Abstract
<p>As many as 40% of the population that categorized poor people in the world on which their income less than 2 US dollar per day is the result of the existing applied economics theories and they have failed to obtain sustainability and stability condition. The economic theory that is now developed mainly use positivism approach where normative assessment dispensed. This paper attempts to re-open the history back into the 6<sup>th</sup> century, where the Prophet Muhammad (pbuh) tried to develop the economy of the state using concept taken from the hadith (prophetic tradition). This concept is the very roots of the improving Islamic economics theory nowadays that comes up to be the best alternative concept to replace upon the fail conventional theories. Qualitative approach through document analysis of relevance references as well as historical approach use to observe the economic development in the eye of hadith.<strong></strong></p>
Highlights
As many as 40% of the population that categorized poor people in the world on which their income less than 2 US dollar per day is the result of the existing applied economics theories and they have failed to obtain sustainability and stability condition
This concept is the very roots of the improving Islamic economics theory nowadays that comes up to be the best alternative concept to replace upon the fail conventional theories
Qualitative approach through document analysis of relevance references as well as historical approach use to observe the economic development in the eye of hadith
Summary
Current conventional economics theory has dominated modern economic thought and has become a discipline that is very advanced and sophisticated. The New Economics Foundation (NEF), a research institute based in the UK, states about the relationship between growth in income per capita with the proportion or share of the growth enjoyed by the poor. Vol 11, No 27; 2015 account because sometimes a normative statement is strongly influenced by factors that are not rational factors such as culture and religion Why these theories have met dead ends? This is the evidence of a very limited human being because God gives science a bit, but we felt completely out so that the ultimate truth is restricted to the area of empirical, rational, and perceived experiences and sensible Turns out it was wrong, we forget that this world contain seven loaded with some of existence that are unseen and cannot be solved by logic. As a result we get into the trap of our own beliefs which has led to the creation of instability situation, crisis, economic and financial turbulence as well as the financial economic system that we experienced today repeatedly and it is getting worse
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
