These two extreme positions – falsification and anarchism – created a real problem in the discussions of economic methodology. If all methodological standards are equally legitimate, it would be difficult to see what sort of theorizing could ever be excluded.
Rigorous comparative studies involving discussion on secular methodological tools and the extent of their efficacy for use in the case of Islamic economics are quite rare. The observation 31 METHODOLOGY OF ECONOMICS: SECULAR vs ISLAMIC need not imply that there are no works worth mentioning. Chapra (1996, pp. 36-46) is a refreshing exception. We postpone the discussion of his views to Chapter 6 of this work. The declared purpose of Islamic economics is to identify and establish an economic order that conforms to Islamic scripture and traditions.
36-46) is a refreshing exception. We postpone the discussion of his views to Chapter 6 of this work. The declared purpose of Islamic economics is to identify and establish an economic order that conforms to Islamic scripture and traditions. In this direction the main postulates and positions were shaped in the late 1930s in the Indian sub-continent. The movement was initiated by religious scholars. 30 The book has since run into a number of prints, the last one (of the second edition) appearing in 1946.
Methodology of economics : secular vs Islamic by Waleed A.J. Addas