The Reform Agenda of Mainstream Economics: Importance, Relevance, and Obstacles for Islamic Economics

JKAU: Islamic Econ., Vol. 32 No. 2, pp: 89-97 (July 2019) DOI:10.4197/Islec. 32-2.6

Volker Nienhaus Honorary Professor, University of Bochum, Germany Consultant, Islamic Financial Services Board (IFSB)

ABSTRACT. Mainstream economics textbooks focus too much on neoclassical models (with perfect competition as reference model) while the mainstream research practice is much more diverse and closer to the real world and political issues. Pro- gress was made in microeconomics by new insights particularly from behavioral and experimental economics and new tools such as simulations and network analysis. In macroeconomics, however, the dominant Dynamic Stochastic General Equi- librium (DSGE) models have structurally failed to predict the global crisis. Their enhancement by the inclusion of an explicit financial sector is on top of the mainstream reform agenda. Islamic economics may benefit from the innovations in microeconomics, while the macroeconomic reform agenda is of limited relevance as long as the market share of Islamic finance remains quite low in most Muslim countries. A dialogue on reform between mainstream and Islamic economics should take into account that Islamic economists underline the importance of the Qur’ān and Sunnah as the primary sources of positive and normative knowledge, while secular mainstream rejects proofs of positive statements by reference to divine sources. This may become a severe methodological obstacle for more pluralism in economics. Keywords: Textbook economics, Pluralism, Normative economics, Methodology, Mainstream economics, Islamic economics. JEL Classification: A1, A2, B13, Y8 KAUJIE Classification: G0, G1, G2, G6, H1

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1. Introduction The lead paper (Reardon, 2019) is in large parts a explanatory power for a large number (but, of course, critique of neoclassical economics and widely-used not for all) observable real-world social phenomena. mainstream textbooks. Its tone is often emotional and It would be strange if a mainstream textbook would its wordings polemic. Below are just a few examples: not cover analytical methods (of neoclassical origin) which are widely applied in mainstream economics, (a) He states that neoclassical assumptions about but it is all but fair to demand a chapter on the the economy are “rammed down student’s implications of obviously unrealistic assumptions and throats as if it is the only view; as if the other on those real-world phenomena that cannot be expla- tribes [i.e., schools of thought, V.N.] did not ex- ined by the standard models. It would also be essen- ist” (p. 62). tial to create awareness of the value judgments that (b) “It is a tragedy (and a crime) that today’s stu- are implied by the modelling assumptions. Following dents, ‘are receiving much the same instruction the author and his references, widely used textbooks about how firms set prices as did their counter- fall short of such expectations. parts at the end of the 19th century’ ” [inserted quote from Keen, 2011] (p. 62). 3. Coverage of Topics and ‘Selective Pluralism’ (c) “[N]eoclassical economics offers students, the Reardon (2019) mentions that he would like to see a public, and policy makers a 19th century map for more extensive coverage of topics that are high on studying 21st century problems, which is worse the political agenda and of great interest for students. than no map at all” (p. 64). Examples are climate change or the uneven distribution of income and wealth. He visions of a future in This is surprising for an author who argues for plu- which a fundamental assumption of traditional eco- ralism and dialogue, also and in particular, with nomics – the “law” of increasing marginal costs – is representatives of opposing views. For him, plural- reversed (see below). Furthermore, he is annoyed at ism means “listening, engaging, and welcoming the lack of consideration of heterodox economics in different (often opposing) views” (p. 65). A pluralist mainstream textbooks and calls for a pluralistic ap- “is humble about what we don’t know, realizes that proach. the world is governed by uncertainty, and under- stands that there are different understandings of Reardon is co-author of an economics textbook reality” (p. 65). that translates some of his demands and postulates into practice (see Reardon, Madi, & Cato, 2018). It is This contribution to the discussion will comment noteworthy (and programmatic) that this book of on selected aspects of the lead paper in the first about 340 text pages does not use any math beyond sections, while the following sections add some more the four basic arithmetical operations. general thoughts on the topic of the Discussion Forum. According to the classification of the Journal of Economic Literature, Heterodox Economics in- 2. The Realism of Assumptions in Neoclassical cludes: Socialist, Marxian, and Sraffian Economics; Economics Institutional, Evolutionary, Schumpeterian or Histor- Concerning mainstream textbooks, Reardon (2019) ical approaches to economics; Austrian Economics; has a point. The dominant neoclassical reference Feminist Economics; and Other Heterodox Ap- model assumes rational individuals with full informa- proaches, comprising Econo-Physics, Green Eco- tion whose utility and profit maximization leads to nomics, Islamic Economics, Pluralist Economics, and market equilibrium. It is generally accepted – also Real World Economics. This long list of heterodox among neoclassical economists – that these assump- approaches indicates that it is virtually impossible to tions are unrealistic. However, a loss of realism is the confront neoclassical mainstream with all dissenting price to be paid for a reduction of complexity and the approaches in an introductory textbook. To do it applicability of analytical methods (predominantly without further comments entails the risk of maxi- mathematical models tested against data) with mum confusion among students. Instead, economics The Relevance of Reforms of the Mainstream Agenda for Islamic Economics … 91 education has to practice a ‘guided and selective plu- textbooks, e.g. on “Green Economics”, are available ralism’: One school of thought, e.g. neoclassical eco- in considerable number. nomics, is taken as a lead or benchmark with which a 6. Contemporary Neoclassical Visionaries? limited number of alternatives will be contrasted. The ‘guidance’ will consist of comments on the alterna- Reardon (2019) laments that the world needs a new tive views from the perspective of the leading ap- vision which neoclassical economics does not pro- proach. The positive is that students will learn about vide. A vision to his liking is seemingly Jeremy the existence of alternative approaches, but the nega- Rifkin’s world of decreasing marginal costs due to tive is that these (selected) alternatives will most advances in communication (e.g., the Internet of probably be presented as inferior to the leading ap- Things) and production (e.g., 3-D printing) technolo- proach (or at best as complementary where a subject gy where abundance will supersede scarcity. Tradi- matter is not covered by the leading approach). This tional concepts of work, employment, producers, guided and selective pluralism may in practice not consumers, firms, etc. must be restructured radically. lead to a recognition of different understandings of Reardon does not quote Rifkin in his references, but reality on an equal footing but contribute to the im- nearly all the elements mentioned by him can be found in Jeremy Rifkin’s The Zero Marginal Cost munization of the leading approach against heterodox critique. Society (2014). Visions and scenarios of a world without scarcity in 20 or 50 years may be stimulating 4. Heterodoxy and History and thought-provoking, but their scientific quality is The risk of immunization might be reduced if the debatable. The methodology of neoclassical main- guided tour through heterodoxy is combined with the stream economics is unsuited for the drafting and (medium- to short-term) history of economic thought propagation of visions (and probably also for reliable (since the 19th century). Heterodox approaches quantitative forecasts of market developments and emerged when intellectual or socio-economic prob- macroeconomic events). The requirement of the con- lems reached sweeping dimensions but were either frontation of hypotheses with data implies a back- ignored or could not appropriately be addressed by ward orientation while visions outline a future in the mainstream economics of that time. The history which regularities (“economic laws”) of the past no of economic thought component should explain the longer apply. What neoclassical economists can do is epistemological or methodological or thematic twists to check the plausibility of extrapolations of recent and turns of the mainstream, but also outline the real- trends and the consistency of the diverse components world problems for which new approaches that later of future scenarios, but this is far less exciting than grew into heterodox schools of thought sought intel- what visionaries can offer. lectual or/and political solutions. This raises the interesting question of whether the 5. Neoclassical Real-World Relevance concept of an ideal Islamic economic system is a vision that transcends science or a scientific model. Introductory textbooks shall familiarize students with The answer depends on the assumptions about the concepts and basic tools of economics (which often behavior of Muslims. If it is assumed that Muslims have a neoclassical background), and they should observe all prohibitions, instructions, and recommen- indicate their relevance for topical issues. For dations of Islam in full, but the reality is significantly example, it could be pointed out that an efficient tool different, then the concept of an ideal system is a against CO2 emissions is the creation of a market for vision. If the assumptions reflect the observable be- tradable emission certificates (as launched by the EU havior of actual Muslims which is not fully compliant in 2005). This concept requires state action to limit to the Islamic rules, then the concept could become the quantity of CO2 emissions and relies on the an ambitious scientific model, provided that it also (neoclassical) market mechanism for an efficient (i.e., includes explanations for the process of the transfor- cost minimizing) reduction of emissions to the mation of society – i.e. people and institutions – from permissible level. Showing the relevance of basic the actual imperfect status towards the ideal system. tools for topical issues is not uncommon in textbooks, Such a transformation process is path-dependent and but this is, of course, just a cursory treatment of a will differ among societies. topic such as climate change for which specialized 92 Volker Nienhaus

