This Book History of Economic Analysis, Joseph Schumpeter says that as far as economics is concerned the Middle Ages were desiccated and infertile. This is convincing, if you still believe in the myth that the wizards of European Enlightenment magically and single-handedly resurrected the dead science of philosophy, the empirical method, and all the arts from their ancient Greco-Roman crypts. The true story is the western historians of economics, much like their counterparts working on (or is it working over?) other branches of knowledge, systematically buried one little fact: The study of economics, like virtually every other area of scholarship, had its greatest advances in that seminally creative and superlatively human millennium, now reflexively dismissed as sterile.
The learning promptly inspired incredible leaps of real economic growth in the world. But, surprise, surprise: Underlying it all was not a deregulation of revealed beliefs in favor of a natur
The Roots of Financial Crisis, An Islamic Analysis
BANGLADESH-BORN AMARTYA SEN wrote The Argumentative Indian in 2005, seven years after winning the Noble Prize in Economics. His purpose seems to have been to condemn the communal violence fueled by the new Hindu cultural chauvinism as foreign to Indian history and identity, and to advocate for a return to native traditions of intellectual pluralism and public debate. Yet many of his arguments remain thoroughly relevant in our contemporary world, India and elsewhere.
He contends, for instance, that the global re-emergence of the value of â€œdoing one's dutyâ€ an ethic that ought to be recognized cannot be blind to its own obvious outcomes. Priority must be given to the moral consequences that may follow from carrying out the responsibilities that we feel or that society tells us are our â€œjustâ€ communal obligations.
Sen concludes that the virtue of any economic argument or principle is really determined by its moral
THE DANGERS OF 'RIBA'
It is not amazing that a Muslim will never eat pork because it is haram(unlawful); never marry his mother or sister becasue it is also haram, yet that same person has no problem devouring riba (e.g. interest, usury)? Did you know that engaging in riba is a major sin which could lead you to Hell?
â€œ....but whoever returns (to dealing in riba), such are the dwellers of the Fire-they will abide therein.â€ Qur'an 2:275
If dealing in riba is so punishable, why do many Muslims fall into this sin and take the issue so lightly ?
The meaning of Riba
Riba is an Arabic noun derived from the verb Raba, meaning â€˜to increase', â€˜to grow', and â€˜to exceed'. It includes interest which is paid by banks or on loans such as car loans, home loans or credit card debt.