The ends of Islamic economics from the perspective of homo economicus and homo Islamicus: a critical study

• Main Authors: Azizy, Satria Hibatal, Mohd Yusop, Mohd Mahyudi
• Format: Article
• Language: English
• Published: Fakultas Ekonomi dan Bisnis Islam, Institut Agama Islam Negeri Metro 2019
• Subjects: B Philosophy (General); HB126.4 Islamic Economics
• Online Access: http://irep.iium.edu.my/75792/1/75792_The%20ends%20of%20Islamic%20economics%20from%20the%20perspective.pdf; http://irep.iium.edu.my/75792/; https://e-journal.metrouniv.ac.id/index.php/adzkiya/article/view/1436/1219
• Institution: Universiti Islam Antarabangsa Malaysia

This paper compares the ends of economic from homo economicusand homo Islamicusperspective. It is a literature study that is combined with the argumentative approach in order to provide the valid comparison of these two. The end or the goal of economics is one of important component of micro foundations of economics. It will become one deciding factor in chosing the most suitable economic agent for Islamic economics. The result of this study shows that the end of economics from homo economicus perspective, which is maximization of utility, is facing a huge criticism. The same case is shown in the end of economics from homo Islamicus perspective, which is maximization of maslahah. This paper later suggests the use of incremental welfare value as the end of economics