7. Pluralism in Mainstream Economics Mainstream economics has neoclassical roots, but it with a respectable mainstream career have ventured is no longer exclusively or strictly neoclassic. The into interdisciplinary research projects with – basic approach – the formulation of hypotheses in among others – ethnographers, biologists, and psy- mathematical language and their test against data – chologists. This produced not only new insights but has been maintained, but some extreme assumptions also innovative research methods. Pluralism in re- of early neoclassic economics have been relaxed and search is a reality. modified. For example, mainstream models now 8. Ethics, Morals and Economic Science handle uncertainty, asymmetric information, and satisficing (instead of maximizing) behavior; compe- If conventional economic science is defined by the tition is not perfect, market failures are recognized, methodology of hypotheses testing against data, then theories of public choice and collective action have ethics and morals are outside of science for main- been included in the mainstream, and the role of insti- stream economists. However, this is conceptually tutions (including politics) for the functioning of different in Islamic economics. Having reviewed markets and the dynamism of economies is widely several definitions of Islamic economics by promi- recognized. Since decades, economics has also inte- nent Islamic economists, the authors of a recently grated concepts and insights from other disciplines published comprehensive Islamic economics text- such as geography in regional economics, psycholo- book conclude that most scholars gy and biology in behavioral economics and experi- agree that Islamic economics deals with the study mental economics, and ecology in resource econom- of human behaviour with a normative positioning ics. Furthermore, the methodological toolbox of where Sharīʿah is central and core; hence, defining mainstream economics has been enlarged, for exam- it more as an art than a science. … All, without ex- ple, by simulation techniques and network analysis ception, deem Islamic values and imperatives a (which both are no deterministic equilibrium con- dominant component of Islamic economics. … Is- cepts). The ongoing differentiation has been and is lamic economics could be defined as a social sci- driven by the desire of economists to address a ence that studies the economic problems of hu- broader range of real-world problems. This process manity, and evaluates their solutions from the resulted in an intra-disciplinary pluralism in main- perspective of the Islamic worldview in values, as stream economics – at least in mainstream microeco- well as human reasoning and experience. (Abojeib, Haneef, & Mohammed, 2018, pp. 30 & 32). nomics. The term “art” used above should be understood in The unrealistic assumptions in mainstream eco- this context as craftsmanship (for the application of nomics are merely technical tools for economists to science). This concept of Islamic economics (as pre- keep complexity at a manageable level. However, sented in this textbook) resembles the classical politi- Reardon (2019) presents them in a rather polemic cal economy of the 18th/19th century which was one way as neoclassical maxims for individual behavior: discipline with two branches, the positive branch Consume as much as possible; maximize individual (“science of political economy”) and the normative happiness; maximize GDP, regardless of its nega- branch (“art of political economy”). The 18th/19th tive environmental effects, since they aren’t count- century “art of political economy” is similar to, but ed anyway. Ignore sustainability and label pollution not exactly, the same as the 20th/21st century “applied an externality, and don’t consider environmental science”. The main difference is that disputes about costs ex ante. Maximize production and forget about any ill effects on future generations. (p. 68). ethical norms and moral values cannot be solved by appealing to facts (data). However, that does not Pluralism in textbooks and classrooms will hardly mean that it is impossible to have a rational debate impact the research agenda of mainstream econo- about them. mists, and most of the critical comments of Reardon th are not applicable to contemporary research. The At the beginning of the 20 century, economics as