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This book examines, in greater depth than the existing literature, the history of Islamic economic thought. It seeks to introduce Islamic views to debates surrounding critical economic concepts, such as scarcity, wealth, poverty, charity, usury, self-interest, rationality, and markets. It does so through a comparative analysis with the views of Judaic, Christian, and secular economic thought. "Prophecy" is meant to signify the theoretical dimension of religion, while "piety" represents its practical element; neither part is feasible without the other. Together, prophecy and piety inform the Islamic view of economic concepts and phenomena. This view seeks to adjust our approach to profits, both in this world and the next, and seeks to reexamine what is truly profitable and worthy of sacrifice.
List of contents
1. Abundance and Scarcity: Introduction.- 2. Abundance and Scarcity: Greek Economic Thought.- 3. Abundance and Scarcity: Christian Economic Thought.- 4. Abundance and Scarcity: Classical Economic Thought.- 5. Abundance and Scarcity: Neoclassical Economic Thought.- 6. Critiques of the Scarcity Paradigm.- 7. Abundance and Scarcity: Islamic Economic Thought.- 8. Wealth and Poverty: Introduction.- 9. Wealth and Poverty: Greek Economic Thought.- 10. Wealth and Poverty: Christian Economic Thought.- 11. Wealth and Poverty: Classical Economic Thought.- 12. Wealth and Poverty: Neoclassical Economic Thought and Its Critics.- 13. Wealth and Poverty: Islamic Economic Thought.- 14. Charity and Usury: Introduction.- 15. Charity: An Intellectual History.- 16. Usury: An Intellectual History.- 17. Charity and Usury: Reunified.- 18. Self-Interest and Rationality: Introduction.- 19. Self-Interest: An Intellectual History.- 20. Self-Interest and Rationality: The Modern Connection.- 21. Islam, Rationality, and Self-Interest.- 22. Utopias and Markets: Introduction.- 23. Utopias.- 24. The Market as Utopia: The 'Invisible Hand' Thesis.- 25. Markets in Islam.
About the author
Ayman Reda is a Lecturer at the University of Michigan–Dearborn, USA. He has a PhD in Economics from Michigan State University, and specializes in the history of Islamic economic thought. His professional record includes several articles in internationally recognized journals, conference presentations, invitations to seminars, research grants, and book reviews.
Summary
This book examines, in greater depth than the existing literature, the history of Islamic economic thought. It seeks to introduce Islamic views to debates surrounding critical economic concepts, such as scarcity, wealth, poverty, charity, usury, self-interest, rationality, and markets. It does so through a comparative analysis with the views of Judaic, Christian, and secular economic thought. “Prophecy” is meant to signify the theoretical dimension of religion, while “piety” represents its practical element; neither part is feasible without the other. Together, prophecy and piety inform the Islamic view of economic concepts and phenomena. This view seeks to adjust our approach to profits, both in this world and the next, and seeks to reexamine what is truly profitable and worthy of sacrifice.
