Contribution of Muslim College students to the Expansion
Of Economics as a Scientific research
By Talha Waqar
Generally, Western historians of ideas trace the beginnings of intellectual history from the Greco-Roman period, which usually ended around 300 BC, and then concentrate on the Renaissance (13th-16th 100 years AD). A history of medical, social and cultural believed during the period 300 BC to twelfth century AD is either glossed over or ignored altogether. This assumed gap inside the history of suggestions is called " History's Dark Hole", likewise sometimes called the Great Gap". It is asserted that the " the Persia, Turkish and Persian-speaking East has no continuity of economic ideas just like those which range from Judeo-Christian West". It is even more postulated which the Renaissance somehow arose like " a phoenix" in the " ashes" which have been smoldering for a millennium since the end of the classical Greco-Roman period.
A cursory consider the seminal efforts made by early on Muslim thinkers and scholars makes it abundantly very clear that no such distance ever been with us. In fact a single notices a remarkable continuity inside the history of ideas between the traditional period, the Islamic era and the Renaissance. During the Middle Ages, when Islamic civilization i visited the zenith of its intellectual and cultural development, Muslim scholars not only carried forward the legacy with the ancients but also built highly first contributions to several areas of learning and scholarship, including beliefs, medicine, astronomy, history, math concepts, chemistry, logic, and the cultural sciences. Bernard Lewis, a virulent essenti of Islam, recognizes that Islamic world during the middle ages had attained the highest standard of excellence and accomplishment in the sciences and artistry while ancient Europe was surrounded by lack of knowledge, superstition and cultural backwardness. The basic types of Islamic economics are the Quran and Sunnah which contain many economic teachings and rules. The Qur'an gave obvious economic teachings regarding trade, riba (usury/interest), zakah, inheritance, lending and borrowing, moderate spending, economical penalties, etc . The Sunnah or the custom of the Telepathist provided detailed code of conduct about these teachings and added some others. In concerns where the Qur'an and the Sunnah are noiseless, use of thinking power (ijtihad) has been appreciated by the Prophet. Thus, ijtihad or creative work and analogical reasoning based upon principles based on the primary sources of Islam has also been an important source in Islamic economics. In post revelation period, Muslim scholars provided economic alternatives in fresh situations through ijtihad. Muslim scholars benefited from the Ancient greek language translations, at the least the groups of mutakallimun and hukama. But before they got these translations during third century Hijrah and succeeding period, that were there already produced a host of monetary ideas and policy problems. The union of these two elements supplied impetus to this branch of expertise. They not simply improved and developed Hellenic thought, that they introduced fresh concepts as well.
An attempt will be made to search for the progression of financial concepts in Islamic custom. This means that ideas will be presented greater importance than any particular factor or scholar. This IS required to show the continuity in monetary thought, even though it may require, to some extent, duplication of personas, as handful of writers produced only one specific doctrine as the majority presented their thoughts about many problems within the sphere of personal economy.
Aspects of Value Theory and Muslim Scholars
There had been understanding, throughout the period, of value perseverance by demand and supply. Even though the writers on the subject did not clearly mention whether a value, this kind of determined, would be representing the natural worth of the product or simply a temporary market price, one can easily infer the objective using their respective...
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