Abstract
Ibn Khaldun’s magnificent reflections on the economic growth and philosophical insights into the behavior of human beings and society, as well as interrelationships among various disciplines such as politics, economics, sociology and education have reckoned him the outstanding figure in the social sciences and one of the greatest philosophers in the world. A comprehending to Ibn Khaldun’s Economic Philosophy and its outcomes for outstanding business performance assists entrepreneurs in managing intellectual capital (IC) purposefully. IC is deliberated as an indispensable factor in an organizational exertion to accentuate on bringing about competitive gains and augmenting value creations in knowledge-based economy. Instead of engaging merely on innovativeness of new products, Small and Medium Enterprise (SME) entrepreneurs must also concentrate on administering IC in accordance to Ibn Khaldun’s Economic Philosophy. This paper targets to appreciate and re-examine contributions in Ibn Khaldun’s Economic Philosophy and IC in entrepreneurial researches and indicate how Ibn Khaldun’s Theory of Development is pertinent to research in the expanse of IC.
Highlights
In the era of knowledge-based economy, intellectual assets are regarded as more precious than physical capitals (Powell & Snellman, 2004). Ramezan (2011) are agreed that the knowledge embedded in individuals and firms are called intellectual capital (IC)
Malaysia is facing a shortage of skilled workers, frail productivity progress because of less creativity and innovation in the labour force, and an over-reliance on incompetent low-priced foreign employments (Malaysia Productivity Centre (MPC), 2014)
Those symptoms are developed mainly due to the following problems (Bontis, 1999): 1. Small and Medium Enterprise (SME) entrepreneurs are oblivious of the function of IC as an important means to upsurge firm performance
Summary
In the era of knowledge-based economy, intellectual assets are regarded as more precious than physical capitals (Powell & Snellman, 2004). Ramezan (2011) are agreed that the knowledge embedded in individuals and firms are called intellectual capital (IC). The concept of IC needs to be understood and managed efficiently by Small and Medium Enterprises (SMEs). This is owing to low SME labour productivity as compared to that of large organizations. Malaysia is facing a shortage of skilled workers, frail productivity progress because of less creativity and innovation in the labour force, and an over-reliance on incompetent low-priced foreign employments (Malaysia Productivity Centre (MPC), 2014). Such situations must be tackled effectively so as SME entrepreneurs are safe from being bankrupt. Vol 13, No 6 2017 paper endeavors to clarify IC based on Ibn Khaldun’s Theory of Development by showing how it is relevant for research in the expanse of entrepreneurial studies
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