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Islamic economics (Arabic: الاقتصاد الإسلامي) refers to the knowledge of economics or economic activities and processes in terms of Islamic principles and teachings. [1] Islam has a set of specific moral norms and values about individual and social economic behavior.
Between the 9th and 14th centuries, the Muslim world developed many advanced economic concepts, techniques and usages. These ranged from areas of production, investment, finance, economic development, taxation, property use such as Hawala: an early informal value transfer system, Islamic trusts, known as waqf, systems of contract relied upon by merchants, a widely circulated common currency ...
Courses broadly range from the history, politics and linguistics to the country's geography and economics, and from foreign affairs and religion studies to the social relations and literature. [15] The focused attention on the subject at higher education levels means a wider scope for the research, thus making the subject an increasingly ...
The Muqaddimah (Arabic: مقدّمة "Introduction"), also known as the Muqaddimah of Ibn Khaldun (Arabic: مقدّمة ابن خلدون) or Ibn Khaldun's Prolegomena (Ancient Greek: Προλεγόμενα), is a book written by the historian Ibn Khaldun in 1377 which presents a view of universal history. [1]
[12] [13] Economics in One Lesson was an important work for the development of neoliberalism in America. [14] Friedrich Hayek praised the work, referring to it as "a brilliant performance...I know of no other modern book from which the intelligent layman can learn so much about the basic truths of economics in so short a time." [15]
Macroeconomics – branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. Microeconomics – branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources.
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
The Economics Department offers four-year undergraduate programmes in Economics (the first class graduated in 1997), economics and mathematics and a graduate programme in Economics (the first class graduated in 2002). Economics is one of the most popular majors at LUMS and a significant percentage of the student body at LUMS studies Economics ...