Endogenous economic growth from the perspective of Islamic economic doctrine

Abstract

Many thinkers of human sciences acknowledge that the teachings of Islam pay attention to all aspects of the individual and social life of man and are able to answer his material and spiritual needs. From the point of view of economics, the paradigm governing global economic growth policies is the thought and doctrine of the capitalist system. This paradigm has imposed many crises and challenges, such as poverty, economic and social inequalities, political and social tensions, and environmental crises on the peripheral countries. With encounters with these problems, new theories of economic growth such as endogenous growth theory, economic sustainability literature, and Islamic economic doctrine have been proposed, which seek to reduce the effects and negative consequences of global economic growth policies. The findings of this research show that the economic doctrine of Islam and the economic and social policies based on moral principles and Islamic standards have wide and deep effects on human motivations and efforts and oblige people to behave decently towards each other and make optimal use of resources and facilities. From the perspective of Islamic ontology, human ownership of natural resources is beneficial. According to this attitude, waste of resources and extravagance are forbidden, resources and socially productive opportunities must be distributed fairly, and the right of all generations to resources must be reserved. Humans are responsible for solving each other's problems, and economic growth should be aimed at goals such as welfare, salvation, human excellence, and social progress. The research method related to this treatise is analytical and descriptive in terms of writing and addressing the research problem, but in terms of the purpose, it is applied and developmental with a qualitative approach. The methods of collecting information in the research of this treatise are library, field, and comparative.

Keywords

• economic growth
• endogenous growth
• economic sustainability
• ontology
• economic doctrine of islam