methodology of mainstream economics is applied to a social science still incorporated the normative a wide variety of diverse topics, and economists branch. However, Max Weber forcefully argued for a The Relevance of Reforms of the Mainstream Agenda for Islamic Economics … 93 limitation of economics as a social science to its posi- [u]nder Islamic epistemology, the sources of tive branch. According to Weber, the scientific treat- knowledge are not limited to empirical and ra- ment of norms and values should be shifted to other tional sources but include the divine revelation as disciplines such as philosophy and theology. He sug- well. … Recognising revelation as a source of gested to unfold the implications of a given value knowledge implies integration of Islamic values and ethics within Islamic economics. … Whether judgement further and further and to ask whether the the agents are consumers, firms or governments, value judgement is still held up in the light of the they ought to follow the immutable injunctions unfolded consequences. The normative branch was and values set by the religion of Islam” (p. 41). cut off in the middle of the 20th century when economics was conceptualized as an empirical science. This peculiarity of Islamic economics raises several questions about pluralism and discourse with main- This method may even be applied to ethics and stream economics. morals with a divine origin. If doubts emerge at some point of a normative argument about the acceptability  It is plausible to assume that Sharīʿah scholars of implications of a particular understanding of the will claim the ‘final’ authority for the interpreta- divine guidance (e.g. due to contradictions with other tion of the Qur’ān and Sunnah in cases of differ- moral rules), a reconsideration of the understanding ences with Islamic economists. Suppose there is and a new interpretation of the respective divine a disagreement between Islamic and conven- guidance may become necessary. Secular economists tional economists about the systemic implica- could contribute to the unfolding of the implications, tions of policy measures suggested by Islamic but not to the (re)interpretation of religious texts. This economists as an application of Sharīʿah norms. falls into the competencies of Islamic economists and Will Sharīʿah scholars (have to) participate in Sharīʿah scholars. the respective discourse before a political deci- sion can be taken? How can it be ensured that In actual practice, many Western mainstream the Sharīʿah scholars are sufficiently educated in economists are actively involved in debates about and economics for a proper understanding of com- in the design of economic policies which implies that plex systemic interdependencies? Expertise in they take normative positions. Recent examples are Islamic finance alone will not be sufficient. Irre- issues of income and wealth distribution, social secu- spective of all its merits, the previously quoted rity and healthcare programs, and the ecological re- 800 pages Islamic economics textbook will not sponsibility for future generations. The demarcation be enough. What makes this task so daunting are line between positive and normative economics has the fundamentally different methodologies of become blurred, but there is hardly any systematic social sciences and (Islamic) law. reflection on ethics and morals in economics curricu- la or the research training of mainstream economists.  If “source of knowledge” just means a source of Jurists are much better qualified in these respects. inspiration for the development of a new theory Hence, when it comes to morals and ethics, a cooper- which afterwards is tested by methods recognized by secular economics, a fruitful scientific ation among economists and jurists in general and discussion should be possible. However, “source Islamic economists and Sharīʿah scholars, in particu- of knowledge” could also be understood as a lar, may be advantageous for both sides. specific method for proving the correctness of 9. Interaction with Sharīʿah Scholars economic hypotheses or theories, for example, by a linguistic interpretation of a Qur’ānic text. The Islamic economics textbook (Abojeib et al., Mainstream economics (as well as probably 2018), points out that “one of the characteristics of most, if not all, secular heterodox economics) Islamic economics is that it has divine origin” (p. 32). cannot apply such a method and will most prob- In practical terms, this means that “Sharīʿah rules that ably not recognize any proof of hypotheses are derived from the Qur’ān and Sunnah shall be based thereon, while Islamic economists would applied in all aspects of economics, business and have difficulties to accept a contrary position financial deliberations taking place in society” (p. based on hypotheses testing as generally applied 33). Conceptually it means that: in mainstream economics. In the worst case 94 Volker Nienhaus

