References
1 The Essence of Islamic Political Economy
Bentham, J. (1789) An Introduction to the Principles of Morals and Legislation (London: T. Payne & Sons).
[Imam] al-Bokhari (1971) (tr. M. Muhsin Khan) Sahih al-Bokhari (Gujranwala Cantonment, Pakistan: Taleem ul-Quran Trust).
Buchanan, J. and R. Tollison (eds) (1982) The Theory of Public Choice /!(Ann Arbor, Michigan: University of Michigan Press).
Buchanan, J. and G. Tullock (1962) The Calculus of Consent (Ann Arbor, Michigan: University of Michigan Press).
Choudhury, M. A. (1986) Contributions to Islamic Economic Theory, a Study in Social Economics (London: Macmillan).
Choudhury, M.A. (1989a)./slamic Economic Co-operation (London: Macmillan). Choudhury, M. A. (1989b) 'Islamic Economic Thought in Comparative Perspec
tives: Towards an Islamic Theory of Value', Middle Eastern Economic and Bus ness Review, vol.l, no. 2, July.
Choudhury, M. A. (1989c) 'The Humanomic Structure of Islamic Economic Theory' ,Journal of Research in Islamic Economics.
Choudhury M.A. (1989d) 'Editorial', in M. A Choudhury (ed.), Policy-Theoretic Foundations of Ethico-Economics (Sydney, Nova Scotia: Centre of Humanomics).
Choudhury, M.A. (1989e) The Principles of Islamic Political Economy: a Methodological Enquiry, manuscript (forthcoming London: Macmillan).
Choudhury, M.A. and U. A. Malik (1987) 'Islamic Macroeconomic Perspectives in the Malaysian Economy, 1970-90', Department of Social Sciences, University College of Cape Breton, Sydney, Nova Sotia (mimeo).
Choudhury, M.A. and U. A. Milik (1988) 'The Analytics of the Islamic Economic and Financial System', in M.A. Choudhury (ed.), Policy-Theoretic Foundations of Ethico-Economics (Sydney, Nova Scotia: Centre of Humanomics).
Dasguta A. K. (1985) Epochs of Economic Theory (Oxford: Basil Blackwell). Elliot, J. E. (1978) 'Institutionalism as an Approach to Political Economy, Journal
of Economic Issues, 12 (1) (March). Fusfeld, D. R. (1986) The Age of the Economist (Glenview, Ill: Scott, Foresman) Gruchy, A. G. (1973) 'Law, Politics and Institutional Economics' Journal of Eco
nomic Issues, 7 (4) (December). Hakim, A. (undated) The Arabs and Mathematics, Department of Mathematics,
University of Calcutta, India (unpublished doctoral thesis). Heilbroner, R. (1970) 'On the Possibility of a Political Economics', Journal of
Economic Issues, 4 (4) (December). Kitromilides, Y. (1985) 'The Formation of Economic Policy: A Question for
Economists?, in P. Arestis and T. Skouras (eds), Post Keynesian Economic Theory (Brighton: Wheatsheaf Books).
Latsis, S. (ed.) (1976) Method and Appraisal in Economics (Cambridge: Cambridge University Press).
320
References 321
Lichtenstein, P.M. (1983) An Introduction to Post-Keynesian and Marxian Theories of Value and Price (London: Macmillan).
Lutz M.A. and K. Lux (1988) Humanistic Economics, the New Challenge (New York: Bookstrap Press).
Malik, U. A. ( 1987) 'The Ethico-Economic Paradigm oflslam', Humanomics, 4 (1 ). Mill, J. S. (1844.1984) Essays on Some Unsettled Questions of Political Economy,
in D. Hausman (ed.), The Philosophy of Economics (New York: Cambridge University Press).
Myrdal, G. (1954) The Political Element in the Development of Economic Theory (New York: Simon & Schuster).
Nasr, S. H. (1975) Ideals and Realities of Islam (London: Allen & Unwin). Nasr, S. H. (1978) An Introduction to Islamic Cosmological Doctrines (Boulder,
Colorado: Shambhala). Nasr, S. H. (1988) 'Islam and the Problem of Modem Science', Muslim Education
Quarterly, 5 (4). Schumpeter, J. A. (1968) History of Economic Analysis (New York: Oxford Uni
versity Press). Simon, H. A. (1960) The New Science of Management Decision (New York: Harper
&Row) Simon, H. A. (1976) 'From Substantive to Procedural Rationality', inS. Latsis (ed.)
Method and Appraisal in Economics (Cambridge: Cambridge University Press). Smith A. (1776/1973) The Wealth of Nations (New York: McGraw-Hill). Staniland, M. (1985) 'The Fall and Rise of Political Economy', in his What is
Political Economy? (New Haven and London: Yale University Press). Taylor, 0. H. ( 1957) 'Economic Science Only- or Political Economy?', Quarterly
Journal of Economics, 4 (4) (December).
2 Principles and Instruments of the Islamic Political Economy
Azim, A. (1984) Economic Views of Ibn Taimiyyah, doctoral dissertation, Department of Economics, Aligarh University, India.
Von Bohm-Bawerk, E. (1890/1959) Capital and Interest, Vol. 1 (Illnois, US: Liberatarian Press).
Choudhury, M. A. (1983) 'The Rate of Capitalization in Valuation Models in an Islamic Economy', in Z. Ahmad eta/. (eds), Fiscal Policy and Resource Allocation in Islam (Jeddah, Saudi Arabia: International Centre for Research in Islamic Economic, King Abdulaziz University and Islamabad, Pakistan: Institute of Policy Studies).
Choudhury, M.A. (1989a) 'Price, Value and Social Equilibrium', Arab Journal of Social Sciences, vol. 1 no. 1 ).
Choudhury, M. A. (1989b) 'Time and Social Choice in the Islamic Economic Framework',
Choudhury M. A. (1989c) The Paradigm of Humanomics (Bangi, Malaysia: the National University of Malaysia Press and the Faculty of Economics, the National University of Malaysia).
Clioudhury, M.A. (1989d) Islamic Economic Co-operation (London: Macmillan). Dasgupta, A. K. (1985) Epochs of Economic Theory (Oxford: Basil Blackwell). Doi, A. R.I. (1984) ,Shariah: the Islamic Law (London: Ta Ha Publishers).
322 References
Edwards, R. C. (1975) 'The Social Relations of Production in the Firm and Labour Market Structure', in R. C. Edwards eta/. (eds), Labour Market Segmentation (Lexington, Mass.: D. C. Heath).
Einstein A. and L. Infeld (1938) The Evolution of Physics: The Growth of Ideas from Early Concepts to Relativity and Quanta (New York: Simon & Schuster).
Al-Faruqi, I. R. (1982) Tawhid: Its Implications for Thought and Life (Herndon, Virgina: International Institute of Islamic Thought).
