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What is Islamic Economics?

In this lecture, Dr. Umer Chapra has explained both the subject matter of Islamic economics as well as its methodology in his usual masterly fashion. He has also presented a comparative perspective for solving the eternal economic problem: He has explained how the Islamic economics paradigm deals with this problem and allocates the scarce resources among their alternative uses in such a way that human well-being is maximized without sacrificing social objectives.

The radical differences in the worldviews of Islamic and conventional economics may have to become clearly reflected in microeconomics. This has not yet taken place and the reason is understandable. Developing a different microeconomics ...