Ethics in Islamic economics: microfoundations for an ethical endogeneity

Hafas Furqani, 2025068001 and Gunawan Adnan, 2016126801 and Ratna Mulyany, 0028028202 (2020) Ethics in Islamic economics: microfoundations for an ethical endogeneity. International Journal of Ethics and Systems, 36 (3): 8. pp. 449-463. ISSN 2514-9369

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Purpose – This paper aims to explore ethics in Islamic economics by establishing the micro-foundations of Islamic economics. This is done by conceptualizing the behavioural assumptions of the individual in an Islamic framework. It also argues that ethical positions that attached endogenously in individual behaviour would have implications in the macro-socio realm influencing society, institution and organization in an Islamic economic system.
Design/methodology/approach – The study is qualitative-based research. It explores the literature on ethics in Islamic economics to understand and analyse the concept of individual behaviour in the Islamic perspective that will be the micro-foundations of Islamic economic analysis.
Findings – It is found that the ethical commitment of individuals (as envisaged in the micro-foundations of Islamic economics) would bring socio-macro implications in the practical realm. The micro-foundations of Islamic economics would function as the basis of the economic explanation of the aggregate relationship of individual, state and society. It also serves as the basis in explaining socio-macro dynamics influencing individuals, society, as well as organizations and institutions.
Research limitations/implications – The paper limits its analysis of developing the concept of ethical endogeneity in Islamic man behaviour to be the micro-foundations of Islamic economics and its macro-implications.
Originality/value – This study attempts to show that ethics should not only be inseparable in an economic framework but also an endogenous dimension in individual behaviour. The micro-foundations of Islamic economics are developed based on Islamic values on the characteristics and behaviour of an individual that would not only describe the true nature of man but also support his well-being.

Item Type: Article
Uncontrolled Keywords: Ethics, Micro-foundations, Islamic economics, Ethical endogeneity, Behaviour, Macroimplications
Subjects: 300 Sociology and Anthropology (Sosiologi dan Antropologi) > 330 Economics (Ilmu Ekonomi)
Divisions: Fakultas Ekonomi dan Bisnis Islam > S1 Ekonomi Syariah
Depositing User: Gunawan Adnan
Date Deposited: 18 Sep 2020 08:01
Last Modified: 18 Sep 2020 08:01

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