(from the perspective of a mainstream econo- support for political, economic, and social reforms. It mist), the unique Islamic source of knowledge would improve the effectiveness and impact of aid could be used for immunization of hypotheses and support if they were better aligned with country- (‘is statements’) and policy blueprints (‘ought specific priorities as derived from an Islamic statements’) in Islamic economics. worldview.  Islamic economists who make frequent use of 10. Failure of Neoclassical Models in this unique source of knowledge in their eco- The Global Crisis nomic reasoning might not accept secular economists as discourse partners on an equal footing. In mainstream macroeconomics, the development of The existence of an exclusive source of know- models and theories seemingly did not keep pace ledge may evoke a feeling of structural superior- with changes in the real world. The need for funda- ity over secular economics regarding normative mental reforms or revisions in the macroeconomic as well as positive statements. In such a setting, branch of mainstream economics is widely recog- a ‘pluralistic’ discourse can hardly be open and nized. Until the global financial and economic crisis, unbiased. the dynamic stochastic general equilibrium (DSGE) theory was widely accepted by the mainstream. After A basic premise for meaningful pluralistic inter- the crisis, DSGE models were criticized for their action is a common appreciation by the dis- extreme (neoclassical) assumptions such as perfect course partners that different understandings of competition, rational expectations, symmetric infor- reality can exist and none can be proved correct. mation, and identical price-taking firms. New models Nevertheless, each party tries to convince the other party that his/her understanding provides a have relaxed these assumptions, but one fundamental better explanation of real-world phenomena (or shortcoming remains: DSGE models do not incorpo- is a better approximation to an existing but un- rate a structured financial sector (with banks and cap- known truth) than the other party’s. Islamic ital markets, different instruments, etc.). Therefore, a economists can accept different interpretations crisis that affects the real economy but starts from of the Qur’ān and Sunnah, but they cannot ac- disequilibria in the financial sector cannot be cap- cept their negation as the primary sources of tured by models that ignore the existence of this sec- knowledge. On the other hand, secular econo- tor. Mainstream macroeconomic standard models mists have difficulties to take a particular revela- were insufficient to explain the systemic meltdown tion as the source of general knowledge or as the and to understand transmission channels within the ultimate benchmark for the truth value of (posi- financial sector and from the financial sector to the tive or normative) propositions. What can a plu- real economy. ralistic discourse achieve (beyond agreements The need for a reform of the standard model was on technicalities) under such circumstances? obvious, and academic economists, research depart- Islamic economists who appreciate the value of plu- ments of central banks, and global institutions with a ralism and intellectual discourse with non-Muslims mandate for systemic stability (e.g. the IMF and BIS) should try to put the consequences of the epistemo- have identified deficits in mainstream models. They logical claim of a unique source of knowledge in a started to build more reasonable theories which are perspective that will not scare away potential dia- also of high relevance for the proper regulation of the logue partners. financial sector. Macroprudential regulation for the protection of systemic stability has become quite For secular economists, a dialogue may be popular in the mainstream. Better models or theories appealing if they want to get a better understanding of macroeconomic instabilities (including, but not of a comprehensive and religion-based worldview that has emerged over centuries. A better mutual limited to, business cycles) are urgently needed to understanding could also have practical consequen- underpin macroprudential policies which have be- ces. For example, most Muslim majority countries come popular after the global crisis. All these reforms are developing countries and recipients of aid and indicate a departure from neoclassical models and technical assistance in various forms as well as policies. The Relevance of Reforms of the Mainstream Agenda for Islamic Economics … 95

