A Criticism of Basing Islamic Economics on Two Dimensional Utility Theory, an Introduction to Islamic Duty Based Morality
Document Type : Research Paper
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Abstract
Some Islamic economists often in facing with the utility theory of neoclassical economics insert Islamic components such as Infaq, Waqf, khoums, Zakat and so on in the original utility function. It seems that this incomplete, superficial and eclectic innovation of Islamic economists is due to methodological weaknesses of the Islamic economics. These Islamic economists often explain and justify it philosophically by hedonistic interpretation of Islamic morality and without paying attention to hidden axioms and moral values of two Dimensional utility theory. In this way it seems problematic. In this paper we are going to explain the problems and contradictions of two dimensional utility theory from the Islamic point of view. In review of such the contradictions it will be tried to introduce "Islamic duty- based morality" as moral foundation of Islamic economics. According to Islamic teachings it seems that this moral theory as a behavioural principle of a Muslim is better than two- dimensional utility theory.
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