Islamic economic system: from principles to microeconomics and macroeconomics fields (1)

The authors start with following introduction:

In mainstream economic textbooks, the term “economic principle” is often used to mean the fundamental law of economics, which is knowledge itself.

However, in Islam, the source of knowledge is ultimately revelation i.e. divine guidance (wahy).

Hence, the aim of this paper is to link the original sources of knowledge with microeconomic and macroeconomic theories.

We identify fives principles of Islamic economics system that can be derived from the original sources, i.e.

Allah determines:

§  right and wrong;

§  principles of uses;

§  principle of moderation;

§  principles of freedom;

§  and principle of justice.

How are those principles being connected with in economic theories?

Used from paper of  Abdul Ghafar Ismail and  Noraziah Che Arshad