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The “impossibility theorems” of Islamic economics

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Purpose – The purpose of this paper is to bring out with analytical argumentation and mathematical
treatment the central problem of Islamic economics, finance, institutionalism and socio-scientific
thought as it is being practiced today and for some time now. The problem arises from the failure of
contemporary Islamic intellection to formulate its methodology according to the cardinal principle,
and the singularly central and minimal axiom of all its inferences. This is the precept of the oneness of
God explained in terms of the epistemology of unity of divine knowledge and the unity of the
consequential knowledge-induced world-system.
Design/methodology/approach – The objective is achieved by mathematical theorems for
pointing out the impossibility problem of Islamic economics and finance. The analytical alternative in
the epistemological framework of unity of knowledge, or the functional law of oneness of God in its
functional ontological functioning in economics and finance are formalized.
Findings – A number of Impossibility Theorems of Islamic economics and finance are stated and
solved. Alternative epistemological premise and its functional nature are presented in the light of unity
of knowledge or what is known as the law of oneness of God and its application to the unified
world-system.
Research limitations/implications – This is a theoretical paper based on analytical argumentation
and mathematical formalism to bring out the theorems that state and resolve the problem of
impossibility of attaining the goals of Islamic economics and finance under their present pursuit.
Practical implications – Although the paper is of a theoretical nature it has profound practical
extensions. The principal ones are in the direction of developing the structure of Islamic economy and
financing within a globally interactive, integrative and evolutionary system of practical interrelations.
Such a structuring will embed the economy, finance, business and society in an organic model of unity
of interrelations.
Social implications – The paper presents a new social and ethical meaning to the present
exogenous treatment of Islamic economics that proceeds on by an exogenous treatment of morality,
ethics and their functioning in an unsustainable economic, finance, and social order.
Originality/value – This paper is emphatically original. It questions the entire premise and
methodological orientation of the prevailing nature of Islamic economics and finance. The intellection
and its application based on the absence of unity of knowledge as the divine mooring of Islamic
intellection in everything has been distanced or treated as an exogenous still-born axiom having no
dynamics in the analytical and functional system otherwise.

Keywords Islamic economics, Finance, Institutionalism, Socio-scientific thought, Social choice, Social welfare, Social wellbeing, Impossibility Theorems, Epistemology, Islam

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Informasi Detail

Judul Seri

International Journal of Islamic and Middle Eastern Finance and Management

No. Panggil

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Penerbit

: Graduate School of Economics, Waseda University., 2012

Deskripsi Fisik

International Journal of Islamic and Middle Eastern Finance and Management Vol. 5 No. 3, 2012 pp. 179-202

Bahasa

English

ISBN/ISSN

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Klasifikasi

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Tipe Isi

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Tipe Media

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Tipe Pembawa

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Edisi

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Subjek

EKONOMI

Info Detail Spesifik

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Pernyataan Tanggungjawab

Asmawati/Syahrial

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