The Future of Economics

THE FUTURE OF ECONOMICS: AN ISLAMIC PERSPECTIVE raises and tries to answer a number of crucial questions about economics. One of these pertains to the primary task of economics - is it just to analyze and predict or is it also to help a society actualize its vision? If realization of the vision is i [...]
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THE FUTURE OF ECONOMICS: AN ISLAMIC PERSPECTIVE raises and tries to answer a number of crucial questions about economics. One of these pertains to the primary task of economics - is it just to analyze and predict or is it also to help a society actualize its vision? If realization of the vision is important, then there arises the question of what is the difference between the visions of Islam and conventional economics? Is it possible for economics to help realize the Islamic vision by taking into account only economic variables and analyzing just 'what is', as conventional economics does, or is it also necessary to discuss the moral, psychological, social, political and historical factors that have led to the hiatus between the vision and the prevailing reality, and to suggest a strategy for bridging the gap? Has Islamic Economics been able to rise to the task and, if not, what needs to be done in the future?