The Mechanism of Incorporating Values in the Theories of Islamic Economics

Mohammad Javad Tavakoli / Associate Professor, Department of Economics, IKI    tavakoli@iki.ac.ir
Received: 2021/01/30 - Accepted: 2021/06/16

Abstract
One of the important issues in the evaluation of Islamic economics is the mechanism of incorporating values in the theories of Islamic economics. This analytical study can help Islamic economics researchers to incorporate values into their theories. The findings show that values incorporate the theories of Islamic economics in the form of epistemological and moral judgment values (ideal, behavioral, structural and policy-making judgment values). Epistemological value judgment indicates the value orientation of Islamic economics researcher in producing knowledge of Islamic economics. The most important part of the moral value judgment in Islamic economics is determining and defining the goals of the Islamic economic system, ranking the goals, and formulating economic indicators. The behavioral value judgment also indicates the standards of desirable economic behavior. The structural value judgment also suggests recommending desirable institutional structures in areas such as property rights and government intervention. Finally, the policy value-arbitration including the policies and measures to improve the performance of the economic system within the framework of the institutional structure and behavioral standards are assumed. Although moral values are assumed in theory; but then they will be judged upon value and will be the basis of value advice of economists. Therefore, the cycle of values in Islamic economic theories can be explained by distinguishing between assumptions, judgments and value advice.
Keywords: Islamic economics, Values, theories of Islamic economics, Normative economics, Positive economics, Islamic school of economics.
JEL Classification: A13, D46, P4.