Abstract
This paper explains how the concept of scarcity functions as the central
pillar of conventional economics and indeed is central to its definition. Islamic
economists have attempted to define Islamic economics from the same conventional
economics perspective and consequently they too rely heavily on the concept of
scarcity. However, the concept of scarcity thus stems from a non-religious basis.
It has been shown by psychological studies that the so-called scarcity mentality
(the perception of lack) results in competitive aggression, fear, anxiety and social
conflict. By contrast, the concept of God Power from which is derived the abundance
mentality, and which is advocated by all religions, results in cooperativeness, trust,
security, love and reciprocated generous behavior, which in turn encourages social
cohesion. This paper presents verses from the Qur’an pertaining to the concept of
God Power and Divine rule, and it suggests a definition and conceptual framework
for Islamic Economics based on the concept of God Power and fulfilment of the
Divine rule.
pillar of conventional economics and indeed is central to its definition. Islamic
economists have attempted to define Islamic economics from the same conventional
economics perspective and consequently they too rely heavily on the concept of
scarcity. However, the concept of scarcity thus stems from a non-religious basis.
It has been shown by psychological studies that the so-called scarcity mentality
(the perception of lack) results in competitive aggression, fear, anxiety and social
conflict. By contrast, the concept of God Power from which is derived the abundance
mentality, and which is advocated by all religions, results in cooperativeness, trust,
security, love and reciprocated generous behavior, which in turn encourages social
cohesion. This paper presents verses from the Qur’an pertaining to the concept of
God Power and Divine rule, and it suggests a definition and conceptual framework
for Islamic Economics based on the concept of God Power and fulfilment of the
Divine rule.
Original language | English |
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Pages (from-to) | 147–171 |
Journal | Review of Islamic Economics |
Volume | 14 |
Publication status | Published (VoR) - 2010 |