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ANALYSIS OF ISLAMIC TEACHING ON ECONOMIC GROWTH: THE NATURAL ECONOMIC GROWTH CONCEPT
Corresponding Author(s) : Agung Riyadi
Humanities & Social Sciences Reviews,
Vol. 7 No. 3 (2019): May
Abstract
Purpose of Study: The aim of this paper is analyzing Islamic teaching on economic growth.
Methodology: The methods are the constructing method to differ Islamic teaching from the economic growth concept and the conceptualizing method to form the Islamic economic growth concept.
Results: The results are Islamic teaching prefers to place economic growth as an implicit issue, while economic right as an explicit issue and the Islamic economic growth rate is the natural economic growth rate that contains social surplus. The rate is higher than the population growth rate. Other results are a normal industry and the Bayt al-mal is not as an instrument of fiscal and monetary policies. The concept can be compared to the Historical, Keynesian and Classical and Neoclassical concepts.
Implications/Applications: The Islamic economic growth concept can be used to avoid economic problems, to cause economy runs normally and to have a social surplus.
Keywords
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- Abidin, Z."Meneropong Konsep Pertumbuhan Ekonomi (Telaah atas Kontribusi Sistem Ekonomi Islam atas Sistem Ekonomi Konvensional)." [Understanding the Concept of Economic Development (Contribution of Islamic Economic System’s Review towards Conventional Economic System)]. Al Ihkam, vol. 7, no. 2, pp. 357-367, 2012. DOI: https://doi.org/10.19105/al-lhkam.v7i2.334
- Ahmad, N., K. A. Bhatti and M. U. Arshad, "Economic Growth and Human Development in Islam," Al Qalam, pp. 68-76, 2013.
- Ahmad, I. "Religion and Labor: Perspective in Islam," Working USA: The Journal of Labor and Society, vol. 14, pp. 589-620, 2011. DOI: https://doi.org/10.1111/j.1743-4580.2011.00363.x
- Akhtar, M. R. "Modelling the Economic Growth of an Islamic Economy," The American Journal of Islamic Social Science, vol. 10, no. 4, pp. 491-511, 1993. DOI: https://doi.org/10.35632/ajis.v10i4.2474
- Al-Muhammad, A. Attakaatul fil Ummah, Jakarta: Ats-Tsaqofiyah, 2013.
- Barro, R. J., and R. M. McCleary, "Religion and Economic Growth across Countries," American Sosiological Review, vol. 68, no. 5, pp. 760-781, 2003. DOI: https://doi.org/10.2307/1519761
- Bashir, A. H. "Money and Growth in Islamic Economies: Theory and Evidence." in Role of Private and Public Sectors in Economic Development in an Islamic Perspective, E. Ahmad, Ed., Herndon, IIIT, 1993.
- Chapra, M. U. Islam and The Economic Challenge, Jakarta: Gema Insani Pers, 2000.
- Dariah, A. R., Y. Sundaya and Z. A. Malik, "Optimizing Input and Output under the Scheme of Mudharabah," International Journal of Science and Research, vol. 4, no. 5, pp. 227-231, 2015.
- Dornbusch, R., S. Fischer and R. Startz, Macroeconomics, New York: McGraw-Hill, 2001.
- Elgueta, MartÃn Quintana, et al. 2018."Contexto y desafÃos en Formación de profesores, Universidad de Los Lagos, Chile." Opción 34.86 (2018): 450-480.
- Imam, P., and K. Kpodar, "Is Islamic Bank good for Growth?," IMF, Washington, 2015. DOI: https://doi.org/10.5089/9781475569285.001
- Islahi, A. A. "Muslim Economic Thinking and Institutions in the 10th AH/16th CE Century," Scientif Publising Centre King Abdulaziz UNiversity, Jeddah, 2009. DOI: https://doi.org/10.4197/978-9960-06-515-1
- Jenaabadi, H., & Issazadegan, A. (2014). The analysis of personality features, coping strategies and stress relations in drug addicts, UCT Journal of Management and Accounting Studies, 2(1): 22-26.
