1. A Note on Islamic Economics For an excellent paper that in a short space of thirty pages covers methodological issues of major significance, see Jon D. Wisman ―Towards a Humanist Reconstruction of Economic Science. ‖ Journal of Economic Issues, Vol. XIII, No. 1, March 1979 (pp. 19-48), (notes and references are also valuable contributions in themselves). He suggests that ―economics‘ pretense to ethical neutrality is a delusion ‖ (p. 33), along the same line see his paper ―Legitimation, Ideology-Critique and Economics ‖ in Social Research, (pp. 291-320), in which he addresses the question ―whether economic theory‘s particular mode of legitimation serves to further the unfolding of human potential or, conversely, acts to wart liberation and thereby enslave humans. ‖ He concludes, echoing Polanyi, that ‗the economic problem can be viewed as both material and social. To the extent that the material problem of overcoming privation and scarcity entails the control and manipulation of material reality, positivist or objectivist methodology-guided by a technical interest and utilizing means-ends rationality is a great utility. However, ultimately the economic problem must be viewed as social or political. As such economic science must be guided by practical interest in achieving understanding as to the ethical norms consonant with a good and just economic order. A liberating economic science cannot eschew values ‖ (pp. 319-320). 17 See Elias L. Khalil ―On the Scope of Economics: What is the Question? ‖ Finnish Economic Papers, Vol. 8, No. 1, Spring 1995 (pp. 40–55), for a useful discussion of ‗means-end‘ definition of economics. In a curious and cryptic footnote 2 (p. 42), he says: ―Ironically, the etymology of the English word ‗economics‘ in Greek: ‗oikonomikos‘ (literally: house management) does not concur with Robbin‘s meaning of the word. Incidentally, the Arabic word for economics, ‗iktisad‘ squarely fits Robbins‘s sense. ‖ It is difficult to see how an etymology of iqtisad (OÉ°üàBG) could possibly square with the definition of economics by Robbins. The derivatives of this term from the root ‗qasada‘ (ó°üB) appears in the Quran, and in its own form OÉ°üàBG appears in the earliest sources, including in the Ahadeeth of the Messenger º ≪ °SH ¬DBGH ¬« ≪ Y ˆG ≈ ≪ °U and refers to a much deeper and more complex constellation behavioral rules and norms. It is so desirable, as a mode of behavior, that it is made a subject of prayer and supplication (see note 1 above). 18 Kenneth J. Arrow, ―Economic Theory and the Hypothesis of Rationality, ‖ The World of Economics (p. 198). J.C. Harasanyi ―Morality and the Theory of Rational Behavior, ‖ Social Research 44 (pp. 623-656). On rationality, see the collection of essays in Rationality in Economics: Alternative Perspectives, edited by Kenneth Dennis; Kluwer Academic Publishers, 1998. On the criticism of neoclassical assumptions from the perspective of methodology of subjectivism, see Subjectivism, Intelligibility and Economic Understanding, New York University Press. It is a collection of 24 essays in honor of Ludwig M. Lachman, nearly all which constitute criticism of the assumptions of neoclassical economics, including rationality, perfect information and perfect foresight, and the competitive equilibrium. The volume includes ideas useful to development of Islamic economics, including a paper by Don Lavoie on Hermeneutics, and another by Willie Meyer on ―Beyond Choice. ‖ The list of references of the papers in this volume are also useful. 37