Gel'fand, I. M. (1961) Lectures on Linear Algebra (Interscience Publishers, Inc.) Haddad, L. ( 1989) 'The Role of the State in the Light oflbn Khaldun' s Economics'
Middle Eastern Business and Economic Review, 1(1). Handa, M. (1985) 'Some Economic and Sociological Considerations in Job At
tainment and the Labour Market', Humanomics, 1(1). Hosseini, H. (1987) 'Islamic Economics- A New Economics or an Old Dogma?',
Forum for Social Economics, 16(2). Husaini, S. W. A. (1971) Principles of Environmental Engineering Systems Plan
ning in Islamic Culture: Law, Politics, Economics, Education and Sociology of Science and Culture, Ph. D. dissertation, Department of Civil Engineering, Stanford University.
Iqbal, A. (1934) The Reconstruction of Religious Thought in Islam (Oxford: Oxford University Press).
Kahf, M. (1977) 'Economics of Muslim Minorities in a Non-Muslim Environment', Outlines of Islamic Economics, Proceedings of the First Symposium on the Economics oflslam in North America (Indianapolis, Ind.: Association of Muslim Social Scientists of the United States and Canada).
Kirzner, I. M. (1981) 'Entrepreneurship, Entitlement and Economic Justice', in J. Paul (ed.), Reading Nozick, Essays on Anarchy, State and Utopia (Totowa, New Jersey: Rowman & Allenheld).
Lakatos, I. The Methodology of Scientific Research Programs (Cambridge: Cambridge University Press, 1978)
Maddox, I. J. (1970) Elements of Functional Analysis (Cambridge: Cambridge University Press).
Mansfield, E. (1985) Microeconomics (New York: W. W. Norton). Naqvi, S. N. H. (1981) Ethics and Economics: An Islamic Synthesis (Leicester:
Islamic Foundation). Nasr, H. H. (1975) Ideals and Realities of Islam (London: Allen & Unwin) Nasr, S. H. (1989) 'The Teaching of Art in the Islamic World', Muslim Education
Quartaly, 6(2). Von Neumann, J. and 0. Morgenstern (1947) Theory of Games and Economic
Behavior (Princeton, New Jersey: Princeton University Press). Nienhaus, V. (1989) 'Restatements of Normative Economics: Western Approaches
and Islamic Perspectives', in M. A. Choudhury (ed.), Policy-Theoretic Foundations of Ethico-Economics (Sydney, Nova Scotia: Centre of Humanomics).
Nozick, R. (1974) Anarchy, State and Utopia (New York: Basic Books). Okun, A. (1975) Equality and Efficiency, the Big Tradeoff (Washington, D. C.:
Brookings Institute). O'Neil, 0. (1981) 'Nozick's Entitlements', in J. Paul (ed.), Reading Nozick, Essays
on Anarchy, State and Utopia (Totowa, New Jersey: Rowman & Allenheld). Northrop, F. S.C. (1951) 'Einstein's Conception of Science', in P. A. Schilpp (ed.),
Albert Einstein: Philosopher-Scientist (New York: Tudor Publishing).
References 323
Pheby, J. (1988) Methodology and Economics (explains Descartes's methods in the sciences) (London: Macmillan).
Quirk J. and R. Saposnik (1968) Introduction to General Equilibrium Theory and Welfare Economics (New York: McGraw Hill).
Rauf, M.A. (1979) 'The Islamic Doctrine of Economics and Contemporary Economic Thought', in his Capitalism and Socialism: A Theoretical Inquiry (Washington, D. C.: American Enterprise Institute for Policy Research).
Rawls, J. (1971) A Theory of Justice (Cambridge, Mass.: Harvard University Press). Robinson, J. (1970) 'Capital Theory Up To Date', Canadian Journal of Econo
mics, 3. Rosenthal-Schneider, I. (1951) 'Presuppositions and Anticipations in Einstein's
Physics' (describes Leibniz's mathematical structural), in P. A. Schilpp (ed.), Albert Einstein: Philosopher-Scientist (New York: Tudor Publishing).
Rozenthal, F. (tr.) (1967) The Muqaddimah: An Introduction to the History of Ibn Khaldun (Princeton, New Jersey: Princeton University Press).
Russell, B. (1971) ABC of Relativity (London, Eng.: Allen & Unwin). Sen, A. (1986) Poverty and Famines, An Essay on Entitlement and Depreciation
(Oxford: Clarendon Press). Scitovsky, T. (1941-2) 'A Reconsideration of the Theory of Tariffs', Review of
Economic Studies, 9. [Imam] al-Shatibi (undated) Al-Muwafaqat Fi Usul al-Shariah (Cairo: Abdallah
Draz al-Maktabah al-Tijariyah al-Kutb). Steiner, H. ( 1981) 'Justice and Entitlement', in J. Paul (ed.), Reading Nozick, Essays
on Anarchy, State and Utopia (Totowa, New Jersey: Rowman & Allenheld). Ibn-Taimiyyah (reprinted 1967) Al-Hisbah Fil Islam (Beirut, Lebanon: Darul Kutb
al-Arabiyyah). Tawney, R. H. (1920) The Acquisitive Society (New York: Harcourt, Brace World). Toynbee, A. (1946) A Study of History (Oxford: Oxford University Press). U zawa, H. ( 1964) 'Optimal Growth in a Two-Sector Model of Capital Accumulation',
Review of Economic Studies, 31. Whitehead, A. N. and B. Russell (1970) Principia Mathematica (Cambridge:
Cambridge University Press). Worswick, G. D. N. (1989) 'Full Employment' in J. Eatwell et at. (eds), Social
Economics (New York: W. W. Norton). Zarqa, M.A. (1983) 'An Islamic Perspective on the Economics of Discounting in
Project Evaluation', in Z. Ahmad et al. (eds) Fiscal Policy and Resource Allocation in Islam (Jeddah, Saudi Arabic: International Centre for Research in Islamic Economics, King Abdulaziz University and Islamabad, Pakistan: Institute of Policy Studies).
3 'Zakat', the Wealth Tax in Islam
Arrow, K. J. (1962) 'The Economic Implications of Learning by Doing', Review of Economic Studies, 29(3).
Becker, G. (1976) 'The Allocation of Time and Goods over Time', in his The Economic Approach to Human Behavior (Chicago: Chicago University Press).
Becker G. (1989) 'Family', in J. Eatwell et al. (eds), Social Economics (New York: W. W. Norton).
324 References
Choudhury, M. A. (1976) 'Contribution of University Graduates to Economic Growth by Selected Age Groups, Canada 1961-74', Chapter vii of doctoral thesis, Some Aspects of Optimal Human Capita/Investment and Economic Growth: A Theoretical and Empirical Analysis, University of Toronto.
Choudhury, M. A. (1989a) The Paradigm of Humanomics (Bangi, Malaysia: the National University of Malaysia Press and the Faculty of Economics, the National University of Malaysia).
Choudhury, M. A. (1989b) A Theory of Ethico-Economics, manuscript (forthcoming Hull: Barmarick Publications).
