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Genealogy and Objectives of Economic Science

Abstract

This paper is an attempt to explain the relationship between subjective elements of social sciences and the framework in which they have evolved and found their research program. We have been encouraged to undertake this exercise by the call for Islamization of social sciences, especially economics, among Muslim scholars. Most of these efforts have begun within the framework of maximization hypothesis. Islamic Economics within neoclassical framework is justified only if neoclassical economics provides some value neutral framework for analyzing economic behavior of an individual which is not the case. Attempts towards Islamization of social sciences fail to understand that social sciences especially economics, offer justification for the capitalistic order overlooking its sociopolitical agenda. This paper explains that all social sciences relate the liberal philosophy to society through symbolic abstract models.

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