11. Reform Agenda in Mainstream Economics 12. An Islamic Economics Reform Agenda? Reforms are continuously undertaken in mainstream For such reasons, as quoted above, the less dramatic economics to improve the explanatory (and to some but multidimensional reforms in mainstream micro- degree also the predictive) power of models and theo- economics might have a stronger impact on an ries. However, most of these reforms are not revolu- Islamic economics research agenda. Thus far, impor- tionary but gradual improvements of established ap- tant reforms and innovations in mainstream micro- proaches or the result of spontaneous (unplanned) economics have hardly been taken up in Islamic innovations (e.g. through imports from other disci- economics. A case in point is the previously quoted plines). very recent and comprehensive Islamic economics textbook (Abojeib et al., 2018). Although it is written As far as microeconomics is concerned, there was for an elementary-level (Muslim) audience, it is also and is no reform agenda to which a majority of main- claimed that: “For those specialising in Islamic eco- stream economists would subscribe. This is different nomics, it is an appropriate source of reference to in macroeconomics. The reform or replacement of gain an overview on different topics relating to the the failed DSGE models is a widely recognized goal, foundations of Islamic economics” (p. xiv). How- and reforms to attain this end (especially by inserting ever, it does not cover the major developments in a structured financial sector into macro models) have mainstream microeconomics that have evolved over started. the last two decades such as experimental economics This mainstream reform agenda has no significant and behavioral economics, or simulation techniques impact on Islamic economics. The simple reason is and network analyses (in micro and macro- that there is hardly anything that could be called Is- economics). These reforms or innovations did not lamic macroeconomics, and what is presented in the replace the neoclassical core, but they did enrich the respective part of the previously quoted recent and discipline significantly. comprehensive Islamic economics textbook (Abojeib The microeconomic part of the Islamic economics et al., 2018) is very basic with a strong Keynesian textbook primarily deals with the behavior of ideal flavor and far away from the neoclassical DSGE Muslims and the implications for standard (neoclas- models of mainstream economics. There are several sical) models of consumption, production, and distri- good “real world” reasons why Islamic economists bution. This approach could benefit greatly from had neglected this part of the discipline which is now insights of behavioral economics. It could be held responsible for discrediting economics in the strengthened by experiments that clarify how far reli- eyes of the general public. It is debatable whether gious and cultural norms guide the actual behavior of Islamic economics should make strong efforts to Muslims in different societies, and in what respects catch up with the mainstream in macroeconomics. It they act differently from the neoclassical rational would undoubtedly be intellectually pleasing to see homo-economicus or real people in secular societies. more sophisticated models that expound the macroe- The results of such “mainstream inspired” research conomic implications of a system in which all finan- would have important implications not only for the cial transactions are tied to transactions in the real design of microeconomic models but also for the economy. However, if it is correct that Islamic banks, structuring of institutions that shall promote the wel- especially in countries where they have reached a fare of rule-compliant Muslims. systemically relevant market share (which is set at ≥15% by the IFSB), use predominantly techniques In another respect, developments in mainstream like tawarruq or commodity murābaḥah, the strict tie economics may have an impact on Islamic econom- of finance to the real economy cannot be taken for ics. Neoclassical economics was conceptualized as granted and the relevance of ‘idealistic’ models could value-free positive economics, but it has been accep- be challenged. ted (explicitly or implicitly) in the secular mainstream

96 Volker Nienhaus that a value-free social science is not feasible. Fur- (some) heterodox economists are now taken more thermore, over the last decades, the distinction be- seriously also by ‘neoclassics’ (maybe in reaction to tween positive and normative economics has become the success of some ‘heterodoxies’ in media and poli- blurred. More and more Western mainstream econo- tics). Seemingly, pluralism emerges in democratic mists no longer shy away from strong normative systems with free media – even if the academic statements. Many are engaged in political controver- mainstream is, in general, not very receptive of heter- sies, particularly over policies with strong redistribu- odox challengers. tive and ecological consequences. The views of

References Abojeib, M., Haneef, M. A., & Mohammed, M. O. Reardon, J. (2019). Dialogue on Reform in Mainstream (Eds.). (2018). Islamic economics: Principles & Economics and its Implications for the Islamic Analysis. Kuala Lumpur, Malaysia: International Economics Discipline. Journal of King Abdulaziz Shari’ah Research Academy for Islamic Finance University: Islamic Economics, 32(2), 61-75. (ISRA). Rifkin, J. (2014). The Zero Marginal Cost Society: The Keen, S. (2011). Debunking Economics: The Naked Internet of Things, the Collaborative Commons, and Emperor Dethroned. London, UK: Zed Books. the Eclipse of Capitalism. New York, USA: Palgrave Reardon, J., Madi, M. A. C., & Cato, M. S. (2018). Macmillan. Introducing a New Economics: Pluralist, Sustainable and Progressive. London, UK: Pluto Press.

