Contemporary challenges to Islamic economists

Since the 1930's and the New Deal, some fundamental questions and crises have come to the forefront of economic thought. Among these issues are: the Phillips curve and the idea of optimal employment rates; the end of fiscal and monetary policy as remedies for every problem; the lack of market mechanisms to reconcile gaps between social and private costs; and the ideological commitment to neoclassical economics, which has caused it to be upheld despite its contradictory elements. Communist economics is adopting a religious bent and is thus becoming like capitalism. The Islamic economist has a balanced outlook, for his economic approach contains an understanding of human beings. Islamic economists can look at 'free cooperation' rather than free competition. Confidence in Islamic economics is not a commodity but a function of obedience to the larger scheme of social behavior. Further research is apparently needed of certain Islamic economic principles. Such research can shed light