Choudhury M.A. (1989c) Islamic Economic Co-operation (London: Macmillan). Choudhury, M.A. and U. A. Malik (1989) 'The Analytics of the Islamic Economic
and Financial System' in M.A. Choudhury (ed.), Policy-Theoretic Foundations of Ethico-Economics (Sydney, Nova Scotia: Centre of Humanomics).
Douglas, E. J. (1987) Managerial Economics (New York: Prentice-Hall). Easterlin, R. A. (1989) 'Fertility', in J. Eatwell et al. (eds), Social Economics (New
York: W. W. Norton). Eichler, M. (1985) 'The Connection Between Paid and Unpaid Labour and its
Implication for Creating Equality for Women in Employment', Humanomics, 1(1). Enke, S. (1963) Economics for Development (Englewood, Cliffs, New Jersey:
Prentice-Hall). Forget, E. (1986) Summary Report of the Commission of Inquiry on Unemployment
Insurance (Ottawa: Ministry of Supply and Services). Haveman, R. H. (1980) 'Toward Efficiency and Equity through Direct Job Creation',
Social Policy (May-June). Henderson J. M .. and R. E. Quandt (1971) Microeconomic Theory: A Mathametical
Approach (McGraw Hill Book Co. Inc.). Hum, D.P. (1980) 'Negative Income Tax Experiments: A Descriptive Survey with
Special Reference to Work Incentives' in his Reflections on Canadian Incomes (Ottawa: Supply and Services Canada, for the Economic Council of Canada).
Iqbal, A. (1934) The Reconstruction of Religious Thought in Islam (Oxford: Oxford University Press).
Kahf, M. ( 1977) 'Economics of Muslim Minorities in a Non-Islamic Environment', Outlines of Islamic Economics, Proceedings of the First Symposium on the Economics oflslam in North America (Indianapolis, Ind.: Association of Muslim Social Scientists of the United States and Canada).
Keyfitz, N. (1968) Introduction to ihe Mathematics of Population (Reading, Mass.: Addison-Wesley).
Kuznets, S. S. (1960) 'Population Change and the Aggregate Output', in his Demographic and Economic Change in Developed Countries (Washington, DC: National Bureau of Economic Research).
Little, I. M.D. (1988) 'Small Manufacturing Enterprises and Employment in Developing Countries', Asian Development Review, 6(2).
Lopez, A. (1961) Problems in Stable Population Theory (Princeton, New Jersey: Princeton University Press).
Maddox, I. J. (1970) Elements of Functional Analysis (Cambridge: Cambridge University Press).
Matthews, R. (1983) The Creation of Regional Dependency (Toronto: University of Toronto Press).
Mehmet, 0. (1988) 'The NIC Challenge and the Changing Structure of World
References 325
Trade: Some Implications for Regional Development', in M. A. Choudhury ( ed. ), Political Economy of Development in Atlantic Canada (Sydney, Nova Scotia: The University College of Cape Breton Press).
Metwally M. M. (undated). 'Macroeconomic Models of Islamic Doctrine', Department of Economics, University of Queensland (mimeo).
Naqvi, S. N.H. ( 1978) 'Ethical Foundations oflslamic Economics' ,Islamic Studies (Summer).
Nato, T. (1985) 'On the Underground Economy in Japan', Humanomics, 1(2). Nerlove, M. (1974) 'Household Economy: Toward a New Theory of Population and
Economic Growth', Journal of Political Economy (April). Nerlove M (1986) 'Household Economy; Toward a New Theory of Population and
Economic Growth', Journal of Political Economy, April. Phelps, E. S. (1968) 'Population Increase', Canadian Journal of Economics (August). Spengler, J. J. (1963) 'The Economic Effects of Changes in the Age Composition',
in J. J. Spengler and 0. D. Duncan (eds), Demographic Analysis (Glencoe, Ill,: Free Press of Glencoe).
Sulayman, A. H. A. (1968) 'The Theory of Economics of Islam', Proceedings of the Third East Coast Regional Conference (Muslim Students' Association of the United States and Canada).
Venieris Y. P. and F. D. Sebold (1977) Macroeconomic Models and Policy (New York: John Wiley).
4 'Riba', Financial Interest
Ahmad, S. ( 1977) 'Reflections on the Concept of the Law of "Riba'", in Outlines of Islamic Economics (Indianapolis, Ind.: Association of Muslim Social Scientists of the United States and Canada).
Allen, R. G. D. (1967) 'Classical Macroeconomic Theory', in his Macroeconomic Theory, A Mathematical Treatment (London: Macmillan).
Balassa, B. (1982) 'Structural Adjustment in Developing Countries', World Development, 10(1).
Von Bohm-Bawerk, E. (1959) Capital and Interest, Vol I (Illinois, U.S.A.: Libertarian Press).
Bhagwati, J. N. (1983) 'Why There is no Mileage Left in Global Negotiations?, World Economy, 1(2).
Bowden, E. V. (1985) Economic Evolution (Cincinnati, Ohio: South-Western Publishng).
Bruno, M., Burmeister E. and Sheshinski E. (1966) 'The Nature and Implications of the Res witching of Techniques', Quarterly Journal of Economics, 80.
Choudhury, M.A. (1979) 'The Doctrine of "Riba"', The Journal of Development Studies, II.
Choudhury, M.A. (1983) 'Interest Rate and Intertemporal Allocative Efficiency in an Islamic Economy: the Issue Revisited', Discussion Paper on Professor S. N. H. Naqvi's work entitled, 'Interest Rate and Intertemporal Allocative Efficiency in an Islamic Economy' (Jeddah, Saudi Arabia: International Centre for Research in Islamic Economics, King Abdulaziz University).
Choudhury, M.A. (1985) 'Monetary Equilibrium, the Real Rate of Interest and the Rate of Inflation', Kajian Ekonomi Malaysia, 22(2).
326 References
Choudhury, M. A. (1986a) 'Macroeconomic Relations in the Islamic Economic Order', International Journal of Social Economics, 13(6).
Choudhury, M.A. (1986b) Contributions to Islamic Economic Theory, A Study in Social Economics (London: Macmillan).
Choudhury M.A. and U. A. Malik (1989) 'The Analytics of the Islamic Economic and Financial System', in M.A. Choudhury (ed.), Policy-Theoretic Foundations of Ethico-Economics (Sydney, Nova Scotia: Centre of Humanomics).
Doak, E. (1989) '100% Money', in M. A. Choudhury (ed.), Policy-Theoretic Foundations of Ethico-Economics (Sydney, Nova Scotia: Centre of Humanornics ).
Doering, B. (1985) 'The Economics of Jacques Maritain', Review of Social Economy, 43(1).
Dorfman, R., Samuelson P. and Solow R. M. (1958) 'Efficient Programs of Capital Accumulation', in their Linear Programming and Economic Analysis (New York: McGraw Hill).
