Editorial

Citation

Alam Choudhury, M. (2009), "Editorial", Humanomics, Vol. 25 No. 2. https://doi.org/10.1108/h.2009.12425baa.001

Editorial

Article Type: Editorial From: Humanomics, Volume 25, Issue 2.

The papers presented in this issue of HIJSE cover a pot-pouri of topics addressing ethics at the periphery of social and economic issues. The general trend is that ethics is linked with mundane matters such as monetary policies and organization, the stock market in relation to Islamic tenets governing abolition of interest rate and social capital and measurement of the corruption index in which area much interested in being invested presently. The epistemic questions revolving around unity of divine knowledge and the world-system problems, along with the formal treatment of such consciousness are not invoked to treat the deep ethical foundations of Islamic worldview in science, society, economics, finance and institutionalism. Consequently, the dynamic issues of transformation into an ethically constructed world with a central paradigm have not been pointed out.

Nevertheless, the ethical awareness, if not its ontological consciousness in logical formalism, has been raised. The question of money, finance and development is central to inquire at the microeconomic and macroeconomic levels. But there is a keen interconnection between these two ways of treating money and socioeconomic development. Thereby, the macroeconomic issues get intertwined with the microeconomic issues, social capital and social preferences that change institutional norms. In the ethico-economic methodology of Humanomics we treat the microeconomic foundations of macroeconomics in relation to ethics as endogenous force of development change.

The analytical treatment of money as commercial bank-generated credit creation in relation to fractional reserve requirements is a problem of misalignment of economic, financial and social functions between the tripartite entities. These are the Central Bank (macroeconomic), commercial banks (microeconomics) and the economy (microeconomics and macroeconomics).

Now how can interest rate be avoided by the continuous flow and blending of funds between these sectors This is an issue that is importantly centered on ethical endogeneity of relational learning. It is as important for stock market behavior as for money, finance and the economy.

The issues of change are necessarily epistemological. They must be invoked and made evident and assimilative in functioning at the level of paradigm. Islamic economics and finance comprise a paradigm. But its foundations have remained blurred by piecemeal intellection. It misses out the episteme of conscious oneness of the divine law and the world-system.

Masudul Alam Choudhury