- Karim, A. A. Sejarah Pemikiran Ekonomi Islam [History of Islamic Economic Way of Thinking]. Jakarta: Pustaka Pelajar, 2002.
- Kuran, T."The Islamic Commercial Crisis: Institutional Roots of Economic Underdevelopment in The Middle East"," The Journal of Economic History, vol. 63, pp. 414-446, 2003. DOI: https://doi.org/10.1017/S0022050703001840
- Lucas, R. E. The Industrial Revolution: Past and Future, Chicago: University of Chicago, 1998.
- Mankiw, N. G., D. Romer and D. N. Weil, "A Contribution to the Empirics of Economic Growth," National Buerau of Economic Research, Cambridge, 1990. DOI: https://doi.org/10.3386/w3541
- Mannan, M. A. Islamic Economics: Theory and Practice, Jogyakarta: PT Dana Bhakti Wakaf, 1993.
- Marbán, José M., and Eddie M. Mulenga. 2019. "Pre-service Primary Teachers’ Teaching Styles and Attitudes towards the Use of Technology in Mathematics Classrooms." International Electronic Journal of Mathematics Education 14.2 (2019): 253-263. DOI: https://doi.org/10.29333/iejme/5649
- McTaggart, D., C. Findlay and M. Perkin, Economics, Brisbane: Pearson, 2010.
- Muyambiri, B., and Chabaefe, N. N. (2018). The Finance – Growth Nexus in Botswana: A Multivariate Causal Linkage. Dutch Journal of Finance and Management, 2(2), 03. https://doi.org/10.20897/djfm/2634 DOI: https://doi.org/10.20897/djfm/2634
- Noland, M. "Religion, Culture and Economic Performance," Institute for International Economics, Washington, 2003. DOI: https://doi.org/10.2139/ssrn.497702
- Oguz, O., and A. Tabakoglu, "An Historical Approach to Islamic Pricing Theory: A Research on Ottoman Price System and Its Application," JKAU: Islamic Econ., vol. 3, pp. 63-79, 1991. DOI: https://doi.org/10.4197/islec.3-1.4
- Purwaningsih, Y. "Pangan untuk Rakyat: Suatu Ikhtiar Survivalitas Pangan dalam Era Globalisasi." [Food for the people: An initiative for food survival in the era of globalization]. Universitas Sebelas Maret, Surakarta, 2016.
- Ranjbaran, A. (2014). Investigation of Factors affecting in customer fundraising with emphasis on role of social marketing mass media in Saderat bank of Iran, UCT Journal of Social Sciences and Humanities Research, 2(2): 31-37.
- Riyardi, A., M. I. Hasmarini, Triyono, E. Setyowati, B. Setiaji, A. Wardhono and N. Wahhab, "Deindustrialisasi pada Industri Tekstil dan Produk Tekstil Berbagai Provinsi di Pulau Jawa." [De-Industrialization in Textile Industry and Textile products in Jawa Island’s Provinces] Jejak, vol. 6, no. 1, pp. 93-104, 2013.
- Riyardi, A., and P. B. Santosa, “Analisis Sistem Ekonomi Campuran dalam Perspektif Islam.†[Analysis of Mixed Economic in Islamic Perspective]. Jejak, vol. 8, no. 2, pp. 75-85, 2015.
- Romer, P. M. "Increasing Return and Long-Run Growth," The Journal of Political Economy, vol. 94, no. 5, pp. 1002-1037, 1986. DOI: https://doi.org/10.1086/261420
- Santosa, P. B., N. Widodo and A. Riyardi, "Keterpengaruhan Umat Islam terhadap Suku Bunga: Studi Empiris Permintaan Uang Indonesia 1983-2000." [Influential of Interest Rates Towards Muslims: Empirical Study of Demanding Indonesia’s Money]. Jurnal Ekonomi Pembangunan, vol. 5, no. 2, pp. 160-178, 2004. DOI: https://doi.org/10.23917/jep.v5i2.4039
- Santosa, P. B. Mengalami Indonesia [Experiencing Indonesia], Jogjakarta: Bimotry, 2015.