Dornbusch, R. (1985) 'Dealing with Debt in the 1980s ', Third World Quarterly, 7 (3) (July).
C. H. Douglas, (1924) Social Credit (See for reference in E. F. Doak, 1989). Fischer, S. (ed.) (1980) Rational Expectations and Economic Theory (Chicago:
University of Chicago Press for the National Bureau of Economic Research). Fisher, I. (1935) 100% Money (New York: Adelphi). Fleming, J. M. (1962) 'Domestic Financial Policies under Fixed and under Floating
Exchange Rates', International Monetary Fund Staff Papers, 9. Haines, W. W. (1987) 'A Society Without Money: Reflections on Jacques Maritain',
International Journal of Social Economics (Festschrift in Honour of Anghel N. Rugina, Part I) 14(3/4/5).
Henderson, J. M. and R. E. Quandt, Microeconomic Theory, op cit. Helleiner, G. (1983) 'The Rise and Decline of the IMF', in J. Torrie (ed.), Banking
on Poverty (Toronto: Between the Lines). Hunt, E. K. and J. G. Schwartz (eds) (1973) A Critique of Economic Theory
(London: Penguin). International Monetary Fund (IMF) (1983) World Economic Outlook (Washington
DC: IMF/IMF (1987) IMF Survey (9 March). Intriligator, M. D. (1971) Mathematical Optimization and Economic Theory
(New York: Prentice-Hall). Johnston, J. (1984) Econometric Methods (New York: McGraw-Hill). Keynes, J. M. (1930) 'Economic Possibilities for Our Grandchildren', in Essays in
Persuasion (New York: Harcourt, Brace & World). Kitromilides, Y. (1985) 'The Formation of Economic Policy: A Question for
Economists?', in P. Arestis and T. Skouras (eds), Post-Keynesian Economic Theory (Brighton: Wheatsheaf Books).
Knight, F. H. (1936) 'The Quantity of Capital and the Rate of Interest, Part II', Journal of Political Economy (October).
Kreinin, M. E. (1987) International Economics (Toronto: Academic Press of Canada).
Lange, 0. (1936) 'The Place of Interest in the Theory of Production', Review of Economic Studies, 3.
Lange, 0. ( 1937) 'Professor Knight's Note on Interest Theory', Review of Economic Studies, 4.
Lange, 0. (1966) Introduction to Econometrics (Oxford: Pergamon Press).
References 327
Maddox, I. J. (1970) Elements of Functional Analysis (Cambridge: Cambridge University Press).
Mansfield, E. (1985) Microeconomics (New York: W. W. Norton). Maritain, C. J. (1981) see Cahiers Jacques Maritain, vol. 4(5), printed in Review of
Social Economy, vol. 43 (no.1) April 1986. Metwally M. M. (undated) 'Macroeconomic Models of Islamic Doctrines', De
partment of Economics, University of Queensland (mimeo). Muslehuddin, M. (1969) Insurance and Islamic Law (Lahore, Pakistan: Islamic
Publications). Naqvi, S. N. H. (1978) 'Interest Rate and Intertemporal Allocative Efficiency in an
Islamic Economy', paper presented at the Seminar on the Monetary and Fiscal Economics of Islam, Makkah, Saudi Arabia (October).
Nato, T. (1988) 'On the Understanding of Meanings of Subjectivity in Social Sciences', Humanomics, 4(1).
Okun, A. (1975) Equality and Efficiency: the Big Tradeoff (Washington DC: Brookings Institute).
Robinson, J. ( 1970) 'Capital Theory Up To Date', Canadian Journal of Economics, 3.
Schacht, J. ( 1964) An Introduction to Islamic Law (Oxford: Oxford University Press). Schumpeter, J. A. (1968) History of Economic Analysis (New York: Oxford Uni
versity Press). Shackle, G. L. S. (1969) Decision, Order and Time in Human Affairs (Cambridge:
Cambridge University Press) el-Sheikh, S. (1988), 'Towards anJslamic Interest Rate Policy' paper presented at
the Canadian Economics Association Meeting, Learned Societies Conference, McMaster University, Ontario, (London, Eng.: Unwin)
Singer, H. W. and Ansari J. A. (1988) Rich and Poor Nations (Hyman). Sraffa, P. (1960) 'Reduction to Dated Quantities of Labour', in P. Sraffa, Produc
tion of Commodities by Means of Commodities: Prelude to a Critique of Economic Theory (Cambridge: Cambridge University Press).
Todaro, M. (1977) Economic Development in the Third World (New York: Longman). Weitzman, M. L. (1984) The Share Economy (Cambridge, Mass.: Harvard Uni
versity Press). World Bank (various issues during the 1980s) World Development Report (Oxford:
Oxford University Press).
5 'Mudarabah', the Profit-sharing System in Islam
Arrow, K. J. et al. (1961) 'Capital-Labor Substitution and Economic Efficiency', Review of Economics and Statistics, 43 (August).
Arrow K. J. and Lind R. C. (1970) 'Uncertainty and the Evaluation of Public Investment Decisions', American Economic Review, 60.
Blaug, M. (1968) 'Introduction: Has Economic Theory Progressed?', in Economic Theory in Retrospect (Homewood, Ill.: Irwin).
Blaug, M. (1970) Introduction to the Economics of Education (London: Penguin). Chichilnisky, G. ( 1982) 'Structural Instability of Decisive Majority Rules', Journal
of Mathematical Economics, 9.
328 References
Choudhury, M.A. (1985) 'Introduction to the Financial Statement of the Firm in an Islamic Economy', Arab Gulf Journal, 5(1).
Choudhury, M.A. (1987) 'Equity-Efficiency Conditions in Competitive-Co-operative Product and Labour Markets', International Journal of Manpower, 7(5).
Choudhury, M.A. (1989a) The Principles of Islamic Political Economy: A Methodological Enquiry, manuscript (forthcoming London: Macmillan).
Choudhury, M. A. (1989b) 'Time and Social Choice in the Islamic Economic Framework', paper presented at the Ninth World Congress of the International Economic Association, Athens, Greece, Aug.
Choudhury, M.A. (1989c) A Theory of Ethico-Economics, manuscript (forthcoming Hull: Barmarick Publications).
Choudhury M. A. ( 1989d) 'The Humanomic Structure of Islamic Economic Theory', Journal of Research in Islamic Economics, (forthcoming).
Denison, E. F. (1962) The Sources of Economic Growth in the U.S. and the Alternatives Before Us (New York: Committee for Economic Development).
