Abstract:

The epistemological study of economic schools can help recognize goals, strategies and policies and the way they confront the economic challenges. The present study considers the epistemological principles of Islamic economics and new institutional economics with a comparative approach. The results show that both Islamic economics and institutional economics have ideological and moral orientations. But these values in Islamic orientation are based on monotheisticepisteme, while new institutional economy has earthly and humanistic origin. Also, of the parameters of the new institutional epistemology is the evolutionary nature of economic affairs while in Islamic economy merely the variable elements have evolutionary nature.Finally government is an influential institution in both Islamic and institutional economics, but the range of interference of Islamic government in economy is broader and it has rather a role of trusteeship and protector of resources. This paper described the epistemological study of economic schools which reveals the points of difference and similarity between them. Key Words: New Institutional Economics, Islamic Economics, Principles of Epistemology.

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