- Shatzmiller, M. "Economic Performance and Economic Growth," Journal of the Economic and Social History of the Orient 54, pp. 132-184, 2011. DOI: https://doi.org/10.1163/156852011X586831
- Weber, M. The Protestant Ethics and the Spirit of Capitalism, New York: Routledge Classics, 2001.
- Zuhdi, Z."Pertumbuhan Ekonomi dalam Perspektif Islam." [Economic Development in Islamic Perspective] Iqtishoduna, vol. 4, no. 2, 2008.
References
Abidin, Z."Meneropong Konsep Pertumbuhan Ekonomi (Telaah atas Kontribusi Sistem Ekonomi Islam atas Sistem Ekonomi Konvensional)." [Understanding the Concept of Economic Development (Contribution of Islamic Economic System’s Review towards Conventional Economic System)]. Al Ihkam, vol. 7, no. 2, pp. 357-367, 2012. DOI: https://doi.org/10.19105/al-lhkam.v7i2.334
Ahmad, N., K. A. Bhatti and M. U. Arshad, "Economic Growth and Human Development in Islam," Al Qalam, pp. 68-76, 2013.
Ahmad, I. "Religion and Labor: Perspective in Islam," Working USA: The Journal of Labor and Society, vol. 14, pp. 589-620, 2011. DOI: https://doi.org/10.1111/j.1743-4580.2011.00363.x
Akhtar, M. R. "Modelling the Economic Growth of an Islamic Economy," The American Journal of Islamic Social Science, vol. 10, no. 4, pp. 491-511, 1993. DOI: https://doi.org/10.35632/ajis.v10i4.2474
Al-Muhammad, A. Attakaatul fil Ummah, Jakarta: Ats-Tsaqofiyah, 2013.
Barro, R. J., and R. M. McCleary, "Religion and Economic Growth across Countries," American Sosiological Review, vol. 68, no. 5, pp. 760-781, 2003. DOI: https://doi.org/10.2307/1519761
Bashir, A. H. "Money and Growth in Islamic Economies: Theory and Evidence." in Role of Private and Public Sectors in Economic Development in an Islamic Perspective, E. Ahmad, Ed., Herndon, IIIT, 1993.
Chapra, M. U. Islam and The Economic Challenge, Jakarta: Gema Insani Pers, 2000.
Dariah, A. R., Y. Sundaya and Z. A. Malik, "Optimizing Input and Output under the Scheme of Mudharabah," International Journal of Science and Research, vol. 4, no. 5, pp. 227-231, 2015.
Dornbusch, R., S. Fischer and R. Startz, Macroeconomics, New York: McGraw-Hill, 2001.
Elgueta, MartÃn Quintana, et al. 2018."Contexto y desafÃos en Formación de profesores, Universidad de Los Lagos, Chile." Opción 34.86 (2018): 450-480.
Imam, P., and K. Kpodar, "Is Islamic Bank good for Growth?," IMF, Washington, 2015. DOI: https://doi.org/10.5089/9781475569285.001
Islahi, A. A. "Muslim Economic Thinking and Institutions in the 10th AH/16th CE Century," Scientif Publising Centre King Abdulaziz UNiversity, Jeddah, 2009. DOI: https://doi.org/10.4197/978-9960-06-515-1
Jenaabadi, H., & Issazadegan, A. (2014). The analysis of personality features, coping strategies and stress relations in drug addicts, UCT Journal of Management and Accounting Studies, 2(1): 22-26.
Karim, A. A. Sejarah Pemikiran Ekonomi Islam [History of Islamic Economic Way of Thinking]. Jakarta: Pustaka Pelajar, 2002.
Kuran, T."The Islamic Commercial Crisis: Institutional Roots of Economic Underdevelopment in The Middle East"," The Journal of Economic History, vol. 63, pp. 414-446, 2003. DOI: https://doi.org/10.1017/S0022050703001840
Lucas, R. E. The Industrial Revolution: Past and Future, Chicago: University of Chicago, 1998.