Doi, A. R.I. (1984) Shariah: the Islamic Law (London: Ta Ha Publishers). Douglas, E. J. (1987) Managerial Economics (Englewood Cliffs, New Jersey:
Prentice-Hall). Enke, S. (1963) 'Population and Growth: A General Theorem', Quarterly Journal
of Economics, 77. Feiwel G. R. (ed.) (1987) Arrow and the Foundations of the Theory of Economic
Policy (London: Macmillan). Gray, A. (1967) The Development of Economic Doctrine (London: Longman). Hosseini, H. (1987) 'Islamic Economics- A New Economics or an Old Dogma?',
Forum for Social Economics, 16(2). Intriligator, M. D. (1971) Mathematical Optimization and Economic Theory
(Englewood Cliffs, New Jersey: Prentice-Hall). Jean, W. H. (1970) The Analytical Theory of Finance (New York: Holl Rinehart &
Winston). Kasabud, R. F., and O'Neill 0. (1974) 'A Growth Model with Population Endo-
genous', American Economic Review (May). Klein, L. R. (1946) 'Remarks on the Theory of Aggregation', Econometrica, 14. Lange, 0. (1966) Introduction to Econometrics (Oxford: Pergamon Press). Leontief, W. (1951) The Structure of the American Economy (New York: Oxford
University Press). Marglin, S. (1974) 'What Do Bosses Do?', Review of Radical Political Economics,
6. Pontryagin L. S. et al. (1962) The Mathematical Theory of Optimal Processes
(Interscience Publishers, Inc.). Schumpeter, J. A. (1968) History of Economic Analysis (New York: Oxford Uni
versity Press). Sharpe, W. F. (1970) Portfolio Theory and Capital Markets (New York: McGraw
Hill). Sprague J. C. and J. D. Whittaker (1986) Economic Analysis for Engineers and
Managers (Englewood Cliffs, New Jersey: Prentice-Hall). Zarqa, M.A. (1983) 'An Islamic Perspective on the Economics of Discounting in
Project Evaluation', in Z. Ahmad et al. (eds), Fiscal Policy and Resource Allocation in Islam (Jeddah, Saudi Arabia: International Centre for Research in
References 329
Islamic Economics, King Abdulaziz University and Islamabad, Pakistan: Institute of Policy Studies).
6 'lsraf', Economic Waste
Arrow, K. J. (1951) Social Choice and Individual Values (New York: John Wiley). Blaug, M. (1970) An Introduction to the Economics of Education (London:
Penguin). Boulding, K. (1972) 'The Legitimacy of Economics', inN. T. Uphoff and W. F.
Illchman ( eds ), The Political Economy of Development: Theoretical and Empirical Contributions (Berkeley: University of California Press).
Carlyle T. (1840) 'The Hero as Prophet, Mahomet: Islam', in his Heroes, HeroWorship, and the Heroic in History (New York: Thomas Y. Crowell and Publishers).
Choudhury, M.A. (1986) 'Editorial', Humanomics (Hull: Barmarick Publications). Choudhury, M. A. (1987) 'A Study of Ethico-Economics in the General Equilib
rium Field', International Journal of Social Economics (Festschrift in Honour of Anghel N. Rugina, Part I) 14 (3/4/5).
Choudhury, M. A. (l988a) 'Conflict Between the Efficiency and Equity Goals of Manpower Economics', Forum for Social Economics, 17(2).
Choudhury, M. A. ( 1988b) 'A Mathematical Formulation of the Principle of Ethical Endogeneity', paper presented the Fifth World Congress of Social Economics, University of York, England (August), now a chapter of his A Theory of EthicoEconomics (forthcoming, Hull: Barmarick Publications, 1991).
Choudhury, M.A. (1989a) The Paradigm of Humanomics (Bangi, Malaysia: The National University of Malaysia Press and the Faculty of Economics, the National University of Malaysia).
Choudhury, M.A. (1989b) The Principles of Islamic Political Economy, A Methodological Enquiry, manuscript, forthcoming, London: Macmillan.
Choudhury, M.A. (1990) 'Price, Value and Social Equilibrium', Journal of Social Sciences, vol. 18, no.l.
Choudhury, M. A. (1991) A Theory of Ethico-Economics (Hull: Barmarick Publications).
Dyke, G. (1981) Philosophy of Economics (Englewood Cliffs, New Jersey: PrenticeHall).
Feldstein, M.S. (1964) 'The Social Time Preference Discount Rate in Cost-Benefit Analysis', Economic Journal, 74.
Gewirth, A. (1985) 'Economic Justice: Concepts and Criteria', in K. Kipnis and D. T. Meyers (eds), Economic Justice: Private Rights and Public Responsibilities (Totowa, New Jersey: Rowman & Allenheld).
Gordon, A. R. (1967) Goal of Full Employment (New York, John Wiley). Hammad, A. Z. (1987) 'Ghazali's Juristic Treatment of the Shariah Rules in
al-Mustasfa', American Journal of Islamic Social Sciences, 4(2). Hammond, P. J. (1987) 'On Reconciling Arrow's Theory of Social Choice with
Harsanyi's Fundamental Utilitarianism', in G. R. Feiwel (ed.), Arrow and the Foundations of the Theory of Economic Policy (London: Macmillan).
330 References
Harsanyi, J. C. (1955) 'Cardinal Welfare, Individualistic Ethics and Interpersonal Comparison of Utility', Journal of Political Economy, 63.
Hillel, S. (1989) 'Entitlements', in John Eatwell et al. (eds), Social Economics (New York: W. W. Norton).
International Labour Office (ILO) (1979) Follow-Up of the World Employment Conference: Basic Needs (Geneva: ILO).
Intriligator, M. D. (1971) Mathematical Optimization and Economic Theory (Englewood Cliffs, New Jersey: Prentice-Hall).
Jequier, N. (1976) 'The Origins and Meaning of Appropriate Technology', inN. Jequire (ed.), Appropriate Technology (Paris: Organisation for Economic Cooperation and Development).
Keynes, J. M. quoted in B. J. Malina, and T. 0. Nitsch, 'The Bishop's Pastoral Letter and the Poverty Problem', (forthcoming) Humanomics, vol. 7, no. 2, 1991.
Keynes, J. M. (1964) The General Theory of Employment, Interest and Money (New York: Harcourt, Brace & World).
Khan, F. (1984) 'Macro Consumption Function in an Islamic Framework', Journal of Research in Islamic Economics, 1(2).
Kuznets, S. S. (1960) 'Population Change and the Aggregate Output', in his Demographic and Economic Changes in Developed Countries (New York: National Bureau of Economic Research).
