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2020 | OriginalPaper | Chapter

1. Epistemic and Economics

Author : Masudul Alam Choudhury

Published in: Islamic Economics as Mesoscience

Publisher: Springer Singapore

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Abstract

The theme of ethico-economics is introduced in terms of the interactive, integrative, and evolutionary learning properties of the epistemology of unity of knowledge. The attenuating methodology yields a unique and universal model of circular causation between the selected complementary variables. The circular causation model conveys the empirical possibility of ethico-economic problem-solving in the context of the epistemology of unity of knowledge. The empirical perspectives of epistemic and economics and the conforming formalism of unity of knowledge open up a vast coverage of policy-theoretic and strategic studies that contest with and provide distinctively different results and their explanations in the framework of heterodox economic theorizing involving ethico-economics.

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Footnotes
1
von Mises (1976).
 
2
Smith (1984).
 
3
O'Donnell (1989).
 
4
Myrdal (1958).
 
5
Shackle (1972).
 
6
Lawson (1997).
 
7
Soros (1998).
 
8
Sztompka (1991).
 
9
Lawson and Pesaran (2009).
 
10
Bhaskar (1994).
 
11
Sen (1992).
 
12
Yaeger (1997).
 
13
Friedman (1989).
 
14
von Mises (1976).
 
15
Qur’an (36:36): “Exalted is He who created all pairs—from what the earth grows and from themselves and from that which they do not know”.
 
16
Qur’an (14: 24–26): “See you not how Allah sets forth a parable?—A goodly word as a goodly tree, whose root is firmly fixed, and its branches (reach) to the sky (i.e. very high). 25. Giving its fruit at all times, by the Leave of its Lord and Allah sets forth parables for mankind in order that they may remember. 26. And the parable of an evil word is that of an evil tree uprooted from the surface of earth having no stability”.
 
17
Choudhury (2012).
 
18
Choudhury and Rahim (2016).
 
19
Mahomedy (2013).
 
20
Kamali (1991).
 
21
Masud (1995), Rawls (1971), Streeten (1981).
 
22
Desai (1989).
 
23
Choudhury (2015).
 
24
Choudhury (2017).
 
25
Qur’an, (18:19) implies how money is a moral and ethical entity, a manifestation of the sign of monotheistic unity, and that meaning of value is induced by the ontological law. The monotheistic law of unity of knowledge by complementary pairing inducesthe vector, x() = {M,F,Q}[]in simulacra of evolutionary learning processes of ontological derivation, epistemological reconstruction, and continuity of functional ontologies. These properties are recursively sustained in similar ways across events, {E(,M,F,E,t)[]} in valuation of wellbeing. The Qur’an (18:19) declares in this regard: “…. So send one of you with this silver coin of yours to the city and let him look to which is the best of food and bring you provision from it and let him be cautious. And let no one be aware of you”.
 
26
Maxwell (1962), Gruber (1993).
 
27
Choudhury (2010).
 
28
Brown (2015).
 
29
Benanke and Mishkin (2007).
 
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Metadata
Title
Epistemic and Economics
Author
Masudul Alam Choudhury
Copyright Year
2020
Publisher
Springer Singapore
DOI
https://doi.org/10.1007/978-981-15-6054-5_1

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