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Reader comment on item: Islamic Economics: What Does It Mean?

Submitted by Avais (Saudi Arabia), Jan 27, 2011 at 17:10

I invite both Daniel Pipes and Mr Timur Kuran to expand their horizons.... A world in which most economies have for years concentrated their efforts (to put it mildly) on achieving maximum economic growth, the number of people under the poverty line continues to grow ... does anyone have the answer as to why this is.. surely high level of continued economic growth should mean high levels of employment and may be even full employment. But we see that Inflation is rampant, umployment is on the rise, people are worse off and we have more frequent and stronger boom and bust cycles. The so called employment and inflation trade-off (philiips curve) seems like a myth and so are many other Keynesian and Neo Classical theories.

Yes the name ISLAMIC ECONOMICS has probably been coined recently... but the system itself has existed since the time of the Prophet (PBUH) and later on during the rule of the Caliphs. I would suggest that you first start with watching the documentary "The Ascent of Money" which will give you an insight into the roots of the current interest based financial system. Next try and get your hands on a book by Dr Umer Chapra "Towards a Just Monetary System". This book contains numerous citationsand references from works of muslim and non muslim economists. This should open up new venues ...


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