Mansfield, E. (1985) Microeconomics (New York: W. W. Norton). Metwally, M. M. (1986) 'The Effect of the Religious Tax of 'Zakat' on Investment
in an Islamic Economy', Humanomics, 2(2). Muslehuddin, M. (undated) Philosophy of Islamic Law and the Orientalists (Lahore,
Pakistan: Islamic Publications). Nordhaus, W. and J. Tobin (1972) Economic Growth, Vol. 5 (New York: National
Bureau of Economic Research). Phelps, E. S. (1989) 'Distributive Justice', in J. Eatwell eta/. (eds), Social Econo
mics (New York: W. W. Norton). Quirk, J. and R. Saposnik (1968) Introduction to General Equilibrium Theory and
Welfare Economics (New York: McGraw-Hill). Rawls, J. (1971) A Theory of Justice (Cambridge, Mass.: Harvard University Press). Sen, A. (1970) Collective Choice and Social Welfare (Edinburgh: Oliver Boyd). Sen, A. ( 1985) 'The Moral Standing of the Market', in E. F. Paul et al. ( eds ), Ethics
and Economics (Oxford: Basil Blackwell). Sen, A. (1988) Poverty and Famines, an Essay on Entitlement and Deprivation
(Oxford, Eng: Clarendon Press). Sharfuddin, I. M. (1987) 'Toward an Islamic Administrative Theory', American
Journal of Islamic Social Sciences, 4(2). [Imam] al-Shatabi (undated) Al-Muwafaqat Fi Usul al-Shariah (Cairo: Abdallah Draz
al-Maktabah al-Tijariyyah al-Kubra). Simon, H. A. (1960) 'Decision Making and Organizational Design', in D. S. Pugh
(ed.), Organization Theory (London: Penguin). Streeten, P. (1982) 'Basic Needs in the Year 2000', Pakistan Development Review,
19 (2). Tinbergen, J. ( 1988) 'The Role of Errors in Scientific Development', Review of Social
Economy, 46(3). Turabi, H. ( 1987) 'Principles of Governance, Freedom and Responsibility in Islam',
American Journal of Islamic Social Sciences, 4(1).
References 331
Uzawa, H. (1964) 'Optimal Growth in a Two-Sector Model of Capital Accumulation', Review of Economic Studies, 31.
Zarqa, M. A. (1979) 'Social Welfare Function and Consumer Behavior: An Islamic Formulation of Selected Issues' (Jeddah, Saudi Arabia: International Centre for Research in Islamic Economics, King Abdulaziz University) (mimeo).
7 General Equilibrium Analysis in the Islamic Economy
Bhaduri, A. and J. Steindl ( 1985) 'The Rise of Monetarism as a Social Doctrine', in P. Arestis and T. Skouras (eds), Post Keynesian Economic Theory (Brighton: Wheatsheaf Books).
Choudhury, M. A. ( 1989a) "Policy-Theoretic Foundations of Ethico-Economics', in M. A. Choudhury (ed.), Policy-Theoretic Foundations of Ethico-Economics (Sydney, Nova Scotia: Centre of Humanomics).
Choudhury, M.A. (1989b) 'Islamic Economic Co-operation in Contemporary Perspectives', Journal of Economic Development, vol. 14, no. 2.
Choudhury M.A. and U. A. Malik (1989) 'The Analytics of the Islamic Economic and Financial System', in M. A. Choudhury ( ed. ), Policy-Theoretic Foundations of Ethico-Economics (Sydney, Nova Scotia: Centre of Humanomics).
Gordon, A. R. (1967) Goal of Full Employment (New York: John Wiley). Hammond, P. J. (1987) 'On Reconciling Arrow's Theory of Social Choice with
Harsanyi's Fundamental Utilitarianism', in G. R. Feiwel (ed.), Arrow and the Foundations of the Theory of Economic Policy (London: Macmillan).
Harsanyi, J. C. (1955) 'Rational Behavior, Uncertain Prospects and Mesasurable Utility', Econometrica, 18.
Kiker, B. F. (1966) 'The Historial Roots of the Concept of Human Capital' ,Journal of Political Economy (October).
Klein, L. R. (1946) 'Remarks on the Theory of Aggregation', Econometrica, 14. Likert, R. (1987) 'The Principle of Supportive Relationships', in D. S. Pugh (ed.),
Organization Theory (London: Penguin). Lutz, M. A. and K. Lux (1989) Humanistic Economics, the New Challenge (New
York: Bookstrap Press). Makari, V. E. (1983) Ibn Taymiyyah's Ethics: the Social Factor (Chico, California:
Scholars Press). Marchak, J. (1950) 'Rational Behavior, Uncertain Prospects and Measurable Util
ity', Econometrica, 18. Metwally, M. M. (1986) 'The Effect ofthe Religious Tax of"Zakat" on Investment
in an Islamic Economy', Humanomics, 2(2). Phelps, E. S. (1967) 'Phillips Curves, Inflation Expectations and Optimal Employ
ment Over Time', Economics, 34. Ricardo, D. (1953) Principles of Political Economy and Taxation (Cambridge:
Cambridge University Press). Ruggeri G. L. (ed.) (1988) The Canadian Economy, Problems and Policies (To
ronto: Gage Educational). Rugina, A. N. (1983) 'Toward a Third Revolution in Economic Thinking', Inter
national Journal of Social Economics, 10(1). Samuelson, P. A. (1987) 'Sparks from Arrow's Anvil', in G. R. Feiwel (ed.), Arrow
and the Foundations of the Theory of Economic Policy (London: Macmillan).
332 References
Walras, L. (1954) Elements of Pure Economics or the Theory of Social Wealth (tr. by W. Jaffe) (Homewood, Ill.: Irwin).
8 Quantitative Analysis and Policy Conclusions
Choudhury M. A. and U. A. Malik (1987) 'Macroeconomic Perspectives in the Malaysian Economy, 1970-90', Department of Social Sciences, Univesity College of Cape Breton, Sydney, Nova Scotia (mimeo ).
Choudhury, M.A. (1989) Islamic Economic Co-operation (London: Macmillan). Government of Malaysia (1986) Fifth Malaysian Plan, 1986--90 (Kuala Lumpur,
Malaysia). ·Guth W. (ed.) (1988) Economic Policy Coordination (Washington, DC: Interna-
tional Monetary Fund and Hamburg: HWW A Institut fiir Wirtschaftsforchung). IMF Survey (9, March 1987) (Washington, DC: International Monetary Fund). IMF Survey (27 June 1988) (Washington, DC: International Monetary Fund). Islamic Development Bank (1988) Annual Report I988 (Jeddah, Saudi Arabi). Johnson, H. G. (1964) 'Toward a Generalized Capital Accumulation Approach to
Economic Development', Residual Factor and Economic Growth (Paris: Organisation for Economic Co-operation and Development).
Kenen, P. B. (1985) The International Economy (Englewood Cliffs, New Jersey: Prentice-Hall).
Markowitz, H. (1952) 'Portfolio Selection', Journal of Finance 17(1). Mehmet, 0. (1988) Development in Malaysia, Poverty, Wealth and Trusteeship
(Kuala Lumpur, Malaysia: Institute of Social Analysis). Pindyck, R. S. and D. L. Rubinfeld (1976) Econometric Models and Economic
Forecasts (New York: McGraw-Hill). Samuelson, P. A. (1949) 'International Factor Price Equalization Once Again',
Economic Journal, 59. Sharpe, W. F. (1964) 'Capital Asset Prices: A Theory of Market Equilibrium under
Conditions of Risk', Journal of Finance, 19(3). Venieris Y. P. and F. D. Sebold (1977) Macroeconomic Models and Policy (New
York: John Wiley).
