Article Review: the Quantum Enigma and Islamic Sciences by Waleed El-Ansary

Topics: Utility, Neoclassical economics, Economics Pages: 3 (933 words) Published: December 4, 2012
Article Review
The Quantum Enigma and Islamic Sciences
of Nature: Implications for Islamic
Economic Theory

The Issue
The author tries to raise doubts on the validity of the approach taken by neoclassical economics in ‘The Theory of Choice’. The article criticizes the mono-utility function because it is unable to describe a situation with many rational values with a single end, which is the basic of Islamic Economy theory. Finally the article points to the Quantum Mechanics, to describe the relationship from many to one, and the reason why. Summary of the main points

Two assumptions that neoclassical economics do that make the theory of exchange spiritually neutral 1. It accommodates any instrumentally rational, or internally consistent, set of values or tastes. 2. Market exchange is compatible with a variety of ultimate ends. Most economists with religion affiliation accepted it and try to work within these assumptions. According to E. F. Schumacher, the objectives of human work are 1. To provide necessary and useful goods and services.

2. To enable every one of us to use and thereby perfect our gifts like good stewards 3. To do so in service to, and in cooperation with, others, so as to liberate ourselves from our inborn egocentricity. The general body of neoclassical economics opposed this view, arguing that all types of works were homogeneous in terms of the second objective. The third objective was also opposed based on psychological hedonism, leaving only the first objective applicable to economics. The current generation of economist argue that the neoclassical theory can accommodates the spiritual objective of work, but according to the founding fathers, it was not for they explicitly defined the role of psychological hedonism in economic theory. The neoclassical economists use the “Mono-utility function,” as a tool to analyse preferences & needs. It is an aggregate in which there are no qualitatively different needs and/or...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Article Review- the 'Islamic' in Islamic Education: Assessing the Discourse Essay
  • article review Essay
  • Essay about Article reviews
  • Article Review Essay
  • Article Review Essay
  • Essay about Article Review
  • Article Review Essay
  • Article Review Essay

Become a StudyMode Member

Sign Up - It's Free