Introduction to Islamic Economics. Mirakhor Abbas

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      1

      Published in London by Macmillan in 1936.

      2

      Smith (2006, pp. 186–198).

      3

      For the U.S. data cited here, see G. William Anderson, “Who Rules America?” (http://www2.ucsc.edu/whorulesamerica/power/wealth.html). For Organisation for Economic Co-operation and Development (OECD) data, see “Growing Unequal? Income Distribution and Poverty in OECD Countries” (

1

Published in London by Macmillan in 1936.

2

Smith (2006, pp. 186–198).

3

For the U.S. data cited here, see G. William Anderson, “Who Rules America?” (http://www2.ucsc.edu/whorulesamerica/power/wealth.html). For Organisation for Economic Co-operation and Development (OECD) data, see “Growing Unequal? Income Distribution and Poverty in OECD Countries” (http://www2.ucsc.edu/whorulesamerica/power/wealth.html).

4

Kindleberger (2011).

5

Ul-Haq (1995, p. 3).

6

Ul-Haq (1995, pp. 46–66).

7

Sen (1999, p. xv).

8

Ibid., p. xii.

9

Ibid., pp. xii–xiii.

10

Akerlof and Shiller (2009, p. ix).

11

Akerlof and Shiller (2009, pp. xi, 4–5).

12

For a detailed discussion of these points, see Mirakhor (2010).

13

Mirakhor (2003).

14

Schumpeter (1954, pp. 73–74).

15

Udovitch (1970).

16

Chapra (2010, p. 10).

17

Chapra (2010, pp. 11–21).

18

Ibid., p. 11.

19

The book was first published in or about 1945 in Egypt but did not become available in the rest of the Muslim world until the 1950s. It was translated into English much later by John B. Hardie as Social Justice in Islam (Lahore: Islamic Book Services, n.d.).

20

For a recent rendition of Maulana Mawdudi's ideas on Islam and economics, see Ahmad (2011). This book competently culls and integrates Mawdudi's ideas from various pamphlets, speeches, sermons, and writings.

21

See also an enlightening essay by perhaps the most brilliant student of Al Sadr, Ammar Abu Raheef, in Al–Hassani and Mirakhor (2003).

22

Monzer Kahf, “Definition and Methodology of Islamic Economics Based on the Views of Imam al Sadr,” paper presented in the International Conference on Imam Sadr's Economic Thoughts, Qum, Islamic Republic of Iran, May 2006.

23

This book was published first in 1960 and Iqtisaduna in 1961. There is a parallel with Adam Smith who wrote his ethico-philosophical work, The Theory of Moral Sentiments, long before his more famous book, The Wealth of Nations. Until very recently the economics profession made no serious attempt to connect the two. The result of this disconnect has been the development of a “science” of economics divorced from the ethical foundations so strongly articulated and advocated in The Theory of Moral Sentiments by Smith, the father of the market economic system. Similarly, a study of Falsafatuna would provide a more complete understanding of Iqtisaduna. See also the essay by Ragheef in Iqtisad.

24

They were collectively asked to testify to the Oneness and Uniqueness of the Creator as the One and the Only Cherisher Lord (Rabb) of all creation and everything else that this declaration implies, including the necessity of complying with rules of behavior, which their Lord Creator has ordained and prescribed for a life of felicity on earth. All members of this cycle of humanity, that is, all the progeny of Adam, testified so (Quran 7:172).

25

Kamali (2006), and Mirakhor and Hamid (2009).

26

Weisskopf (1971, pp. 22–23).

27

Ibid.

28

Weisskopf (1971, pp. 22–23).

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