Proceedings of The 2nd World Conference on Management, Business, and Economics
Year: 2021
DOI:
Methodology in Economics: An Assessment of Islamic Economics versus Mainstream Economics
Perihan Hazel Kaya, Ayşe Tekgöz
ABSTRACT:
The aim of this study is to discuss the methodology of Islamic economics broadly and to show in what ways mainstream economics differs from its methodology. With the development of economic relations in the last century and the science of economics gaining more importance, Islamic economics has also become a branch of science that is curious, studied and compared with other economic doctrines. One of the most fundamental topics of discussion in the scientific field today is that there are various constraints and deficiencies in methods and methodology in all branches of science and the problems caused by them. Economics methodology is a field of study that covers the questioning of concepts, theories and basic thought principles related to economics. In this context, the economics methodology, which we can consider as the application of philosophy of science to economics, includes an interdisciplinary inquiry that requires the understanding of the structure and scope of economic thought with the help of philosophy of science. In this direction, there are two questions whose answers are sought in this study. First, why do we discuss the methodology of economics? Second, why do we need a methodology in Islamic economics?
keywords: Methodology, Islamic Economics, Mainstream Economics, Hard Core, Inductive, Deductive.