By Waleed A.J. Addas
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Extra info for Methodology of economics : secular vs Islamic
The obvious corollary is that these merits would evaporate to the extent competition departs from the benchmark of perfection. The tragedy is that perfect competition is a mirage non-existent in actual real life. It is important to note that controversy surrounding these issues apart, the root cause of the prevalent confusion in the area of mainstream methodology of economics that is in the framing of its principles, rules, and procedures, has all along been essentially an attempt at formalizing what was already taking place in the economic field over the centuries.
E. the task of deciding whether an economic theory is a success or a failure with respect to the rigorous standards of the scientific method, given the objectives it has to address. Also does it successfully meets those objectives? This approach is to be seen in the context of the triumph the ‘Enlightenment’ movement had already achieved over the dominance of the Church and the norms of morality it preached to retain its hold on the social and economic life of the communities in Europe. It distanced science by definition from both religious metaphysics and ethics: it insisted that reason and objective facts could alone form the basis and source of scientific knowledge.
241246). See Joan Robinson (1962. Chapter 6). She traces back the development of economics over the centuries being shaped primarily by the national considerations. Since interests of various nations usually differ – often clash – the space-time compulsions made economists give the cloak of theory to make national interests look universal. The commitment gave rise to confusion and controversy not for theoretical structure of the subject and its content but also its methodological criteria, rules, and procedures.