The Relevance of Ibn Khaldun’s Economic Thought in the Contemporary World

Ibn Khaldun’s economic thought, in his phenomenal book Al-Muqaddimah (The Prolegomenon), has been the subject of interest for many social scientists, including some economists of our era. He is considered to be among the early Muslim scholars, who wrote about the fundamental theories of economic sci...

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Main Authors: Siti Kholifatul Rizkiah, Abdelkader Chachi
Format: Article
Language:English
Published: İLKE İlim Kültür Eğitim Vakfı 2020-08-01
Series:Türkiye İslam İktisadı Dergisi
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Online Access:https://tujise.org/content/6-issues/14-7-2/a074/7_2-76-96.pdf
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author Siti Kholifatul Rizkiah
Abdelkader Chachi
author_facet Siti Kholifatul Rizkiah
Abdelkader Chachi
author_sort Siti Kholifatul Rizkiah
collection DOAJ
description Ibn Khaldun’s economic thought, in his phenomenal book Al-Muqaddimah (The Prolegomenon), has been the subject of interest for many social scientists, including some economists of our era. He is considered to be among the early Muslim scholars, who wrote about the fundamental theories of economic science, three centuries before Adam Smith, who is widely regarded as the ‘father of economics’. However, six hundred years after Ibn Khal- dun’s death, a question arises as to whether his economic thoughts are still relevant in the contemporary world. This paper attempts to analyse some of the main economic theories of Ibn Khaldun and reviews whether they are still relevant or being discussed in the modern economic theory or applied in the economic practice. The study found that from amongst the six main economic thoughts, he wrote about in his book, Al-Muqaddimah, almost all are still widely used and practiced. However, his theory on money needs more deliberate research and further investigation, as the world has long replaced gold and silver money with fiat money and other kinds of currencies such as cryptocurrencies, which were not known at his time.
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series Türkiye İslam İktisadı Dergisi
spelling doaj-art-d7d941709ba64596b6ddf6ae1569d3bf2025-02-03T09:56:43ZengİLKE İlim Kültür Eğitim VakfıTürkiye İslam İktisadı Dergisi2148-38092020-08-0172708010.26414/A074The Relevance of Ibn Khaldun’s Economic Thought in the Contemporary WorldSiti Kholifatul Rizkiah0https://orcid.org/0000-0003-0553-168XAbdelkader Chachi1https://orcid.org/0000-0002-2916-5031International Centre for Education in Islamic Finance (INCEIF)Istanbul Sabahattin Zaim UniversityIbn Khaldun’s economic thought, in his phenomenal book Al-Muqaddimah (The Prolegomenon), has been the subject of interest for many social scientists, including some economists of our era. He is considered to be among the early Muslim scholars, who wrote about the fundamental theories of economic science, three centuries before Adam Smith, who is widely regarded as the ‘father of economics’. However, six hundred years after Ibn Khal- dun’s death, a question arises as to whether his economic thoughts are still relevant in the contemporary world. This paper attempts to analyse some of the main economic theories of Ibn Khaldun and reviews whether they are still relevant or being discussed in the modern economic theory or applied in the economic practice. The study found that from amongst the six main economic thoughts, he wrote about in his book, Al-Muqaddimah, almost all are still widely used and practiced. However, his theory on money needs more deliberate research and further investigation, as the world has long replaced gold and silver money with fiat money and other kinds of currencies such as cryptocurrencies, which were not known at his time. https://tujise.org/content/6-issues/14-7-2/a074/7_2-76-96.pdfal-muqaddimahibn khalduneconomic theoryeconomic thoughtislamic economics
spellingShingle Siti Kholifatul Rizkiah
Abdelkader Chachi
The Relevance of Ibn Khaldun’s Economic Thought in the Contemporary World
Türkiye İslam İktisadı Dergisi
al-muqaddimah
ibn khaldun
economic theory
economic thought
islamic economics
title The Relevance of Ibn Khaldun’s Economic Thought in the Contemporary World
title_full The Relevance of Ibn Khaldun’s Economic Thought in the Contemporary World
title_fullStr The Relevance of Ibn Khaldun’s Economic Thought in the Contemporary World
title_full_unstemmed The Relevance of Ibn Khaldun’s Economic Thought in the Contemporary World
title_short The Relevance of Ibn Khaldun’s Economic Thought in the Contemporary World
title_sort relevance of ibn khaldun s economic thought in the contemporary world
topic al-muqaddimah
ibn khaldun
economic theory
economic thought
islamic economics
url https://tujise.org/content/6-issues/14-7-2/a074/7_2-76-96.pdf
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