1. A Note on Islamic Economics by noting who is at the giving end and who at the receiving end of these transactions. The economist could then model—say in a simple Keynesian framework with computed marginal propensities to save and consume—the differential impact. ** He could even empirically test the results against actual observations. The existing literature on Islamic economics contains other examples of economic hermeneutics. One example is Professor Ali Khan‘s efforts to understand various concepts that play key roles in the ontological and epistemological foundations of Islamic economics. Dr. Chapra‘s important book The Future of Economics contains many illustrations of economic hermeneutics. Another example is the recent effort by Professor Tajeddin in explaining the Quranic rules of inheritance; it is a good beginning; additional economic insights and meaning could be gained from analyzing these rules within an intergenerational, intertemporal framework. Yet another example is the papers by Professor Braima in which a Quranic model of the economy is presented. The impressive papers of Professor Rafic Al-Misri are also worthy of mention. 21. Efforts in arriving at rigorous and analytic economic insights into Islamic views of such elemental concepts as rationality, self-interests, and human traits through hermeneutics seem essential. For example, it was suggested earlier that, provided the rules of market behavior are observed, profit motive—as a guide to behavior in the market—cannot be ruled out. This, however, does neither necessitate an assumption of pure selfishness in the market, nor a narrow conception of self- interest for behavior, in general. For example, it is possible to argue that the notion of self-interest is an essential Islamic behavioral postulate, provided account is taken of the fact of an infinite planning horizon for the individual and the collectivity in concordance with the Islamic belief in the Hereafter ( IôNB ‟ G ). The Quran, in a number of verses, insists that whatever the result of the behavior, it is ‗for‘ or ‗against‘ the nafs of the actor, i.e., "G...É¡ ≪ A ”CÉ°SCG ¿GH ºµ°ùØFC ‟ ºàæ°ùMC verse 7, Chapter 17. Moreover, there are a number of other verses in which rules prescribed are coupled with "... º ≧ D ÒN ƒ¡A " it is better for you. ‖ Considering the notion of ‗the self‘, there are some economists who have considered this concept in more than a single dimension. 30 Economic hermeneutics of the Quran‘s concept of the nafs, the explanations provided by the Ahadeeth of the Messenger ¬« ≪ Y ˆG ≈ ≪ °U º ≪ °SH ¬DBGH and the writings of Muslim scholars on this subject could be immensely valuable here. These sources seem to view the nafs, which motivates behavior, as dynamically moving: positively toward perfection, or negatively toward a position ‗worse than‘ animals. This is one area where Muslim philosophers have advanced crucial ideas based on the sacred sources. Since changes in the nafs affect tastes and preferences, the insights gained from a study of the works of these scholars will have implications for economic behavior. 31 ________________________________________________________________________ ** Nearly two decades ago, Dr. Fahim Khan developed a ―Macro Consumption Function in an Islamic Framework ‖ (see the Journal of Research in Islamic Economics, Vol. 1, No. 1) which employs the ideas here as part of his analysis. Thanks are due to Dr. Fahim Khan for pointing out this important reference. 19