Volker Nienhaus was professor of economics at the German universities of Trier and Bochum, vice rector of the University of Bochum and president of the University of Marburg prior to his retirement in 2010. He was a visiting professor at the University of Reading (UK), University of Malaya, and Qatar Faculty of Islamic Studies, as well as a member of the governing council and adjunct professor of the International Centre for Education in Islamic Finance (INCEIF). He holds an honorary professorship of the University of Bochum and is currently a consultant to the Islamic Financial Services Board (IFSB). His interest in Islamic economics and finance and his list of publications date back to the late 1970s. E-mail: volker.nienhaus@gmx.net

The Relevance of Reforms of the Mainstream Agenda for Islamic Economics … 97

ﺟﺪول أﻋﻤﺎل إ ﺻ ﻼح اﻟﻔﻜﺮ اﻻﻗﺘﺼﺎدي اﻟﺴﺎﺋﺪ: اﻷﻤﻴﺔ، واﳌﻼءﻣﺔ، واﻟﻌﻘﺒﺎت ﻟﻼﻗﺘﺼﺎد اﻹﺳﻼﻣﻲ

ﻓﻮﻟﻜﺮ ﻧﻴﺎوس أﺳﺘﺎذ ﻓﺨﺮي، ﺟﺎﻣﻌﺔ ﺑﻮﺧﻮم، أﳌﺎﻧﻴﺎ ﻣﺴﺸﺎر، ﻣﺠﻠﺲ اﺪﻣﺎت اﳌﺎﻟﻴﺔ اﻹﺳﻼﻣﻴﺔ(IFSB)

