A Critical Review of Philosophy of Economics: An Islamic Approach

As the outcome of human endeavors, the human knowledge is not free from mistake and error. The more the human moves in the path of science, the more the unavoidable events might happen, events that lead to mistakes with numerous grave consequences. As humanities are concentrated on the human, they are more prone to mistakes. The reason is that the topic of these sciences has the highest complexity. Just like other disciplines of humanities, economics is not free from mistakes. As a comprehensive plan for the guidance of the human in various aspects and backgrounds, the sacred religion of Islam expresses facts from various perspectives the consideration of which would be useful for the worldly and otherworldly lives of the human. One of the advantages that Islam offers is the expression of precious points that, if noted by economists, can be thought provoking and helpful for them and can be useful in decreasing the mistakes in studies related to economics. The study at hand focused on some critical thoughts about the philosophy of economics based on Islamic viewpoints. It was carried out via a descriptive-analytical method using library research data to explicate the criticisms against the philosophy of economics expressed from the religious outlook.

Keywords:

Economic Man , Maximization , Utility , Profit , Market , jurisprudence