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Abstract The paper quotes leading Islamic Economists who are saying that the field of Islamic Economics has gone astray, and abandoned the original vision and mission of the founders. Register to save articles to your library Register. Paper statistics. Feedback to SSRN.

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This item doesn't belong on this page. And even worrywarts who felt something was amiss had no idea of how bad the consequences would be.

That was partly to do with professional silos, which limited both the tools available and the imaginations of the practitioners. Few financial economists thought much about illiquidity or counterparty risk, for instance, because their standard models ignore it; and few worried about the effect on the overall economy of the markets for all asset classes seizing up simultaneously, since few believed that was possible.

The Crisis in Islamic Economics

Macroeconomists also had a blindspot: their standard models assumed that capital markets work perfectly. Their framework reflected an uneasy truce between the intellectual heirs of Keynes, who accept that economies can fall short of their potential, and purists who hold that supply must always equal demand. By assuming that capital markets worked perfectly, macroeconomists were largely able to ignore the economy's financial plumbing. But models that ignored finance had little chance of spotting a calamity that stemmed from it.

What about trying to fix it?

The Crisis in Islamic Economics

Here the financial crisis has blown apart the fragile consensus between purists and Keynesians that monetary policy was the best way to smooth the business cycle. In many countries short-term interest rates are near zero and in a banking crisis monetary policy works less well. With their compromise tool useless, both sides have retreated to their roots, ignoring the other camp's ideas.

Keynesians, such as Mr Krugman, have become uncritical supporters of fiscal stimulus. Purists are vocal opponents.


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To outsiders, the cacophony underlines the profession's uselessness. Add these criticisms together and there is a clear case for reinvention, especially in macroeconomics. Just as the Depression spawned Keynesianism, and the s stagflation fuelled a backlash, creative destruction is already under way. Central banks are busy bolting crude analyses of financial markets onto their workhorse models.

Financial economists are studying the way that incentives can skew market efficiency.

Higher Costs Don’t Mean Higher Prices

And today's dilemmas are prompting new research: which form of fiscal stimulus is most effective? How do you best loosen monetary policy when interest rates are at zero? And so on. But a broader change in mindset is still needed.