From Homoeconomicus to Homo Islamicus: A Comparative Research

Abstract

Homoeconomicus is found in economic models as one of the major assumptions of mainstream economics. This assumption, while providing the internal consistency of the models, also constitutes human thought. There are objections to Homoeconomicus from Heterodox economics along with Orthodox economics. However, the studies dealing with the human approach of mainstream economics within the framework of Islamic economics are almost nonexistent. In this study, the approaches of modern Islamic economics thinkers towards human are evaluated on four concepts. These concepts are: Information, rationality, objectivity, utility / profit. These concepts provide a rich content in terms of showing differences in human thought between mainstream and Islamic economics. In this study, the ideas of modern Islamic economics thinkers towards human imagery are explained on these concepts. Then, a comparative analysis is made within the framework of these concepts.