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Islam and «Scientific» Economics

In the Pursuit of a New Paradigm

Hasan Gürak

In an Islamic society, it is ethics that dominates and determines all behavior, including economic behavior. The Holy Koran emerges as the main source of all economic behavior and practices which are subject to the commands of Allah as stated in the Koran. Since Islam is a universal religion, the Islamic economic paradigm with its «scientific» Islamic economic theories has to be comprehensive as well as perfect in the sense of fairness, ethical values and fruitfulness. A universal Islamic economic system ought to have universally applicable economic laws acceptable by both, the Muslim and the non-Muslim world – meaning that when the word Islamic is taken out of the equation; it should appeal to all societies and countries equally, regardless of their religious persuasion. The question now is; do Islamic economics offer such «scientific» economic theories? Surprisingly, there were no such theories at all. In fact, there was not even a theory of interest, the most frequently referred to subject in Islamic economics. This appeared to be a serious omission. The Holy sources may be more than sufficient for Muslims, but what about non-Muslims? Isn’t it justified to expect Islamic «scientific» economic models and theories that are applicable to or able to guide non-Muslims?
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Economic Growth and Development

Theories, Criticisms and an Alternative Growth Model

Hasan Gürak

Mainstream economic theories today are logical, consistent and even explanatory in many ways, when their relevance is tested in real economic situations, they often fail to correctly explain normal economic transactions. Thus they are only successful in explaining a fictional world and fictional economic relations that are largely based on unrealistic assumptions. Economic Growth is a study of new and alternative theories and models to replace the parables of these mainstream ideologies and hopes to appeal to open minded economists as a constructive contribution for the further development of new economic ideas.
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Heterodox Economics

Foundations of Alternative Economics

Hasan Gürak

Mainstream economic textbooks propose a kind of economic world which can only exist in fictitious markets where producers and consumers interact like robots, relations are mechanical and assumptions utopian. Accordingly, the expositions are, in substance, nothing but sophistry. Yet, many economists are becoming more and more discontent with the sophistries of mainstream doctrines. The book presents some realistic alternative approaches to the conventional ‘unrealistic’ attitudes of mainstream economists in order to pave the way for a further development of new ideas.
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Heterodox Economics 2

Alternative Analysis to the Mainstream "Blackboard Economics Based on the Concept of "Creative Mental Labor

Hasan Gürak

Heterodox Economics 2 consists of articles which are complementary to the subjects presented in the book titled Heterodox Economics, published in 2012. The aim is to present alternative economic approaches based on the concept of Creative Mental Labor that are intended to make a contribution to the emergence of a new economics. The analysis throughout the book is based upon the principle that the original source of all the value added to products (considering nature as a given), is the mental and physical inputs of labor that continuously create new technologies while at the same time making use of the available technologies.
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Economic Growth and Development 2

Complementary Articles in the Pursuit of Economic Realities

Hasan Gürak

This book is intended to be complementary to the volume entitled «Economic Growth and Development» published in 2015. In the first chapter, Francesco Macheda contributes a thorough analysis of historical developments.

In the following chapters, Hasan Gürak is reporting on rather important global issues regarding long-run growth and the progress of developing countries, such as the Brain Drain, Types of Capital, The Legend of Savings equals Investment and the Middle-Income Trap.

Qualified brains or synonymously qualified labor is a sine qua non for economic growth and development. But the developing countries seem to lose their most valuable inputs of production to the developed countries in return for nothing.

Capital is one of the essential factors of economic growth and development. Yet there is no consensus on the definition of capital. In fact, there are various types of capital which are simply ignored in the economic textbooks.

The savings equal investment (S = I) approach is still used in contemporary textbooks emphasizing its relationship to growth. The author evaluates how realistic this perception is.

According to an argument there might be an end to growth for some Middle-Income Countries that are caught in a trap. Gürak claims that there is no deliberately engineered ‹trap›.