The Comment on “Comprehensive Approach of Islam to the Theory of Human Resources Development”
I do agree with almost points that were explained in the paper. But, there are several points confuse me. There are:
1. Is it right that the conventional economics takes women workforce especially in the informal sectors such as housekeeping and children caring were not well recognized? Consider that almost US and western word recognize woman workforce and extremely concern about children and family.
2. How the women works in the informal sectors such as housekeeping and children caring could possibly count in the GDP and GNP?
The facts based on the paper:
The conventional economics perspectives today arise after the globalization beginning from the second half of the twentieth century. Globalization and today’s economics perspective were continuously and developed cored in the western world. Therefore, there is no religious value on it. The history made the western worldview to be religions phobic. Almost its economists were influenced with positivism and other ism that were dominated on that certain period of time. Such as:
A typical growth model of Cobb-Douglas production function (Y) is often used in terms of capital (K) and labor (L), which are paid their marginal products:
Y = F (K, L, t ) = A(t) Ka Lb
Where a and b are the share of income distributed respectively to capital and labor. One of C-D production function properties is a unique feature of homogeneity of degree 1, so that (a + b = 1), or b = (1 – a ). A(t) is said to be time-related shift factor that then is conceivable as total factor productivity (TFP) or technological change. It measures disembodied technical change expressed in an exponential function of time, of which the rate being reflected by the shift parameter, λ, so that A(t) = eλt. And etc.
The world economic development wasn’t come with the similar economic paradigms along its process. The process of it development always being dominated with the majors paradigm that was dominated the world in that certain period of time.
Colonialism, socialism, liberalism, and capitalism were periodically dominated and influence the economics perspective. Evidently, all those paradigms always experienced its failure in developing the world economy. The last failure is the liberalism and capitalism; these isms experienced a great failure and influence the world economic system. Its failure caused into the world financial crises stemming from the bubble financial explosion in the U.S financial market on 2008. Simply concluded that, that financial crises happened because of the commons acts of the forbidden elements in the Islamic thoughts such as usury (riba’), gambling (maysir), uncertainly (gharar) and speculative behaviors.