Index
aggregate demand 70, 77, 97, 205, 278, 295, 302,
314 supply 77
aggregation xviii, 12, 18, 21, 271-4, 277, 282-3
'ahadith' xx 'akhira' xvii, xx, 10, 24-6, 37-8 'al-hisbah' xx, 42-3, 65, 248, 253
'bait al-ma!' xx, 49, 83, 87, 101, 156 Banach
algebras xvii-xviii, 16-17, 38, 45--6, 58,62-3,85,144-5
spaces xvii, 16-17,30-1,37--8, 62, 85, 145, 197
basic needs 55, 66, 68-9, 71, 77, 83, 85, 122-3, 128, 152, 166-8, 170, 204, 207,209,212,214-18,220--6,229, 232-5,238,241-2,249-51,259, 265--6
Carlyle, T. 244-5 complete space 30
'dawah' xx, 10, 49, 316 deficit financing 109, 125, 132, 186, 190 Descartes, R. 7 'dhimmis' xx, 50, 168 discounting 56, 69, 75, 140, 158-9,
221, 231-2 distributive equity (principle of) xvii, 1-3,
6,13-14,16-17,19-20,22,34-40, 43,45-7,50-2,54-5,59,63,68-70, 77, 80, 84, 86-7, 94, 101, 117, 120, 130-1, 133, 135--6, 143, 165--6, 171-3,185,188,202,206,216,220, 226,244
diversification (economic, portfolio, risk) 74, 156, 166, 184, 195--6, 207, 305,314-15
economic cooperation xx, 17, 21-2, 53, 62, 103, 131, 145, 147, 177, 182, 192, 281, 318
ewnomic efficiency 1, 13-14, 17, 22, 39-40,70, 77,80,94, 101,117,131, 133, 136, 143, 164-5, 171-3, 184, 188,202-3,206,208,216,220,226, 244,256,266,305,314
elasticity (capital, output, labour, price) 80, 110, 173, 175, 212, 214-15,236
entitlement xvii, 6, 17, 40,42-5, 50-3, 55, 71,84-5,87,92,94-5,102,117, 131, 133, 136, 143-4, 166--8, 171, 175,181-3,185,188,200,202-3, 208-11,214r216,226,244,249-52, 256-9,265
equilibrium ethico-economic xviii, 15, 18, 30, 59,
199,270 general 12, 43, 56-7, 59--60, 84, 116,
184,199,206,218,252,253--83 passim, 289-90, 298, 316
market 45, 88 equity capital (participation) 69, 83, 148,
156, 166, 182, 185--6, 188, 190, 193, 306
equity-efficiency 54, 168, 267, 306 see also principle of simultaneity
ethical endogeneity 15, 252 ethico-economics xviii, 1, 7, 9, 11,
13-15,22-3,29,34,37,39,45,47-8, 56, 59, 61-4, 101-2, 107, 131, 162, 167--8, 170, 172, 184, 199, 212, 218, 220,227,246,263,265,270,277
falsificationism 61 'fard ayn' xx, 50 'fard kifaya' xx, 50 felicity (principle of, and felicity as social
welfare) xvii, 5-7, 16, 21, 24-7, 31-2, 38, 45, 47, 101, 144, 197, 199
'fidth' XX, 101 fixed point ~0. 246 full employment 40, 43, 45, 77, 84, 87,
93, 136, 182-3, 261, 266, 285--6, 294, 297,299,301-2,317-18
'hajj' XX, 2 homomorphism (of mappings) 58
Ibn Khaldun 41 Ibn Taimiyyah 42 identification problem 117-18, 280 'ijma' xx-xxi, 228, 247 'ijtehad' xx, 3-7, 34, 37-8, 40, 54, 59,
61,63-4,146,208,228,247
333
334 Index
'ilm' 'al-deen' xx, 7, 42 'al-muamalat' xx, 7, 42
Imam ai-Shatibi 42, 55, 224 institutionalists 13 interest rate
compound 17, 131, 144 expected 17 nominal 17, 120, 124, 127, 131-2, 144,
267 real 17, 120, 124-6, 129, 131, 144 simple 17, 131, 144
Islamic community 3--4, 91 Law xxi, 1-5, 15-16 (see also
'shariah') polity 4, 10 (see also 'shura')
Islamisation 8, 304 'israf' xvii, xx, 2, 6, 16--17, 54-7, 86,
197, 201-52 passim, 256--9, 265, 315
'jahiJiyyah' XX, 31, 48, 245 'jizya' xx, 49-50, 64, 101, 125, 168 JOint venture 100, 147, 156, 167, 175,
182,285,304-5,314,317
Kant, I. 7 Keynesian (economics, system, etc.) xviii,
13, 43, 68, 75, 84, 105, 107, 115, 119, 125, 132, 134-5, 205-6, 216, 244-5, 266--7,285-7,297,302
'kharaj' xx, 101, 125
labour market (dual, segmented) 82 Lagrangian 143, 213, 219, 222, 225,
232-3,237,271 Lebesgue integrable 30, 47 libertarianism 12
marginal cost 191, 225 efficiency 105, 278-9, 296--7, 299, 305 productivity 88, 105, 134, 137, 139, 176,
185,191-2,218,225,244,280,301 propensity: to consume 75, 77, 140,
205, 279, 300; to invest 115, 279; to save 75, 77, 117, 276; to spend 75, 77, 126
revenue 88, 191-2 Marxian (Marx, Marxist system) 13, 209,
244 measurability (measure, measurable
function) 31, 47, 105, 252, 255, 260, 264,271
money demand 112, 115, 117-18, 120, 124,126,266--7,276--7,286--7,289, 296, 316
precautionary 112, 267, 285 transaction 112, 267, 285, 296 speculative 112, 267, 285
money supply 111-12, 115, 117-18, 120--1, 124, 126, 128-9, 133, 265-6, 276--7,281,285-7,289,292,295-6, 316,318
'mudarabah' xvii, xx, 16--18, 52--4, 56--7, 64-6,69,74,82--4,86,89-91,97, 132-3, 147-200 passim, 207-9, 215, 224,229,241-2,244,246,251, 257-9,261,263,280--2,284-6,288, 295, 304-6, 314-15, 317-18
'muhajir' xxi, 35-6 multiplier 73, 75-7, 79, 84-5, 87, 89,
95-7, 100, 103, 112, 133, 135-6, 144, 153,205,208,261,276,278,287
'murabaha' xxi, 316
neoclassical (economics, system, theory) 13, 19, 21-2, 43, 54, 66, 87-9, 107, 133, 139--40, 142-3, 152, 164-5, 170, 172, 175-7, 181-2, 188, 190--3,203--4,206,216,225,228, 237-8,240,243--4
