HISTORY OF ECONOMIC THOUGHT WITH A FOCUS ON ISLAMIC ECONOMIC THOUGHT
Abstract
This paper undertakes a comparative analysis of Western and Islamic Economic thought. By analyzing the core principles like property rights, lending practices, and public finance, the study illuminates distinct and shared aspects of these systems of thought. While Western economics prioritizes individualism and market efficiency, Islamic economics relies on social justice and ethical conduct. The research suggests possible implementation of some principles to tackle contemporary economic challenges. By understanding the nuances of both models, policymakers can develop more inclusive and sustainable economic policies.
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