The Epistemology of Islamic Economics as an Alternative Paradigm to the Crisis of Modern Rationality


Authors

(1) * Dinda Febrianti Putri   (Universitas Nurul Jadid, Indonesia)  
        Indonesia
(2)  Moh. Idil Ghufron   (Universitas Nurul Jadid, Indonesia)  
        Indonesia
(*) Corresponding Author

Abstract


The modern economic crisis, dominated by utilitarian and materialistic rationality, has given rise to various social, moral, and global inequality issues. This study aims to analyze the epistemology of Islamic economics as an alternative to the crisis of modern economic rationality through a philosophical-critical approach based on conceptual studies. Research data were obtained from various academic books, scientific articles, and conceptual literature relevant to the epistemology of Islamic economics and critiques of modern economics. The results of the study indicate that modern economics is experiencing an epistemological crisis due to the separation of economics from moral and spiritual values. In contrast, the epistemology of Islamic economics is built through the integration of revelation, reason, and empiricism, resulting in a more ethical, humanistic, and socially just economic paradigm. This study confirms that the concepts of falah and maqashid sharia are highly relevant in building a contemporary economic paradigm oriented toward human welfare. The novelty of this research lies in reconstructing Islamic economics as an alternative paradigm to the crisis of modern rationality, as well as an alternative paradigm for contemporary economic development that is more integrative and oriented towards human welfare.



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