ُ اﳌﺴﺘﺨﻠﺺ: ﺗ ﺮﻛﺰ اﻟﻜﺘﺐ اﻟﺘﺪرﺴﻴﺔ ﻟﻼﻗﺘﺼﺎد اﻟﺴﺎﺋﺪ ﺸﻞ ﻛﺒ ﻋ اﻟﻨﻤﺎذج اﻟﻨﻴﻮ -ﻛﻼﺳﻴﻜﻴﺔ ﻣﻊ اﻻﻋﺘﻤﺎد ﻋ اﳌﻨﺎﻓﺴﺔ اﻟﺎﻣﻠﺔ ﻛﻨﻤﻮذج ﻣﺮﺟ. و اﳌﻘﺎﺑﻞ ﻧﺠﺪ أن اﳌﻤﺎرﺳﺎت اﻟﺒﺤﺜﻴﺔ اﻟﺴﺎﺋﺪة أﻛ ًﺗﻨﻮﻋﺎ وأﻗﺮب إ اﻟﻌﺎﻟﻢ اﻘﻴﻘﻲ واﻟﺴﻴﺎﺳﺎت اﻻﻗﺘﺼﺎدﻳﺔ. ﺿﻮء ﺬﻩ اﳌﻔﺎرﻗﺔ ﻳﻤﻜﻦ ﻣﻼﺣﻈﺔ أﻧﮫ ﺗﻢ إﺣﺮاز ﺗﻘﺪم ﻋ ﻣﺴﺘﻮى اﻻﻗﺘﺼﺎد اﺰﻲ ﻣﻦ ﺧﻼل رؤى ﺟﺪﻳﺪة أﺗﺖ ﺎ ﻌﺾ اﳌﻘﺎرﺎت واﻷدوات؛ ﺎﻻﻗﺘﺼﺎد اﻟﺴﻠﻮﻲ واﻟﺘﺠﺮ وأدوات اﺎﺎة وﺗﺤﻠﻴﻞ اﻟﺸﺒﺎت. إﻻ أن ًﺷﺌﺎ ﻣﻦ ﺬا ﻟﻢ ﻳﺤﺼﻞ ﻋ ﻣﺴﺘﻮى اﻻﻗﺘﺼﺎد اﻟﻜ ﺣﻴﺚ ﻓﺸﻠﺖ ﻧﻤﺎذج اﻟﺘﻮازن اﻟﻌﺸﻮاﻲ اﻟﺪﻳﻨﺎﻣﻴﻲ (DSGE) اﳌﻴﻤﻨﺔ اﻟﺘﺒﺆ ﺑﺎﻷزﻣﺔ اﳌﺎﻟﻴﺔ اﻟﻌﺎﳌﻴﺔ (2007 -2008م) ﺴﺐ ﺑﻨﺎﺎ اﻟﻴﻜ اﻟﻘﺎﺻﺮ. وﻌﺰﺰﺎ ﻣﻦ ﺧﻼل إدراج ﻗﻄﺎع ﻣﺎ وا ﻮ ﻋ رأس ﺟﺪول أﻋﻤﺎل ا ﻹﺻ ﻼح ﻟﻼﻗﺘﺼﺎد اﻟﺴﺎﺋﺪ. ﻗﺪ ﺴﺘﻔﻴﺪ اﻻﻗﺘﺼﺎد اﻹﺳﻼﻣﻲ ﻣﻦ اﻻﺑﺘﺎرات اﻻﻗﺘﺼﺎد اﺰﻲ، ﺣن أن إ ﺻ ﻼح اﻻﻗﺘﺼﺎد اﻟﻜ ﺳﻴﻮن ذا أﻤﻴﺔ ﻣﺤﺪودة ﻣﺎ دام أن اﺼﺔ اﻟﺴﻮﻗﻴﺔ ﻟﻠﺘﻤﻮﻞ اﻹﺳﻼﻣﻲ ﺿﻴﻠﺔ ﻟﻠﻐﺎﻳﺔ ﻣﻌﻈﻢ اﻟﺒﻠﺪان اﻹﺳﻼﻣﻴﺔ. ﻳﺠﺐ أن ﻳﺄﺧﺬ اﻮار ﺣﻮل ا ﻹﺻ ﻼح ﺑن اﻻﻗﺘﺼﺎد اﻟﺴﺎﺋﺪ واﻻﻗﺘﺼﺎد اﻹﺳﻼﻣﻲ اﻻﻋﺘﺒﺎر أن اﻻﻗﺘﺼﺎدﻳن اﻹﺳﻼﻣﻴن ﻳﺆﻛﺪون ﻋ أﻤﻴﺔ اﻟﻘﺮآن واﻟﺴﻨﺔ ﻛﻤﺼﺎدر أﺳﺎﺳﻴﺔ ﻟﻠﻤﻌﺮﻓﺔ اﻹﻳﺠﺎﺑﻴﺔ واﳌﻌﻴﺎرﺔ، ﺣن ﻳﺮﻓﺾ اﻟﺘﻴﺎر اﻟﻌﻠﻤﺎﻲ اﻟﺴﺎﺋﺪ ﻗﺒﻮل اﳌﻘﻮﻻت اﻹﻳﺠﺎﺑﻴﺔ ﺑ ﺎ ﻟ ﺮﺟ ﻮع إ اﳌﺼﺎدر اﻹﻟﻴﺔ. ﻗﺪ ﺸﻞ ﺬﻩ اﳌﻔﺎرﻗﺔ "اﳌﺘﺠﺬرة" ﻋﻘﺒﺔ ﻣﻨﻴﺔ ﻛﺒة ﻣﻦ أﺟﻞ ﺗﺤﻘﻴﻖ ﻌﺪدﻳﺔ ﻣﺘﻨﻮﻋﺔ اﻻﻗﺘﺼﺎد. اﻟﻠﻤﺎت اﻟﺪاﻟﺔ: اﻗﺘﺼﺎدﻳﺎت اﻟﻜﺘﺐ اﳌﺪرﺳﻴﺔ، ﻛﺘﺐ اﻻﻗﺘﺼﺎد اﻟﺘﺪرﺴﻴﺔ، اﻟﺘﻌﺪدﻳﺔ، اﻻﻗﺘﺼﺎد اﳌﻌﻴﺎري، اﳌﻨﻴﺔ، اﻻﻗﺘﺼﺎد اﻟﺴﺎﺋﺪ، اﻻﻗﺘﺼﺎد اﻹﺳﻼﻣﻲ. ﺗﺼﻴﻒ Y8، B13، A2، A1: JEL ﺗﺼﻴﻒ H1، G6، G2، G1،G0 : KAUJIE