New Economic Policy (NEP) 303-6 'nisab' xxi, 49, 64-9, 71-5, 82-3, 94,
101, 160, 165 normed (space, variable) 30, 38, 85, 145 Nozick, R. 44-5, 203
opportunity cost 69, 116, 134, 140--1, 143, 148, 151, 155, 158, 187, 213, 221,240,286
optimisation (maximisation) xviii, 17-18, 140--2, 145, 151, 212, 215, 218-20, 222,224-5,229-33,237--40,252, 263--4,270,277,283
paradigm 9 Phillips Curve 43, 165, 266 policy
ethical xvii-xviii, 13, 15, 102, 146, 165, 170, 245, 253, 268
fiscal 43, 108, 266--7, 281, 299, 314-17
instruments 1, 13, 16--18, 48-9, 52, 56--7,59,62,245,247-51,257,263, 315
monetary 43, 108, 266--7, 281, 316 shuratic xvii, 18, 27-8, 30, 48, 59, 85,
Index 335
102, 145-6, 172, 197, 199, 246, 253, 255,260,263,281-2
variables 18, 26-9, 31-2, 38-9, 57, 84, 197,199,227-8,238,246, 251-2,255,257-9,261,263-5,268, 270,272,274-5,280-1
polity-economy xvii, 11, 38, 252, 260, 282-3, 315
polity-market xvii, 14-16, 25, 37-8, 56-7,59, 61,63, 263
population 93-4, 195, 199, 215 principle of simultaneity 17, 131, 168,
175, 182, 199 see also equity-efficiency
Principle of Work and Productivity xvii, 16,45,47,51-2,54, 59, 86,101,208
probability distribution 152 process
learning-by-doing 4-5, 15, 25, 182 'shariatic' 4, 7, 15, 42, 85 'shuratic' xvii-xviii, 4-5, 9, 15-16, 25,
29, 31, 40-1, 50, 54, 61, 63, 65, 102, 131, 133, 143, 145-6, 160, 165, 168, 170, 173, 188,208,211,226-9,244, 248-9,255,259,263,283
production function 22, 39, 80-1, 87-9, 109, 169, 173-5, 184, 190, 193, 239, 268,287,289
production possibility fuzzy 140-1 surface 138-40, 143, 186, 211, 223
productivity 43, 55, 68, 73, 82, 85, 89-90, 93, lll, 123, 125, 127-30, 132, 134, 137, 166, 172, 208, 263, 303, 306
profit maximisation II, 13, 20, 192, 217, 224,225
profit-sharing 17, 53, 74, 79, 95, 103, 116, 120, 128, 131, 133, 145-52, 154-6, 162, 169, 172, 175, 188, 191, 194, 196, 242, 244, 257, 261, 267, 274, 278, 314, 316
'qiyas' xxi, 34, 37-8, 40, 45, 54, 59, 61, 63, 67, 146
Quran xvii-xviii, xx-xxi, 2-7, 9, 17, 19, 21-7, 32-41,48-55, 59-61, 104, 116-17, 144, 171,201-2,215,236-8, 253-6,259,319
rate of return effective 99-100 internal 159-60 private 91 social 91, 155, 160, 221 total 91-2, 100, 109, 164, 223, 233
rational expectations 43, 105, 126, 266-7 rationality 10-11, 271 Rawls, J. 53-4, 203 redistribution 45, 49, 51, 95, 100, 164,
209-10, 281 'riba' xvii, xxi, 10, 16-17, 53, 86, 103-46
passim, 197, 199, 251, 257-8, 265, 280,315
'risalah' xxi, 5, 254
'salat' xxi, 6, 63 Sen, A. 44, 202 'sharee' xxi, 9 'shariah' xvii, xxi, 1-11, 15-16, 20-1,
24-5,34-8,40,42-3,45,54,59, 61-3, 66, 69, 108, 131, 168, 208, 227, 228,247,253-4
see also Islamic Law 'shura' xx-xxi, 4-5, 10, 15, 20, 25, 32,
38,40-1,48,51-2,54,59,61-3, 84, 101-2, 104, 131, 145-6, 162, 166-7, 176,197,208,227-9,246-8,251-4, 259-61,263,269-74
shuratic (model) 7, 32, 37, 45 social
consensus xvii, 5, 14-15, 57, 102, 146, 229,247-8,252-3,272
decision 3-5, 9, 12, 15 good 20, 65, 71, 152, 160, 167-9, 202,
217 justice 1-3, 6, 10, 31, 34-7, 40, 63, 84,
125, 131, 143, 202-3, 205, 208, 210, 244,254,256,266-7,318
order 7, 9-10, 24, 33, 103, 199, 319 ordering 18 policy 14, 84 preference 21-2, 35-6, 271 security 65, 90,92, 94,210,299,302 welfare xvii, 10, 17-18, 44, 51, 55, 66,
100, 102, 205-6, 209-12, 214-17, 220-1,226-34,237-8,240-3,251-2, 255,257,260-1,263-6,269,271-4, 279,282,301
stabilisation 68-70, 83, 108, 116, 121-2, 125-6, 129, 188, 263, 287
state variable 18, 26-7, 29, 31-2, 38-9, 84, 144-6, 172-3, 199, 228-9, 238, 245-6,249,252,255,258-61,264, 268-70,272,275,280-1
substitution 19-22, 53, 62, 88-9, 144, 154, 173, 177, 181, 185-6,211-12, 214,218,244,305
'sunnah' xvii-xviii, xx-xxi, 2-7, 19, 38, 59
336 Index
'suwam' xxi, 2
'taqwa' xxi, 4, 9-10, 17, 26-32, 34--5, 37-9,45,50,57-9,63, 71,101-2, 143-5,168,172,197,245,257
'tariqah' xxi, 8 Tawhid (Principle of) xvii, xxi, 1-2,
5-10,17,22-4,29-31,34--8,45,47, 50,52,53,58-60,63,85, 101,145, 254,256
topology xviii, 17 transformation (productive, structural) 9,
16, 18,25,36,49-50,65, 77, 79, 81-2,87,93,100,104,143-4,152-3, 156, 159, 166-8, 172, 179, 182, 188, 208,224,251,253-7,270,272, 278-9,290,302-6,314--15,318-19
'ulema' xxi, 260-l
'ummah' xxi, 5, 22, 33, 40, 48, 176, 228, 260-1,315
utilitarianism 12, 45 utility 11-12, 21, 155, 217-18, 220, 237,
241,244,252,271-2
Walrasian (general equilibrium) 265, 275 'waqf' xxi, 101 Wicksellian (monetary system) 115, 121,
295
'zakat' xvii, 2, 6, 10, 16-18, 34, 48-50, 52, 54, 56-7, 63-102 passim, 103, 120, 125-6, 131-3, 136, 143-6, 152-6, 158-62, 164--79, 181, 195, 197,199,208-10,229,246,251, 257-9, 261, 263, 274, 278, 280-1, 284--5,288,290,298,299-304,306, 314--18