Islam and the Path to Human and Economic Development by Abbas Mirakhor, Hossein Askari

By Abbas Mirakhor, Hossein Askari

There is a cognitive deficit among the holistic imaginative and prescient for human and societal improvement in Islam and the consequences accomplished by way of Muslim societies. The authors start by means of taking a look at the Western inspiration of improvement, which in recent times has famous the broader dimensions of human improvement and the position of associations. hence Western considering has moved towards the Islamic imaginative and prescient and course of improvement, emphasizing human cohesion, belonging, health, sharing, main issue for others, simple human entitlements, and modest residing. The authors remove darkness from the Quranic imaginative and prescient and the adventure of the society geared up by way of the Prophet, which jointly characterize the Islamic paradigm.

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Solow, and others who followed his lead, assumed that TFP was an indicator of technological change. It has since become clear that there are many other factors besides technology that go into making up TFP. In effect, TFP measures the degree of efficiency with which the economy combines labor and capital to produce output (and income). It is, therefore, a “black box” to which any factor, other than factor inputs, that affects growth is assigned. Importantly, growth accounting provides a framework to determine useful benchmarks that allow the examination of the sources of economic growth.

To him the concept of empowerment is comprehensive, implying “a political democracy in which people can influence decisions about their lives. It requires economic liberalism so that people are free from excessive economic controls and regulations. It means decentralization of power so that real governance is brought to the doorstep of every person. ”14 To give empirical content to the concept of human development, Mahbub ul Haq and his team devised the Human Development Index (HDI) and presented it as part of the 1990 UNDP’s Human Development Report.

30 North believes that enough progress has been made in the investigation of the process of growth and development to allow for the pinpointing of the causes of poor economic performance as well as the necessary remedies. Poor performance, North believes, is due to path-dependencies resulting from past institutional structure, reflecting a belief system that is difficult to change either because the needed changes that improve economic performance run counter to the belief system or these changes pose a threat to existing political or business leaders.

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