Mankiw, N. G., D. Romer and D. N. Weil, "A Contribution to the Empirics of Economic Growth," National Buerau of Economic Research, Cambridge, 1990. DOI: https://doi.org/10.3386/w3541
Mannan, M. A. Islamic Economics: Theory and Practice, Jogyakarta: PT Dana Bhakti Wakaf, 1993.
Marbán, José M., and Eddie M. Mulenga. 2019. "Pre-service Primary Teachers’ Teaching Styles and Attitudes towards the Use of Technology in Mathematics Classrooms." International Electronic Journal of Mathematics Education 14.2 (2019): 253-263. DOI: https://doi.org/10.29333/iejme/5649
McTaggart, D., C. Findlay and M. Perkin, Economics, Brisbane: Pearson, 2010.
Muyambiri, B., and Chabaefe, N. N. (2018). The Finance – Growth Nexus in Botswana: A Multivariate Causal Linkage. Dutch Journal of Finance and Management, 2(2), 03. https://doi.org/10.20897/djfm/2634 DOI: https://doi.org/10.20897/djfm/2634
Noland, M. "Religion, Culture and Economic Performance," Institute for International Economics, Washington, 2003. DOI: https://doi.org/10.2139/ssrn.497702
Oguz, O., and A. Tabakoglu, "An Historical Approach to Islamic Pricing Theory: A Research on Ottoman Price System and Its Application," JKAU: Islamic Econ., vol. 3, pp. 63-79, 1991. DOI: https://doi.org/10.4197/islec.3-1.4
Purwaningsih, Y. "Pangan untuk Rakyat: Suatu Ikhtiar Survivalitas Pangan dalam Era Globalisasi." [Food for the people: An initiative for food survival in the era of globalization]. Universitas Sebelas Maret, Surakarta, 2016.
Ranjbaran, A. (2014). Investigation of Factors affecting in customer fundraising with emphasis on role of social marketing mass media in Saderat bank of Iran, UCT Journal of Social Sciences and Humanities Research, 2(2): 31-37.
Riyardi, A., M. I. Hasmarini, Triyono, E. Setyowati, B. Setiaji, A. Wardhono and N. Wahhab, "Deindustrialisasi pada Industri Tekstil dan Produk Tekstil Berbagai Provinsi di Pulau Jawa." [De-Industrialization in Textile Industry and Textile products in Jawa Island’s Provinces] Jejak, vol. 6, no. 1, pp. 93-104, 2013.
Riyardi, A., and P. B. Santosa, “Analisis Sistem Ekonomi Campuran dalam Perspektif Islam.†[Analysis of Mixed Economic in Islamic Perspective]. Jejak, vol. 8, no. 2, pp. 75-85, 2015.
Romer, P. M. "Increasing Return and Long-Run Growth," The Journal of Political Economy, vol. 94, no. 5, pp. 1002-1037, 1986. DOI: https://doi.org/10.1086/261420
Santosa, P. B., N. Widodo and A. Riyardi, "Keterpengaruhan Umat Islam terhadap Suku Bunga: Studi Empiris Permintaan Uang Indonesia 1983-2000." [Influential of Interest Rates Towards Muslims: Empirical Study of Demanding Indonesia’s Money]. Jurnal Ekonomi Pembangunan, vol. 5, no. 2, pp. 160-178, 2004. DOI: https://doi.org/10.23917/jep.v5i2.4039
Santosa, P. B. Mengalami Indonesia [Experiencing Indonesia], Jogjakarta: Bimotry, 2015.
Shatzmiller, M. "Economic Performance and Economic Growth," Journal of the Economic and Social History of the Orient 54, pp. 132-184, 2011. DOI: https://doi.org/10.1163/156852011X586831
Weber, M. The Protestant Ethics and the Spirit of Capitalism, New York: Routledge Classics, 2001.
Zuhdi, Z."Pertumbuhan Ekonomi dalam Perspektif Islam." [Economic Development in Islamic Perspective] Iqtishoduna, vol. 4, no. 2, 2008.