Recognizing Islamic Economics as a Branch of Economics and a Necessity for Economic Policy-making in Islamic Society

One of the criticisms leveled at Islamic economics is that Islamic economics cannot be called a science, and basically, adding an Islamic extension to economics, like adding Islam to physics, removes economics from a scientific formulation. The main premise of such a view is the universality of the laws of economics, but the emergence of behavioral economics challenged this basic assumption and proved that not only the main assumptions underlying economics, such as the rational choice hypothesis, are not necessarily true, but also the behavior and choices of humans as economic factors are different from each other in different times and places. This means that different cultural, social, and moral characteristics affect the reactions to economic factors. The religion of Islam and Prophetic teachings as a divine instruction that affects all aspects of Muslim life, definitely affect the behavior and actions and reactions of Muslim people, and therefore, the laws and policies arising from the behavioral ideas of non-Muslims that have formed the mainstream economics, regardless of the flaws in explaining human behavior, are unable to explain the behavior and reactions of Muslim people, and the policies and guidelines arising from it will not work in Islamic society. Therefore, it is possible to redefine Islamic economics as a branch of economics that examines and explains the economic principles governing Islamic societies, and defends its scientific nature. In this framework, prophetic teachings can be considered aligned with policies resulting in economic growth and development or other economic policies.

کلیدواژه ها:

Islamic economics ، behavioral economics ، rational choice hypothesis ، bounded rationality