Islamic Approaches to Fundamental Economic Problems

Abstract

This paper argues that scarcity is not the fundamental economic problem, but rather distribution is. It also shows that economic growth will not solve our economic problem. Islam offers a radically different perspective on human economic problems and how to solve them. These are exposited in the second part of the paper.

This is an earlier draft of chapter written for Oxford University Handbook on Islam and the Economy, edited by Kabir Hassan and Mervyn Lewis, Later it was revised and shortened, with title changed to "Islam versus Economics"

Keywords: Scarcity, Economic Growth, Islamic Economics

JEL Classification: A1, B19, I3, P4